E-commerce was born in August 1994, 25 years ago. Today, a quarter of a century later, e-commerce has already changed everything.
E-commerce was born in August 1994, 25 years ago. The subject of the first known secure online transaction was Sting's 4th solo album, «Ten Summoner's Tales».
Today, a quarter of a century later, e-commerce has already changed everything. Some of it shopping habits, travel, food, and even the way a business operates. Consumers' daily lives have been made immeasurably easier.
What is the future of e-commerce in the coming years?;
1. It is not only the goods themselves that matter, but also the values they represent.
Consumers will pay attention not only to the products they buy, but also to the values and vision of the companies that represent them. Equally important in their choices will be the ability to support the national economy or even local communities. Globally, Generation Z is driven by the desire to «do good». The 76% of this generation seems to be concerned about how humanity is dealing with the problems of our planet. Still the 60% wants its work to make a difference and influence the world. Their world view influences, without a doubt, their purchasing preferences.
2.Artificial intelligence, a real experience.
Artificial intelligence is steadily gaining ground in our daily lives. Combined with the increasing amount of processed data, AI-powered algorithms are creating a number of additional opportunities in the e-commerce industry as well. Already the brands' 78% has implemented AI and VR solutions to better serve customers. As a result, among various other benefits and in the context of «personalization», consumers are able to experience personalised product proposals, tailored to their needs and measures, which will even be visible on the e-shop pages or in newsletters. Over time, virtual reality will help e-shops to offer the possibility of a real trial.
3.Social commerce.
Consumers who have grown up in the era of e-commerce or m-commerce are bound to have heightened expectations. Their desire is for companies to reach them and serve them wherever they are. After all, the modern generation of consumers spends more than two hours a day on social media. Social commerce is not just about advertising for the sale or purchase of second-hand goods. At the same time it provides the opportunity to buy new original items directly from the websites involved. Before making any online purchases, four out of ten online users search and check their favourite products on a social networking site. With the rapid growth of product promotion opportunities on social media, further expansion of online stores in this area is only a matter of time.
4.The electronic window to the world for SMEs.
E-commerce is constantly offering incredible growth opportunities for SMEs. However, they do not yet seem to be taking full advantage of it. In Greece, only 11% of SMEs benefit from the opportunities offered by the online sale of products and services. Meanwhile, as PayPal's data shows, cross-border merchants have a much higher growth rate (14.3%) compared to those operating only locally (2%). The market potential is huge, especially considering the ability to reach customers from all corners of the world. This year, the value of global e-commerce will reach almost $2 trillion.
5.Constant vigilance.
Data security is now a «cornerstone» of e-commerce. Its importance for both parties to electronic transactions will continue to grow over the years. Alongside the growing awareness of privacy, legislation and regulations such as the GDPR or PSD2 provide consumers with the necessary tools to protect sensitive personal data, severely punishing online shops in case of cybersecurity negligence. However, it will be equally vital that the effort to maintain of a proper balance between high standards of controls and security and the typical convenience of online shopping.
25 years ago, no one could have imagined that e-shops would ever be able to fully replace traditional stores. However, artificial intelligence, virtual reality and technological innovations are bringing us closer to this critical turning point.
Of course, market growth will not slow down Instead, companies will continue to outperform each other in their attempt to improve the process and market experience in order to increase customer satisfaction.
Source: zougla.gr
