E-COMMERCE- THE CONSUMERIZED TECHNOLOGY
Unless you have been living under a rock for the last few years, you have probably heard about e-commerce and you have heard about it from several different angles. When it comes to e-commerce, a word that first comes to mind is growth. E-commerce expert’s research shows that just in the last 14 years, the growth of e-commerce companies has skyrocketed across the board. Globally, e-commerce growth projections are also on an upward trajectory
The Impact of E-commerce
The impact of e-commerce is far and wide with a ripple effect on everything from small business to global enterprise and beyond.
- Large retailers are forced to sell online.
For many retailers, the growth of e-commerce has expanded their brands’ reach and has positively impacted their bottom lines.At a high level, retailers that fall into the middleground are the ones feeling the biggest changes in response to the impact of ecommerce.
- E-commerce helps small businesses sell directly to customers.
For many small businesses, e-commerce adoption has been a slow process. Slowly, small business owners are launching e-commerce stores and diversifying their offerings, reaching more customers, and better accommodating customers who prefer online/mobile shopping.
3.The rise of e-commerce marketplaces.
E-commerce marketplaces have been on the rise around the world since the mid-1990s with the launch of giants we know today as Amazon, Alibaba, and others. Amazon is the outlier in regard to e-commerce marketplace growth, but we can see that others are making headway.
- New jobs are created but traditional retail jobs are reduced.
Jobs related to e-commerce is up 2x over the last five years, far outpacing other types of retail in regard to growth.However, growth in e-commerce jobs is only a small piece of the employment puzzle overall.
The Future of E-commerce
Research predicts that the future of e-commerce is a bright one.Experts also predict that, soon, most e-commerce interactions will be an omni-channel experience for shoppers.This means they’ll expect to be able to research, browse, shop, and purchase seamlessly between different devices and on different platforms (like a standalone web store, an Amazon presence, etc.)
Other trends to watch for in the future of ecommerce include:
Robust customer journeys and personalization.
Artificial intelligence-enabled shopping.
Overall, we have to remember that e-commerce is still fairly new in the big picture of retail.
The future holds endless opportunity, but its success and continuation will largely depend on buyers’ preferences in the future.