Ecommerce is a relatively new term. As such, you would be forgiven for not entirely understanding the concept. Ecommerce represents the processes involved in the exchange of goods and services online for money.
Nowadays, it is so much more than just visiting an online store, buying an item, and waiting for delivery. It encompasses any form of transaction that takes place electronically and online. Ecommerce makes use of mobile commerce, digital marketing, electronic data interchange, and automated data collection systems.
It is effortless and convenient. Purchasing an item online has never been this simple. In a matter of minutes, you can buy almost any item. It is possible to surf through different online retail websites and pick an item after due deliberation. If you order a particular item on a regular basis, you can even take advantage of the various subscription box deals that are available online today.
Ecommerce has Yet To Develop Fully
However, this is not the pinnacle. We are not even close to enjoying the best that ecommerce has to offer. Many people believe that it is still in its infancy.
To put things into perspective, the team behind Subscriptionly has created a comprehensive infographic which shows a projection that ecommerce should bring $2.842 trillion in revenue worldwide this year. This is not even near the revenue that comes from brick and mortar stores.
Personalization And User Experience
However, ecommerce has a lot more to offer. Some of the breakthroughs that are already happening are the high level of personalization and user experience.
With each passing day, consumers all around the world are spending more and more money online. The holy grail for ecommerce businesses in the future is seamless and enjoyable customer experience. Major ecommerce retailers are already striving to include advanced analytics systems and artificial intelligence to give users a more personal experience.
Delivery is another aspect that needs to be worked on for many ecommerce businesses. A huge percentage of customers refuse to use this type of shopping because of the extended delivery period.
Delivery drones are the future of online deliveries. Major ecommerce companies are already testing this option. In the future, when this technology is brought to perfection, companies will be able to deliver packages much more efficiently and at significantly lower costs too.
There is a lot more to expect from ecommerce. The infographic below explains it all in detail. Keep scrolling and learn about 60 stats and trends that are expected to shape the future of ecommerce.