The landscape of e-commerce is drastically changing. If you go through the current scenario of the retail market, you will find out about the number of stores getting closed every day in an increased frequency due to the demand for e-commerce. After people have started witnessing the benefits of e-commerce against the brick and mortar store, the amount of brick mortar is drastically decreasing every day. Moreover, major brands like Superdry India have also started dumping the traditional stores and started focusing more on online stores. This is the primary reason why the retailers are focusing more on e-commerce.
In a current study, it has been showing that more than 50% of the total world’s population is now going online shopping with over 30% increase every year. E-commerce will develop at a twice faster rate when the brands start adapting more to voice search and Omni-platform options. It has already been found that more the more than 40% of the purchased done by the millennial is through voice search and predicted to rise to more than 60 % by the year 2020. The numbers are expected to grow as people start adopting more and more to technology. So, let us have a look at why e-commerce is the next big thing.
Encourages Entrepreneurial breakthrough
The development of e-commerce has made the chance for the new entrepreneurs to get a breakthrough. The global market encourages the millennial to have their own online store and try to sell their product. Earlier, the retail market made it hard for the youngster to come up with their own market and sell it in the market as the big brands already captured the market. The high marketing of the brands didn’t allow the newcomers. But, the easy and affordable marketing of e-commerce has opened up a new gateway and future for the new entrepreneurs.
Increased AI interference for smarter shopping
The increasing implementation of chatbots an AI on the e-commerce sites has been turning the game for the e-commerce sites. The interference of chatbots is predicted to double up in the future. Moreover, the implementation of blockchain technology on the e-commerce sites has made the future of e-commerce secure than ever. It is predicted that in the year 2018, more and more company will start investing in chatbots services for automating their customer services. The market for automated customer service and chatbots is fueling. According to a survey done by the live person, it was found that more than 67% have started using chatbots for customer support.
Better customer experience
The implementation of Ai for customer service will leave the users with a better experience of shopping. The customer will have their own personal assistant that will help them to get their desired products and also help them with the recommendation. Customer s are now inclining towards those sites which provides better personal assistance that will help them to get their desired products. The better the personal assistance will assist them with their shopping; the chance for becoming the leader is increased. From personalized shopping recommendation to friendly shipping as well as return policies, the implementation of AI on the e-commerce sites will help the company to grow in every possible way.
Better mobile compatibility
Technology is evolving with every passing day. The amount of shopping done through mobile is much more than the amount of shopping done through desktops or laptops. The mobile technology is gradually coming to match the user experience of a computer. They are becoming faster and technologically advanced with every passing day. This is the primary reason why the companies have started focusing more and more on increasing the compatibility of their websites on mobile. According to a survey reported by Adobe, during the Black Friday and Cyber Monday of 2017, more than 46% of the total BFCM sales came through mobile. This is the primary reason why the e-commerce sites are focusing more on improving their mobile compatibility with daily updates.
International market remains untouched
According to a study done by McKinsey, it is predicted that more than 1.4 billion people would be joining the global e-commerce market by the end of 2020. And among them, more than 85% is predicted to be from the Asia Pacific region. The retailers and the CPG’s who will enter the market earlier will have the advantage in the competition of meeting the demands of the market. Among all the countries involved in the e-commerce market, China is the one leading the whole league. The strategies for becoming successful in the e-commerce market differ from one country to another. It depends on the market demand as well as the security concern of the country.
Better content on their way
The demand for good content is increasing with every passing day. And the pattern of content is also changing. With the rise of e-commerce, the patter of content is going to get more illustrated as well as robust which would allow the customers to know about the product and services in a much more detailed way than ever before. The upcoming contents are going to be more educational, entertaining as well as helpful for the customers. This is the primary reason why the CMO’s are considering content as the future of their business. The strategy of building content is changing and so the e-commerce market.