E-commerce is growing strongly, becoming an integral part of business operations around the world. Since the beginning of the internet, the world cannot deny its importance to all areas of social life. It can be said that today in the world of e-commerce, it is developing strongly. It is an indispensable part of business activities.
With such a fast and stable growth rate, combined with the trend of shifting consumers’ shopping habits, it can be affirmed that e-commerce will increasingly occupy more essential positions for businesses.
Benefits for businesses when participating in the e-commerce market
Before the great benefits and popularity of e-commerce, it has become an important tool for all companies in their business activities. The benefits that e-commerce brings to businesses can be mentioned as:
- Promoting information and marketing to the global market at a low cost: with today’s internet connectivity, you can quickly bring advertise your services to millions of people from all over the globe. Depending on the trends and financial ability to invest for the promotion, the business needs to have an appropriate advertising solution that matches their possibility.
- Provide better service for customers: Featuring e-commerce for your niche, you can provide options, guides, detailed price lists to clients quickly and conveniently, and online shopping has become more convenient. In today’s era, digital life has pushed up the pace of life, and customers are increasingly demanding everything faster from product information, purchases, payments and policies after-sales books.
- Increase revenue: With e-commerce, your audience is no longer limited by geographical distance or working time. Therefore, each business can reach a large number of customers, boosting its revenue as well as profit.
- Reduce costs: With an e-commerce focus, it will not require too much to rent shops, premises, service staff, etc. Especially for export businesses, the expenses incurred due to the distance can be significantly lessened.
- Competitive advantage: In cases that most businesses today are participating in e-commerce, companies with creative ideas and good marketing strategies will have the advantage to compete. Because e-commerce is a playground for creativity and breakthrough for all businesses.
The development of e-commerce
The five main trends of e-commerce in the coming time can be pointed out:
1. Multi-channel Selling
The trend of multi-channel selling allows businesses to reach their customers on many different platforms and environments, from online to offline. As users increasingly demand more in the experience and convenience of the service, Multi-channel Selling will be a prominent feature in the coming period.
The increasing trend of shopping online through social networking sites is unquestionable. We invest a lot of time on social media and are influenced by information about products advertised on Facebook, Instagram or Tiktok. This trend makes online transactions, and purchases through social networks increase sharply.
2. Speed up delivery improve customer experience
For a long time, consumers have never played a central role and have an important voice in the digital economy like today. Each positive or negative user experience, review, and feedback strongly influences the business performance of an e-commerce enterprise, especially when a small market is witnessing fierce competition from many big brands.
Except for digitized products, items must still be delivered in person. It is clear that as e-commerce thrives, delivery needs to improve even faster.
With the eagerness to receive new goods, everyone wants to receive them soon. This is also a significant factor to help e-commerce compete with traditional commerce: Improve delivery speed or lose sales. In the coming years, same-day delivery is probably the most awaited trend.
The technology market changes so quickly that Chatbot and live chat have penetrated and effectively used by businesses. According to the 13Chats Blog, 25% of customer care services will be integrated with a chatbot or virtual assistant in 2020. Also, research conducted in 2018 said that 34% of customers feel comfortable communicating with a chatbot when buying.
Although still quite clumsy, chatbots continue to improve and are expected to become the marketing trend in business and e-commerce websites next year. Chatbots will be the first designated contact between the customer and the automation system built using the trigger words.
Customer care chatbots will be more “human-like”, leading customers through a smoother buying journey. However, if done carelessly, chatbots will harm businesses.
4. Mobile Apps
With the improvement of the internet, 4G-5G and mobile devices, especially smartphones and electronic payment methods, are widely used. Therefore, the trend of e-commerce on mobile platforms through application software is inevitable. This is also what happened in the developed countries that went ahead.
Mobile Apps is a trend used to shop online by users. However, stores are still confused and do not adequately understand and set standards on mobile to satisfy customers and increase purchase conversion rates.
The domination of smartphones and the internet is steadily increasing. According to Thought Leadership’s “Future Consumer” Report, when asked what you can’t live without, 45% say your phone is secondary.
The reasons why e-commerce businesses need to consider Mobile Apps as an inevitable trend:
- 82% of users use their phone before buying something.
- 90% of mobile time is spent on Apps.
- 2/3 Traffic of e-Commerce platforms comes from smart handheld devices (smartphones, tablets) and mobile apps.
- In 2018, e-commerce revenue from Mobile Apps reached 206.53 billion USD, up 155%.
5. Pop-ups in e-commerce
Pop-up can be understood simply as advertisements on websites. Pop-up in e-commerce is bundled with web pages, and they appear when users access those websites via the internet. Pop-up is usually a place for that website to advertise promotions or upcoming events. Pop-up announcements get a lot of attention from website visitors because they display over the website’s entire content. Consequently, to view the content of the website, the user must turn off these pop-ups. Currently, the pop-up is being used in almost all websites with many different purposes but mainly aimed at advertising.
To sum up
For businesses and customers, e-commerce has a very bright future. There are many challenges facing businesses, but with the influence and trend of becoming an important distribution channel, startups cannot ignore the importance of e-commerce for businesses. and devote adequate resources of the company to the development of e-commerce.
In a market where users and competitors are only a click away from each other, online businesses are forced to differentiate their services from their competition or be just like other very ordinary suppliers of goods.
E-commerce will increasingly occupy important positions for businesses with fast and stable market growth combined with shifting consumers’ shopping habits.