The growth of eCommerce has been fueled by a few key factors. According to eMarketer, by 2040, 95% of all purchases will be made online. The fastest growing ecommerce market is China, where ecommerce sales reached $672 billion in 2017. The US and UK are also the most advanced ecommerce markets, with over 80% of internet users having purchased an item online. Currently, 43% of ecommerce traffic is derived from a Google product search, with 35% of those searches being converted into a purchase within 5 days. Furthermore, 51% of all digital buyers make their purchases via smartphones.
A few notable developments in the history of eCommerce include the birth of PayPal, which introduced digital payments to consumers and later became part of Google Pay. Also, Facebook has offered business page owners sponsored stories and introduced Stripe, a unique payment processing company. All these innovations have greatly improved the payment process for eCommerce brands. Several other notable developments in eCommerce have occurred since the birth of these technologies. Let’s take a look at some of these innovations and how they have made eCommerce possible.
Personalized marketing and data collection are other ways to increase customer loyalty and increase sales. By understanding the preferences of your target audience, you can provide tailored marketing content and recommendations. In addition, you can even customize your product recommendations based on the customer’s preferences. These technologies can make eCommerce a truly personalized experience. The ability to track customer preferences and data allows eCommerce businesses to improve the way they interact with their customers and increase conversion rates. A recent study by Nasdaq suggested that 85% of all consumer purchases will be made online by 2040.
SaaS, or software as a service, is a popular delivery model. SaaS offers an eCommerce solution that is hosted in a third-party datacenter. It is typically more affordable than on-premises solutions that require expensive infrastructure investments. Open source ecommerce, on the other hand, is free and allows you to install, configure, and secure your software. Addons can boost functionality and customize the front-end customer experience.
EDI, or electronic data interchange, is another way to conduct e-commerce. This method was developed by the American National Standards Institute in the 1970s and is a popular means of transferring documents from one company to another. Today, B2B activities are facilitated through e-newsletters and SMS texts sent to mobile devices. Additionally, more companies are trying to entice consumers directly online through social media and digital coupons. These new strategies are rapidly becoming the norm for the retail industry.
eCommerce is becoming more competitive than ever. The competition is fierce in online marketplaces, and customers expect a faster, more personalized shopping experience. The competition is so fierce that bad reviews can negatively impact sales. However, online shoppers can be influenced by small features such as product descriptions. A customer can make a purchase decision based on information and how much it helps them with their daily life. eCommerce stores eliminate the need for brick-and-mortar stores and cut operational costs.