A famed Arabic saying goes that “if Muhammad won’t go to the mountains, the mountains go to Muhammad”.
E-commerce and its clientele are an apt example of this saying. There was a time when shoppers had to go to specific shops and shopping areas to buy their needs- which included business-houses and enterprise. The best examples of this phenomenon are traditional bazaars in most towns which are the hubs of most whole sellers who while being big, carry the maximum variety of any product. For most buyers, it was left to buying from local vendors or coming to these biggies. The latter i.e., buying in the physical world, was quite an exercise given that users could be miles away from the dealers. Everything from travel to vehicle parking were a chore.
About a decade back things changed with the advent of e-commerce companies. What initially started for books (Amazon and Flip-Kart, the latter is today the former’s biggest acquisition in India) is today omnipresent in practically every product one can think of. Along the way, established companies including amazon, Alibaba, and global source started to provide the same level of service to businesses for their procurements, be it office-related equipment or parts of machines and industrial equipment.
What they did was to make the buyer the KING who needn’t step out of their office yet get what they want right there- with all the attached bells and whistles! The Covid-19 pandemic just added to the feeling of security behind one’s own doors due to which e-commerce has ONLY GROWN in the last two years!
According to www.digitalcommerce360.com, consumers spent $861.12 billion online with U.S. retailers in 2020, up 44.0% from $598.02 billion in 2019. Online spending represented 21.3% of total retail sales last year, compared with 15.8% the year prior. COVID-19-related boosts in online shopping resulted in an additional $174.87 billion in eCommerce revenue in 2020. If it weren’t for the bump in online sales from the pandemic, the $861.12 billion in eCommerce sales wouldn’t have been reached until 2022.
Continue Reading at: https://ciolook.com/will-businesses-continue-to-prioritize-e-commerce-mediums-post-covid-19/
The infrastructure that powers the global e-commerce ecosystem is scaling rapidly, and investors are catching up with the trends.
It helps them determine where commerce infrastructure and overall technology stack head.
Read ahead to find how you can plan to build an e-commerce brand of your own!
Thanks to the economic impact of COVID-19, businesses and consumers across the globe increasingly went online – according to UNCTAD global review report – raising the eCommerce share of global retail trade from 14% in 2019 to about 17% in 2020.Even the 2021 data released by IBM highlighted that the pandemic has accelerated the shift toward eCommerce by roughly five years.
Here are certain strategies that DTC brands need to adopt to make the most of this annual shopping extravaganza and drive some Prime Day traffic your way: Engage customers proactively Amazon Prime Day debuted on July 15th, 2015 as a single-day event; but soon expanded in size and scope to become a marquee event to kick off a shopping spree during what is usually a summer season shopping lull.
In 2021, Prime Day is slated to be held even earlier than usual: on June 21st and 22nd.
Running personalized campaigns would certainly help to keep your products and deals on the top of their mind.
Only promote such products that you know will be well-stocked.Review product listings It’s highly unlikely that a shopper who lands on a listing with incomplete product information and low-quality images will be converted into a buyer.
Make sure that product titles, copy and descriptions are accurate, complete, and top-notch to clearly communicate the envisioned message to the consumers.
Check out the powerful ways to grow an eCommerce business in 2021.
Learn how you can use public records, social media, and SEO to improve ROI.
In addition, online competition is ever-increasing.In order to deal with all of this and perform well in a competitive environment, businesses are taking help of Artificial Intelligence (AI) and Automation.eCommerce is working hard to live up to customer expectations and adapting to the latest technologies.eCommerce businesses are using AI to drive more revenue and improve productivity.
Thanks to Alexa, and Google Home devices, AI is an intelligent member of our homes these days.In this blog, we will look at how automation has impacted the Indian eCommerce market.Improved Customer Service – As mentioned earlier, customers demand for more with every online shopping experience.
eCommerce giants are now experimenting with machine learning (ML) capabilities like product catalogs, product size recommendations, customer payment security, and more.
This has led to 85% of positive increase in customer service eventually leading to increased sales.Improved User Experience – Generally while shopping online, we come across a section “frequently bought products”.
This section enables the customers to find their desired products in no time.
Similarly, some eCommerce sites like Trivago helps users to compare the costs of various hotel rooms along with the facilities offered and make their booking accordingly.Faster Product Search – While you search products on a website for shopping, AI plays a major role as it allows you to search for your products with the help of images.
E-commerce businesses have exponentially flourished over the past decade.
With the boom in the industry, so has the level of risk in context to data breach/ theft spiked over the years.
It is therefore imperative for e-commerce businesses to ensure safety and protect consumer data.E-Commerce businesses are expected to create a safe environment for customers providing their payment information to make purchases online.
For the benefit of consumers and to help merchants secure their payment data application, PCI SSC has provided a detailed guideline suggesting the Best Practices for Securing E-commerce.
The information provided will educate merchants and help them in securing payment applications and cardholder data.
Lets us today through this article learn about the recommendations offered by PCI SSC and understand how it will help merchants.
