Never in the history has the human civilization witnessed a wave of innovation in retail sector as we see in the 21st century. The changing face of e-commerce and its burgeoning growth around the world has amazed everyone. Various figures have come in support of this argument, well we’ll discuss that ahead in the blog.
First, let’s have a look at some of the global trends of e-commerce sector:
- Global B2C e-commerce sales is expected to reach the mark of 839.8 billion U.S. dollars in the year 2018. The main reason behind its growth is that e-commerce industry has proved that it is able to create a “win-win” environment for both consumers and the companies. It ensures various benefits such as wider selection of products/services, speed of access, and worldwide reach.
- According to Gartner, by 2017, the mobile engagement behavior of US customers will be the major driving factor behind the 50% of mobile commerce revenue in the country. If you are looking to step into the e-commerce business or want to increase your present customer base, make sure you don’t forget to utilize the smartphones or tablets to reach and interact with your customers. Another factor to keep in mind is the reviews as they play an important role in the purchasing behavior of your customer. A report says that about 2/3rd of customers read reviews on the web before purchasing. An ecommerce web development company
can assist your organization to best utilize these factors for the growth of your business.
- Another amazing figure tells us that 41% of users make use of their smartphone for research to shop and compare prices. Isn’t it amazing, when we notice that we’ve come so far that all of our activities are taking the “mobile way”?
Benefits for companies
As we discussed earlier, in the e-commerce universe, it is a winning field for both consumers and companies. When it comes to benefits for companies, they can be benefitted from the worldwide exposure provided by the industry. Moreover, the cost of creation, processing, distribution, storage and retrieval of all information has been drastically brought down. Along with that, there are various ways to discover where a company can get the advantage of e-commerce universe.
Benefits for Consumer
It does not only come with a plethora of options for the consumers but there are other advantages for the end users. These include quick delivery, effective comparison, detailed information, and implemented top notch security technologies such as the Secure Sockets Layer.
E-commerce has been increasingly becoming a part of our lives. It has provided a platform where small size businesses can easily compete with the big fish in the game.
Summing up, not only e-commerce has simplified our lives but also it has been redefining the purchasing phenomenon in an innovative way.