E-commerce set for ‘world domination’
E-commerce is unrecognisable from its early beginnings in the 1970s. In its early days it was a mere business model but it has since grown into one of the biggest business practises in the modern world. Even though almost all industries have been impacted by the digital revolution in the recent years, retail has reached new heights since embracing technology.
The e-commerce sector is growing rapidly across the globe and is estimated to become the largest retail channel in the world by 2021. Although its growth is not on an even level across the world, with the Asia-Pacific having the highest distribution, Western Europe is looking at catching up in the next five years. Since e-commerce is stronger depending on the region where the consumers are located, retailers need to tailor their digital strategies accordingly and be very savvy with how they sell.
New technologies and platforms keep emerging and now virtually anyone can become a business owner online. It is quite empowering for entrepreneurs to have the opportunity to start a business right at their fingertips. Today it is possible to run a business directly from your laptop or smartphone no matter where you are.
Selling as easy as buying
Selling online has become easier than ever. Shopify has long been the go-to platform to start your e-commerce business and has made selling as easy as buying online.
Some e-commerce vendors today use marketplaces and don’t hold the goods they sell, which has opened up this market for a larger quantity of entrepreneurs working from home. Options such as drop shipping, where manufacturers ship directly to the customer have opened up the possibility for people wanting to start an online business but not being able to store their goods. Drop shipping and the use of marketplaces have eliminated a lot of inventory and the labour associated with holding it.
However, for small manufacturers that sell on Shopify and make their own products, having a secure and convenient inventory tracking software is key. It will save them a lot of time both importing and exporting orders manually and is essential for a smoothly run business.
The social influence and online gaming
Social media and online gaming have become an integral influencer and driver of e-commerce adoption. Around 74% of customers have interacted with social media prior to an e-commerce purchase. Instagram has become one of the biggest tools for brand awareness and product discovery for not only the entrepreneurs selling on Shopify platforms but for most businesses worldwide.
Recently Facebook announced that it is moving into retail by offering company partners to allow Instagram users to buy products such as clothes, accessories and makeup without leaving the app. This shift accommodates social media users and will redefine the consumer shopping experience.
The online gaming industry has indirectly been benefiting from an increase in online spending patterns attributed to e-commerce. Back in 2018, it is estimated that 32% of the UK population gambled on a weekly basis, making the gambling industry worth a cool £14.4 billion, with the most popular games being blackjack and roulette. It is little wonder then that sites like www.casino.com/uk/roulette/ have been popping up all over the place and have led to a booming marketplace.
Merging e-commerce with social media and gaming can feel like a no brainer when you consider how much time users spend online. As it stands, technology is the rudder that propels the e-commerce industry after all and we can only expect to see it heading further into that direction within the e-commerce industry as a whole.