E Commerce and its Future in upcoming decade
Since last five years e-commerce have emerged like anything. E-commerce vendors grew in sales drastically though the traditional sellers are struggling, tech savvy web sellers are stepping towards innovation. According to “The Indian Express” india will be second largest in the world in terms of e-commerce after a decade or less than two decades. As per the news ecommerce industry will grow all over the world and till 2020 growth would be 28 percent every year, that has recorded by time spent by user in shopping and payment patterns.
We come across social media there are many pages and posts related to the online sellers, dealers, they do business by getting popularity for their business online. The e-commerce companies are depending on SEM and SEO for their reach over internet. They put more efforts on their website, its design and homepage in terms to get top rank in google, which will automatically help ecommerce businesses to grow online.
Huge base of customers are shopping on ecommerce sites, these ecommerce business have created competitive environment for their competitors. And when the period of special sale and discount the sales will be more like the amazon’s great indian sale. And then there are other sites where shopping coupons, bonus points, rewards and many more perks are available which boosts online shopping experience. Some of the e-commerce websites associate with banks to get those bonus points and cashback opportunities for credit/debit cardholders of associated banks. These marketing techniques helped in boosting the sales of a ecommerce website.
Factors that predicts ecommerce industry’s future in upcoming decade
New Technology: E-commerce will display their ability to think forward to show item recommendations. As now it’s already showcasing those advancements but in future it will be more precise. Here, artificial intelligence, chat bots like technologies will be adapted. This will reduce the manual efforts of both user and e-commerce service provider. Chatbots is future of ecommerce market with powerful features such as customized inventory search,shopping carts etc. for more info "Future of Web Development"
Cross Portal Purchasing: It is expected that there will be cross portal purchasing, including interconnection of portals meant for sales. Syncing the information for shopping from a single site hence providing all inventories at one place. Where if i buy a item then it should suggest matching item from different connected sales medium.
Predictive Patterns in future: Based on the buying pattern of a consumer, in an upcoming decade the recommendations part will be more advanced and precise. Technologically, data gathering about a consumer seeing past shopping history or may be by asking a consumer itself, about his traits. Already such ecommerce sites are emerging where user’s details are taken by themselves. Hence this will help service provider to help a consumer in a better way. And the discounts and offers would be interlinked to that only.
Social media with new faces: Existing social medias that are used for marketing and increasing traffic of a ecommerce website got overloaded with marketing ads everywhere. Even videos are posted for the promotional purposes nowadays consisting of creative marketing advertisements. In upcoming years things gonna change, apart from big giants like facebook, google and linkedin; There will be some more mediums that will sprout up in the market of social media which will help in marketing of a ecommerce website.
Responsive and simple ecommerce sites on the way to be expected: Usability will be much more better, as of now buying through devices other than desktop is a pain. Even though there is huge growth in technologies still there is a gap which needs to be filled in upcoming years. It is expected that the payment protocol for mobile, universally would emerge where payment structure likely to be less complex.
People go for pocket friendly sites where costs are less comparatively small brands which are unique, are in demand. Bigger brands like amazon and other may goot competition in future.
Some of the above mentioned factors are already in progress whereas on some factors people are still experimenting with technology. Seeing this, we can say that the future of ecommerce is very bright.