What Is the Future of Ecommerce?
Despite being around for a while, e-commerce has recently gained traction and continues to evolve at a rapid pace. The global e-commerce sector was worth $3.67 trillion in 2020 and is anticipated to grow by $10.67 trillion between 2021 and 2025. While technology seems to have a major impact, it's not the driving factor. Along with the forced digital dependency brought on by the covid-19 pandemic, a growing digital populace seem to be a critical growth factor over the coming years.
While no one can predict the future, here are a few telltale signs that can help detect ecommerce trends in the next five to ten years.
Even with so many retail channels available, mobile commerce is a favorite among buyers, accounting for over 70% of all online sales and likely to grow even more. While some people link e-commerce to just online shopping, it's also used for online banking, buying and selling goods, and even paying utility bills.
E-commerce promises to provide retailers with better opportunities, improved revenues, and an enhanced customer buying experience. Moreover, with a growing global prominence, it is expected to dominate non-mobile commerce in the coming years. Hence, it's no surprise that m-commerce earnings are predicted to surpass $270 billion by 2025.
Drones are UAVs or, in simpler terms, flying robots that can be programmed to carry out simple tasks. But what has e-commerce to do with flying robots, you ask? Marketing experts believe that drone-powered solutions will become handier in the future, replacing human labor and delivery drivers.
Due to their speed and efficiency, delivery drones will reduce delivery times, allowing orders to be delivered in half the time. This will benefit e-commerce businesses not only by reducing labor expenses but also by improving customer service.
Although most businesses already use AI systems like chatbots, they are likely to dominate e-commerce in years to come. Whether it's enhancing productivity, improving customer experience, or automating repetitive processes, AI integration has helped businesses achieve their goals.
As Artificial intelligence evolves, future AI assistants are expected to be faster and more efficient at various jobs, including answering consumer questions, automating payments, and handling orders and inventories.
Increase in Touchpoints
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Increase touch points
In addition to improving delivery services, future e-commerce will increase the use of customer touch points, such as food self-service, voice menus, and smart applications. Services such as online ordering and pick-up in local stores (BOPIS) were triggered by the new coronavirus-19 but have gradually been adopted by most retailers and buyers.
In addition, since 2020, curbside pickup has also jumped to US$72.5 billion, and is expected to reach 20% of the overall grocery retail in the next five years. Nowadays, most retail stores have installed contactless self-checkout systems, and other retail stores are expected to follow up soon.
E-commerce will have a significant impact on our society in the next few years. With a better shopping experience, 24-hour online store, safer digital transactions, and products at your fingertips, e-commerce will continue to make customers' lives easier. The combination of low operating expenses and low-cost products is still a win-win situation for all stakeholders.