What is E-commerce? To put it simply it means electronic commerce or any sale which is not done physically by going to the market or shop and purchasing it manually. This mode of business is growing rapidly at an astounding rate and it stands at $10.6 trillion along with new opportunities and challenges it presents. We will examine this industry and try to identify some key trends that will help us to understand the e-commerce industry better.
In 2023, mobile phones and tablets have seen a phenomenal rise since their inception and are steadily increasing with almost everyone owning a cell phone, even the kids are not shy of it anymore. These devices including cell phones, laptops, tablets, and PC have made it easier to shop online from the comfort of your home. Bingo!!. You have no limitation of any kind as these users spend the majority of time with their phones browsing all sorts of things.
The E-Commerce industry relies heavily on Social Media Platforms like Instagram, Pinterest, and Facebook. These are the main pillars where most people spend their free time. The businesses create strategies around these social media platforms in order to capitalize on engagemnt and interaction. Businesses themselves are present on Social Media to present an individualistic touch to their brand/business.
Artificial Intelligence(AI) is another factor that can prove to be useful in the future . It is growing steadily as more and more processes are being automated. For example, automated customer service chatbots that can answer your FAQs and normal questions and save cost. AI can recommend products based on your preference to elevate your shopping experience in real-time.
Although, the market is constantly changing, evolving, and adapting according to the consumers. It becomes a challenge for these businesses to handle. Too many competitors and the need to stay relevant force the business to constantly adapt to the market. The innovation has led to e-commerce companies giving rise to next-day delivery or same-day delivery. Businesses have to constantly strive hard to meet customers’ expectations.