In today’s date, the E-commerce industry is influencing almost 56% of in-store purchases. On the other hand, the E-commerce itself is taking almost 10% of the retail sales market of U.S. The concept of digital commerce has grown from buying something online to the interactions in order to rely on the technology to move goods. Nowadays, everyone prefers to order things online. From fresh vegetables to clothes and furniture, everything is available online. Then why should we go out shopping?
As per the reports, general stores have lesser chances to survive without representing themselves through the websites. In order to thrive, the retailers have to integrate digital commerce completely. In the similar fashion, B2B is bringing the e-commerce sector closer to us. Possibly, disruption is going to be more frequent in 2018. The e-commerce industry is such a huge platform that you can literally find anything and everything through the websites.
E-Commerce – The Most Popular Socializing Platform
Logically, social commerce is actually growing at a faster rate than e-commerce. If we study the internet habits of the general public, we will find out that they tend to spend almost 80% of their day in the social networking sites. So it is not at all recommended to underestimate the influence of social networks. As a matter of fact, almost 40% of the mobile users already make use of the social networks for online shopping. And this is pretty much visible to you if you are one of the social media users.
In order to make direct sales of goods and services, Brands have already made their moves by using social media platforms actively. The users no longer have to sign up for the websites in order to purchase anything as per their preferences. So you are free to buy all your necessary items in the familiar environment without registering yourself. The brands are simply adding a “Buy” button under their Instagram or Twitter posts to make it more accessible for the users. It is also some kind of marketing strategy that can attract buyers in a rapid manner.
Optimizing The Conversion Rate
The merchants have made the right decision by omitting the registration page from their website. They made a thorough study and realized that filling the forms before making a purchase can be very annoying for the audiences. And they might have to compromise more than $78B per year. And fortunately, almost 80% of the online stores have realized that a faster and convenient payment method can speed up the conversion rate by 20%. So at this point in time, their only focus is to add several payment options on their websites to make them more lucrative to the customers.
Online Shopping Became More Convenient With Mobile Devices
As per the marketing experts, online purchases through smartphones are going to expand by around 70% by the end of 2020. People love to use their general mobile payment methods. So the companies should aim at providing the most convenient mobile payment method for the buyers. Indirectly this is going to increase their profit level after more and more buyers are getting attracted to them.
Most of the people browse through their gadgets to find their necessary materials online. Therefore, the person who is trying to purchase something online will obviously prefer to pay in a similar way. Almost 30% of buyers have given their reviews that they would love to see the “one-click” payment method on their mobile phones.
In the future, it is expected from the future technology to let the merchants combine payment, loyalty, and advertising together. Though this method may increase the requirement for new payment methods, it is not impossible for the purchase chain.
Keep It Simple And Convenient
After the technology has come into action, people are already fond of faster services. Suppose, you are trying to buy something online and you have to go through a lot of annoying procedure. You will probably give up on that particular website and switch to the other. Yes, that’s the strategy that most of the brands have adopted. They are trying to make the purchasing and payment method much faster and simple as per the users’ convenience. So the customers find it friendly enough to purchase from the websites.
Cryptocurrency – Another Factor You Can’t Avoid
The users of cryptocurrency are growing in such a rapid manner that it is literally forcing the merchants to think twice about this matter. Virtual money is the new trend of the world. Therefore, the companies are trying to add another unique option to pay for goods and services through cryptocurrency. For example, some airline companies already have this facility to book tickets online in return of cryptocurrency. Though the decision is currently based on the blockchain and it is going to reveal its potential within the next five-six years.
Privacy And Security Measures Are The First And Foremost Requirements
No matter what we are going to do, when it comes to the internet and the social media platforms, we all seek for security. We are adding our debit/credit card details to the online shopping websites. And none of us want them to be leaked by any chance. So the merchants should not take any chance of compromising the security measures of the websites.
Users generally don’t like to share their personal details or sign up on different sites. In fact, the spam messages that the sites send them are also very much annoying for them. So until and unless the brands are taking the right measures to make the environment-friendly enough for the users, they would go for the suggestions and preferences of other people.
Mobile Wallets Make Things More Friendly
The mobile wallet popularity is growing rapidly day-by-day. Users love to pay through their mobile wallets and this method makes them feel comfortable. These are the most common mobile wallets that the customers generally prefer to pay:
- credit cards
- loyalty cards
- option to change delivery details
The brand that has these mobile wallet methods present at their online payment section, is already one stead ahead from the others. Additionally, if the merchants religiously follow the changing tastes and preferences of the users, they can implement more attractive features in their e-commerce section.