The last five years was the biggest in the history of internet marketing and e-commerce business. Not only people are starting to be very interested in participating, but e-commerce also recorded the highest recorded sales in the past decade. According to eMarketer, China recorded the highest sales in 2016, with $900 billion all from e-commerce stores, online or offline.
The United States comes in second with over $423 billion in sales. If you combine every e-commerce sales revenue all over the world, it will amount to almost $2 trillion in 2016. It will only grow as technology improves every year. Thanks to the improvement on the internet, or the technology in general, e-commerce is becoming one of the fastest growing industry in the world today.
Far from what it was ten years ago, the internet is turning e-commerce as the pinnacle of modern-day marketing and retailing. The big question is, “How does technology help the e-commerce industry?” There are courses you can find on the internet like ecom success academy review, where you can learn about internet marketing, sourcing products, and using social media in e-commerce.
Redefining the consumer’s shopping experience
E-commerce’s biggest competitor is the traditional retail outlet. When it comes to the shopping experience, walking into a retail store and talking with the sales person is still two steps ahead over e-commerce, but not for long. The advancement of virtual and augmented technologies has given e-commerce vendors a platform to sell their products in impressive details that you can compare with real-life experience.
The prospect for e-commerce is very high. The year 2016 has been perfect for the industry; we saw Shopify and eBay together with Myer, debut virtual reality option. Shopify released their virtual reality application, and eBay created a full virtual reality store. Beyond internet marketing, virtual reality and augmented reality integration can let the user visualize themselves using the product sold on an e-commerce store, and provide a unique way to engage with their customers.
(To know more about Shopify and eBay merger, visit https://techcrunch.com/2017/07/13/shopify-adding-ebay-as-a-sales-channel-for-merchants.)
Making selling as enjoyable and comfortable as buying
The traditional value of e-commerce in the industry always has been the shopping experience from the customer or the buyer’s point of view. Not only that, aside from promoting the buyers, technology is to give the seller an advantage. Easy access to faster communication, logistic processing, transfer of information and online networking enabled for remote orchestration of different e-commerce platforms.
Product sellers don’t need to micromanage all the aspects of e-commerce business. The seller can also possess a much bigger start-up capital associated with the industry in the past. You can reduce micromanaging in e-commerce by putting workflow pipelines and expanding all the communication avenues. It is much easier to communicate with the possible buyer. It is the reason why drop shipping models in e-commerce have garnered a lot of following and starting to get successful.
For the heavyweight in the industry like Amazon, eBay or Alibaba, it is a case of advancement in robotics and android. Amazon has deployed its Kiva robots to their selected warehouses. According to the Deutsche Bank, the move by Amazon created savings of at least $20 million. The bank predicts that Amazon can save at least $800 million if they increase the deployment of their Kiva robots in all of their warehouses.
Easy Payment Processing
If there’s something that makes e-commerce very enticing to the consumers is the issue if of processing payments by the buyers. It is either too expensive or too hard to incorporate a payment system, capable of processing all the orders all over the world. However, for the past few years, the creation and adaptation of alternative payment systems like electronic wallet or e-wallet and gift cards have made everything very easy.
( Click here to know more about different kinds of payment processing or method. )
With the entry of other payment solutions like crypto-currencies, we might see the elimination of e-commerce’s payment limitations. The ability to pay through certain blockchains will eliminate the middlemen, allowing businesses and customers alike to have more control with their business. They can use these technologies to bill the buyers directly, making the payment process more accessible and more efficient, expediting the time it takes for the seller to receive the payment from the buyer.
E-commerce has come a long way since it started in the late 70’s. During that time, e-commerce is an almost nonexistent business model. But today, it is one of the most frequent business practices used in this modern era. Because of advanced technology like virtual reality, augmented reality, biometrics, and artificial intelligence, e-commerce will only continue to thrive, grow and improve.