E-Commerce

Electronic Commerce – ecommerce

The growing prominence of e-commerce has fundamentally altered the way business is conducted. It has changed the way a huge variety of products and services are now sold, from clothes, packaged goods and seafood to hotel bookings, music files, and taxi services. As a result, companies in all sectors – whether big or small – cannot afford to ignore this channel. Increasingly, businesses without an established e-commerce strategy and implementation plan will find it difficult to survive. It is, therefore, of paramount importance for businesses to stay abreast of the prevailing trends in the e-commerce field.

Cross-border E-commerce: Making the World Smaller

The internet makes it easy for buyers to connect with sellers from different countries and jurisdictions. With national borders retendered ever less significant by the march of technology, the increased proliferation of social networks and the improvements to supply chains, more and more people are turning to foreign online shops to purchase goods and/or services.

Smartphones Fuel M-commerce

In another key development, the latest generation of smartphones typically comes with large screens and excellent search facilities, contributing hugely to the further development of mobile commerce (m-commerce). These features – combined with easy access to Wi-Fi – have made internet browsing an easy matter from practically anywhere on the planet. According to some estimates, almost 60% of all internet access is now via a tablet or smartphone.

Connectivity: Redefining the Customer Journey

The traditional consumer journey has gone through a number of radical changes over the last two decades. Fuelled by increased connectivity, sophisticated technological advancements, and the ubiquity of new media, this process continues to grow more complex as fresh possibilities emerge. Nowadays, it would not be unusual for consumers to learn of a new product through Facebook or email, then visit the relevant websites on their mobile devices to learn more, before chatting with friends on social media and reading other users’ comments. Ultimately, the purchase would then be completed via a smartphone, with images of the received product and details of their experiences then subsequently posted on Facebook and other social networks.

Digital Wallets: Facilitating O2O Consumption

O2O (online to offline) is the process by which online customers are directed towards offline physical stores. It is a means of making browsing and shopping more convenient, efficient and fun. It also offers an opportunity for bricks-and-mortar retailers and online retailers to explore synergies, ultimately allowing them to benefit from each other’s strengths.

E-commerce Data Fosters Innovation

The rise in e-commerce activities has contributed to increasing ‘footprints’ on the internet. These footprints record the browsing and buying history of consumers, providing valuable information to a wide array of businesses.