E-commerce is an ongoing process that’s continuously changing and improving as technology upgrades and companies fight against each other to win a bigger share of the pie. Although the entire future of E-commerce can’t be predicted in a whole there is much evidence to predict that E-commerce will spread its wings, and various social media platforms like Instagram, Facebook, Twitter, etc. will become even more vital and potent in the world of e-commerce or digital marketing.
Emerging web technologies in E-commerce facilitates the retailer to interact with his new as well as existing customers in the same way in stores, or even more than that. By engaging self for a conversation with the customer and by implementing force according to the experience of the shopper’s personal taste, retailers can show products of interest and avoid wasting time on things that hold no interest are completely void.
E-commerce has given way to numerous breakthroughs in data sharing, business, networking, productivity, as well as time-wasting veiled as productivity and entertainment resource. Upcoming improvisation in E-commerce promises to further change the way we live.
Recent Observations on E-commerce Following Covid-19 Pandemic
In recent months COVID -19 pandemic has changed the overall scenario of E-commerce throughout the world. It has put E-commerce in a global forum to think over it and to implement it with changing business face and situation. Here are some statistics that graphs the drastic change in E-commerce after the outbreak of Covid-19.
- U.S. retailers’ online year-over-year (YoY) revenue growth is about 68% as of mid-April, surpassing an earlier peak of 49% in early January 2020.
- There has been an approx. 129% year-over-year (YoY) growth in the United States & Canadian e-commerce purchase as of April 21 and impressive growth of 146% in online retail orders.
Stay-at-home orders will eventually rose state by state, but in the interim, there are millions of consumers creating and implementing new online buying behaviors and customs. In many families, online grocery, apparel, and entertainment shopping will replace store and mall visits permanently, hence facilitating the growth of E-commerce in this dynamic and changing globe. E-commerce will attract millions of entrepreneurs to join E-business and will showcase many diverse ways to evolve themselves and the business in a new dynamic form.
While these new technologies transformed economic life in the 20th century, the changing and upgrading of the Internet and other ITs will shape the 21st century beyond the ways we think. The foremost of these is the increase in the number of Internet-habituated consumers, and then is the creation of a territory essential for E-commerce growth that will help in employment and will contribute towards the economy and country as well.
Data exchange was a constraint in transnational business but E-commerce provides facilities to MNCs and many other global organizations to transfer real-time information to employees, stakeholders, and customers. E-commerce over the Internet has an immense impact on interactivity in the economy. These linkages provide strengths to business organizations in the expansion of the business.
Customers nowadays have a much wider and advance choices at their fingertips (many e-tail sites, etc.). Thus, the web builds a virtual global bazaar-style marketplace that brings many consumers and many retailers and sellers together on a single platform. In a nutshell, we can say that the global E-Commerce market is rising with its new strategies and technologies and in near future, we will evidence a vast and more developed form of E-commerce that is still beyond measure.