There is no surprise that e-commerce is growing bigger and faster continuously. According to 99Firms, the e-commerce market is expecting purchases above 95% by 2040. But, have you ever wondered why e-commerce is overgrowing? Apart from various reasons like fast technology, consumers want new, convenient methods. There is more in the bucket. Let’s see the reasons why e-commerce is growing faster.
Gone are the days when you recommended similar products while buying anything online. The recommendation system is no longer available for modern customers. Nowadays, customers want filtered recommendations that will go perfectly with their choices and preferences. Whether it is about fashion, food, or furniture. Sending emails and regular updates feel like pleasing customers and also drives sales.
According to ecommerceguide.com, Experts predict that retail e-commerce sales will reach $4.13 trillion in 2020.
Just like you need to maintain consistency in life, you need to be consistent in social media too. If you want good followers and likes, you need to maintain the consistency and schedule. People are more likely to get engaged in someone's content if they are finding something valuable consistently. Having an imbalanced schedule or inconsistency will make it harder for you to gather an audience for your Instagram profile.
Every customer wants more and more options and choices. They enjoy having options available in different colors, sizes, styles, etc. And while traditional local shops have limited options, e-commerce makes everything possible.
Products stored in warehouses got much lower prices and retail costs. Why wait for the stock to re-stock when there are all-time options available online.
Embracing Social Media
Social media is now playing a huge and vital part of everyone’s life. People are rapidly turning to take every single action through their smartphone. You can also see e-commerce and social media joining each other. The biggest social media platform to make influence is Instagram.
And according to Facebook, 81% of people believe that Instagram helps them search for products and services. 83% said Instagram enables them to discover everything, including new products & services.
Social media also gives a chance to share, like, and get reviews on products and services. Apart from that, social media is also known for making a brand image and brand appearance. Adopting social media has its own perks. Almost every customer trusts social media and reviews. If a brand ignores social media, it makes an impact on its business and reputation too. This will also make a risk of less purchasing by consumers.
There is a significant reason why e-commerce is growing so fast is rapid. Having a user-friendly website or application makes everything, including shopping, buying clothes, paying bills, ordering food, etc. You don’t have to go to shopping malls and tolerate the crowd. You can shop online in your pyjamas.
With a website or application, you can order a product and find more and more information about the store and brand.
The next reason why e-commerce is growing is its accessibility. Brands which are having an online store or e-commerce store are a no longer traditional business. Now, their business can happen within seconds. If you have an online store, you don’t have to struggle with adverse weather conditions, limited stock, queues of customers, etc. Customers can shop from anywhere at any time.
ecommerceguide.com says, There are over 2 billion digital buyers in the world.
By having accessibility, the business will open up to brand new customers. Customers who have physical disabilities can also shop comfortably and easily.
Offline is Online Now
The decade is more digital now. There are more and more uses of smartphones and computers, which eventually drives the e-commerce market and sales. All the brands are ensuring that their websites should be mobile-friendly, which increases user experience. It will also make online shopping more comfortable and easier. Now, customers get updates on product launching, service updates, and much more. There are many options available such as target location offerings, building customer-business relationships, etc.
According to ecommerceguide.com, It is expected that mobile commerce will take a market share of e-Commerce of 72.9% by 2021.
Algorithms and websites now show more customized and customer-centric recommendations. Internet recommendations are based on buying habits and customer preferences. E-commerce allows brands to have customer suggestions based on their choices and wants.
Study customer preferences and make sure you add something valuable to their lives. You don’t need to focus on a large area or demographics, start from a local or small area.
The new trends in e-commerce open several options for growth in your business. You will get 24/7 customer support and services, technical support, and digital marketing support so that you will know more and more about your customers and their buying habits.