10 Emerging eCommerce Trends Worth Checking Out How exactly is eCommerce changing!
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
In today's time, all thanks to advancement in technology nothing or no business is restricted to one place, one city or even one country anymore. Everything is global. In the past few years ecommerce industry has taken a ride and has come to become the need of the hour. eCommerce industry as a whole is evolving at a great pace and as for 2014 and 2015, it has already risen tremendously.
There are new trends emerging in this space, such as:
Moving to Mobile Commerce
As per a recent report, it is predicted that by the end of 2016 almost a third of the world's population will have access to smartphone. Having this feature has become more of a necessity. eCommerce stores must fit in all screens in order to enhance customer experience or they may be losing on some serious business. As per recent Forbes study, 87 % of the gen-X people spend most of their time on a digital devices every day than ever.
Choose how you want to pay
Convenient and more payment options new businesses are emerging to facilitate new payment models to enhance online shopping experience. They aim not only to make wider options available but also to increase payment security for both buyers and sellers. In the past few years, many new models and gateways have emerged like ewallets, Chip card readers, magnetic cards , EMV and cashback services.
Multi Channel Model
Inspite of booming eCommerce market, retailers have come to an understanding that Omni Channel /Multiple channel is must for any business model. Though there has been a lot of buzz on online shopping comfort, in reality it has been recorded that many customers may surf net all day but at the end do need a brick and mortar store to make the final purchase. However, new technologies such as instore digital services are emerging to make the physical store experience better.
Seamless Shopping experience
Many new features are being added by all companies to facilitate seamless shopping for example stores are now offering easy on the spot or online payments , easy wallets with discounts and coupons or unique store debit cards .
Retailers are adopting social media as their lead sales medium . Social network has come to play the most important role in the retail world lately , almost 40 % purchases are made because of social media handles . Thus , social network is sure expected to rise in the coming time.
Quality rather than quantity
Retailers have come to an understanding that now having more variety will not win them customers, thus the focus has shifted to enhancing customised shopping experience by introducing new features. The emphasis is now being laid on unique online features like virtual trial rooms, zoom in pictures, 360 degree image view.
With the increasing variety available the customer loyalty is now completely out of picture . It requires well integrated technology supporting easy payments and high tech shopping experience . The focus is now being shifted from discounts to better integrated technology services.
With the increasing online shopping, people are becoming more and more comfortable with the concept of choosing amongst great variety at the comfort of their own space anywhere, anytime 24/7 . Thus , there will be a rise in customer support service feature in the coming time .
With more shopping and payment options than ever , customers are more informed and empowered now the stakes are much highe. It is utmost important to win their trust now than ever, but maintaining quality and logistics.
Merging online and offline
It has become important to merge online /offline systems to facilitate easy working . A well integrated technology is crucial.
"Change is the essence of life" in order to survive and make a mark in today's time retailers must be extremely flexible and mouldable towards the smart customers changing needs. It requires tools like social media monitoring , customer feedback & so on . It is the need today to stay upbeat with the changing trends and technology to stay long.