How E-Commerce Is Changing in The Modern World
Electronic Commerce or E-Commerce is a massive platform that’s growing at an unparalleled pace all around the world. Over the last couple of decades, online shopping portals have gradually snuck into our day to day lives. People of every age – whether they are children, millennials, or old – love to shop online.
Since its inception, online shopping has completely changed the way people shop. E-commerce giants like Amazon and AliExpress are renowned for providing their customers jaw-dropping deals & offers and a convenient & seamless shopping experience.
There’s no doubt that e-commerce industry is progressing at a rapid pace and will continue prospering for years to come.
Let’s see some of the major trends which are driving the growth of e-commerce in the modern world:
1. It is a data-driven approach:
Online shopping is becoming more and more data-driven. Leading e-commerce platforms keep a track of consumer behavior and analytics, with the help of real-time tracking. Companies can now target existing and potential customers via purchase history, browsing history, interests and location. This will ultimately lead to huge profits and better customer engagements. According to an Accenture research report, 43% of the consumers worldwide prefer companies that personalize their experience. 41% of them actually switched companies because of poor personalization.
2. Subscription-based selling is on the rise:
Subscription-based e-commerce models are on the rise since they provide the sensible alternative of recurring purchases to customers who buy a given product on a regular basis. Subscription models are primarily of three types replenishment model, curation or discovery model, and bargain or access model. Curation-based subscription model is most popular, followed by replenishment and access models. The frequency of these subscriptions can be daily, weekly, monthly or annually or any other time period as desired by the customer.
3. New niche e-commerce verticals will emerge in upcoming years:
In the coming years, vertical e-commerce will escalate more than horizontal e-commerce since consumers are looking for a more customized and personalized shopping experience. The whole point of vertical e-commerce is to limit yourself to a narrow target group and bring the best purchase conditions to them so that you can deliver better value with the same expenses.
4. Shopping videos will become more popular:
The trend of shopping videos will become more popular in the coming years. One of the main reasons for this is that shopping ideas are a fantastic way to keep your target audience engaged and educate them about your products. More engagement will ensure that your audience spend more time on your portal which in turn will improve conversions and increase revenue.
5. Utilization of Artificial Intelligence and Machine Learning in e-commerce:
Machine learning can be applied by e-commerce portals in stock mana
gement and improving customer support through chatbots. Artificial intelligence or AI can be used to display more relevant search results to customers based on buying and browsing habits. It will also give e-commerce companies more personalized insights about their target audience.
6. Augmented and virtual reality will play a more important role in e-commerce:
Augmented and virtual reality have already changed the way customers shop and will continue doing so for years to come by offering an interactive and immersive shopping experience. Through augmented reality or AR, customers will be able to experience first-hand how a particular fashion or beauty product will look on them. Virtual reality or VR will allow customers to virtually visit a store.
With the emergence of new technologies and trends, it is essential for e-commerce companies to adapt and implement them. Only then will they be able to deliver a better and more personalized shopping experience to their target audience.