Ecommerce is Electronic commerce in which buying and selling of goods, services or transmitting of data are done via an electronic network, primarily the Internet. This kind of transactions occurs either business-to-business, business-to-consumer, consumer-to-business, consumer-to-consumer. E-commerce is based on technologies engaged in mobile commerce, Electronic data interchange, online transaction processing, etc.
In 2018, there was an increase in e-commerce sales of about 23.3% compared to 2017. The ratio is increasing in the coming years. E-commerce industry shapes the way that the people in every corner of the world can purchase or sell the products where the ratio is constantly shifting.
Online shopping is on the rise. With the improvement in E-commerce app or social sites selling capabilities, social media platforms are used as advertising channels. People can now quickly and easily purchase their favorite products on their chosen social platforms which can be in the form of Mobile App or Desktop. Preferable online shopping medium for people is via e-commerce app like Flipkart, Amazon, myntra, etc.
E-commerce personalization will be a Standard. Over the past couple of years, E-commerce personalization has become a huge trend among business but in 2019 and succeeding years to come, it won’t just be a mere trend. 33% of customers have ended their relationship towards a business due to no personalization in place. Personalization will become an e-commerce standard. Personalization is just acknowledging the customer by its name which is a marketing strategy. This kind of activity is done by analyzing personal information of the visitor which ranges from demographics, buying history, browsing list, and many other data to their shopping journey.
The way to implement e-commerce personalization can be done when the customer adds the product in the cart you can display the products based on their cart. So you can easily suggest the most relevant products using the automation tool from personalized recommendations. This eCommerce tool can help you create relevant product recommendations on the shopping cart page.
New payment options will emerge. Payment options are one of the most important drivers for online transactions. Customer will choose about their choice for the payment. This is the ways to stay competitive and select the new payments from which your potential buyer demand. Digital wallets like Google Pay, Paypal or Samsung pay are widely implemented by e-commerce business. In fact, 70% of people expect that digital payments will overtake cash and cards by 2030.
Future of ecommerce will develop customer choice for more diversified product and service offering. There will be competition and boost up continuous innovation. There have been many developments in the field of technology since then, most notably in the field of mobile, social networking, analytics, big data, and personalization.