Predicted Trends in Online Shopping for the Approaching Years
E-commerce Simplified:
Navigating the digital marketplace has never been easier with e-commerce! Known colloquially as online shopping, e-commerce involves purchasing goods and services over the internet. From B2B transactions between businesses to B2C deals between companies and consumers, e-commerce covers a broad range of sales platforms. G2C (Government to Consumer) and G2B (Government to Business) dealings sometimes get lumped together, but C2C (Consumer to Consumer) is the term for peer-to-peer transactions on platforms like Craiglist, eBay, and OLX.
A Breeze for Businesses:
E-commerce offers many advantages for businesses, as it allows them to operate digitally at minimal cost. Home-based businesses have become commonplace in the e-commerce industry. Some popular B2C platforms include Nykaa, Meshoo, Amazon, Meta (Facebook), Wal-Mart, and many more. On the other hand, B2B e-commerce refers to businesses selling their products directly to other corporations. For instance, FIAT supplies automobile engines to both Maruti Suzuki and Tata. B2G (Business to Government) transactions involve companies selling to government agencies and making tender bids. Some examples include Bharat Dynamics and EY's partnership with DIPA to implement digital infrastructure.[1]
E-commerce Evolution:
The concept of e-commerce slowly grew out of electronic data interchange (EDI) systems in the 1960s. However, it was during the 1990s and the early 2000s that the industry truly began to evolve as internet connections became more widespread and prominent online vendors emerged. Jeff Bezos started Amazon as a book-shipping business in the 1990s, and eBay launched in 1997, revolutionizing online retail.[1]
Today, social media platforms like Facebook have significantly impacted e-commerce, with Facebook accounting for 85 percent of social media-originating sales on Shopify in 2014.[1] E-commerce is expected to make up 17 percent of total retail sales in the United States by 2022.[1] The Indian e-commerce market is projected to increase by 21.5 percent and reach $74.8 billion in 2022.[1]
Modern Trends:
The future of e-commerce is ripe with new technological advancements. For instance, voice search e-commerce is on the rise as virtual assistants like Siri and Alexa become increasingly popular among millennials. AI-based e-commerce systems promise to streamline back-end operations and enhance customer engagement through chatbots, virtual assistants, and more.[1][2]
Cross-border commerce is another area in which e-commerce is poised for growth. As platforms improve their ability to handle international transactions, language translation, and payment security, cross-border e-commerce becomes more accessible.[2] Visual and voice commerce, sustainability and supply chain transparency, and virtual fitting rooms are other trends shaping the future of e-commerce.[2]
Taking a Look into the Crystal Ball:
It's safe to say that the future of e-commerce is bright. As more people turn to online shopping, e-commerce is expected to grow exponentially in the coming years, with over 95 percent of all purchases being made online by 2030.[3] Mobile e-commerce will be the new normal, and e-commerce powerhouses like India, America, and Japan will continue to dominate the industry.
By incorporating technologies such as AI, blockchain, augmented reality, and more, e-commerce businesses will be able to further optimize their operations, reduce costs, and improve the overall shopping experience for their customers.[2] E-commerce will also have a significant impact on society as more businesses embrace the online format to cut costs and cater to customers' changing shopping habits.[3]
So, if you're thinking about starting an e-commerce business, now is the perfect time to make it happen. E-commerce shows no signs of slowing down, and evolving with the changing industry landscape is crucial for success.
Sources:
[1] https://www.entrepreneur.com/encyclopedia/e-commerce[2] https://www.forbes.com/sites/forbesagencycouncil/2018/08/08/10-trends-that-will-transform-ecommerce-in-2025/?sh=7ceb5b544009[3] https://financialexpress.com/market/stocks/trending-stocks/the-future-of-e-commerce/2374142/
- The integration of AI and chatbots in e-commerce is expected to streamline back-end operations and improve customer engagement, marking a significant shift in the industry.
- Cross-border e-commerce is set to expand with advancements in technology, allowing businesses to handle international transactions, language translation, and payment security, making e-commerce more accessible globally.
