The retail landscape is rapidly evolving, and the emergence of e-commerce has ushered in a new era of unprecedented opportunities for business growth. The seamless integration of technology, convenience, and global connectivity has transformed how consumers shop, and businesses that adapt to this shift are poised for success. Let’s delve into the future of retail business growth with the rise of e-commerce.
Driving force behind the growth of e-commerce in the retail industry
Big Commerce says e-commerce has come a long way since the CompuServe launch in 1969. Changes in technology and global circumstances are pushing ecommerce to grow, and it shows no sign of stopping.
In 2021, more than 2.14 billion people worldwide were estimated to shop online, a significant increase from the 1.66 billion global digital buyers in 2016.
With so many e-commerce platforms, marketplaces and digital solutions available, there are almost no limits for merchants looking to sell online, which makes it easier than ever for businesses to go global.
How e-commerce reshapes consumer behaviors and expectations
ESW says e-commerce has brought the shopping experience to their fingertips through their computer desktop and mobile devices, completely changing the way consumers shop. Here are some of the most impactful ways that e-commerce has changed consumer shopping habits:
- Mobile is Blurring The Line Between Online and Offline Shopping
- Consumers can shop from anywhere, anytime. Mobile has taken e-commerce to the next level because shoppers can use the device at any point during the sales cycle.
- Customers Expect More Personalized Experiences
- Customers expect a seamless shopping experience that is consistent no matter what device they are using for their shopping, or what stage of the buying process they are in.
- Shoppers are Becoming Their Own Sales People
- Before digital media, customers relied on salespeople to guide them on their path to making the best purchase. Now customers enter stores, online and offline, armed with the information they need to make a purchase.
Opportunities and challenges when adopting and implementing e-commerce
The e-commerce industry has grown exponentially, with total e-commerce sales expected to reach $1.065 trillion this year, according to Business News Daily. What are the challenges and opportunities businesses face in adopting e-commerce? Here are a few:
- Competition comes in many forms for small businesses, especially in the e-commerce space. You have to keep up with competitive pricing, products and services – all competing for your target customer.
- Online order fulfillment can lead you to being inundated with more orders than you are prepared to handle on your own.
- The customer experience may be challenging to offer to your customers at the same experience level they would get in a brick-and-mortar store. And with every customer wanting their product personalized, this area becomes a huge identifier for the company.
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