Influence of e-commerce on shopping lovers globally
Ecommerce may be a new concept for many developing countries but it is not an idea just a few years ago. The revolutionary idea of ecommerce was introduced about 40 years ago in America and other western countries and it is still revitalizing its presence among businesses and consumers. Over past few years, it has been trending extensively among worldwide consumers. Ecommerce has revolutionized the way of shopping. It has removed all the barriers of shopping outside the boundaries of a country. We all know that e-commerce stands for electronic-commerce, but with its growing popularity and ease it can’t be wrong to take it as “everywhere/everytime commerce”. Myriad of retailers are looking forward to growing their business using online platform.
Online global Consumers at a glance: Consumers always move forward globally, for their purchases. They look for well-known multi-brand retailers that are well established with good fame in the online market and who provide fair services and deals. Surely, the buying product categories differ in different countries but the love of shopping never does.
The top cross-border online shopping interests are:
- Clothing, shoes, and accessories (USD 12.5 billion)
- Health and beauty (USD 7.6 billion)
- Personal electronics (USD 6 billion)
- Computer hardware (USD 6 billion)
- Jewelry, gems, and watches (USD 5.8 billion)
- Home electronics (USD 5.4 billion)
Journey of ecommerce in USA, UK
The developed countries like the USA and other UK based countries are equipped with the internet and its uses in technology for a long time. For them, making an online bill payment, shopping over internet is a casual and simple ecommerce trade. Later on, with new innovating technologies of internet allow millenary of businesses and e-tailers to enter the ecommerce trade.
Consumers of ecommerce in western countries
- Commercial consumers: In western countries, ecommerce had started as B2B commercial online shopping in the decade of 60’s where trading partners used to transfer their orders, invoices, and other business transactions digitally.
- Bookish Consumers: Amazon, the king of the online market had launched an online bookstore in 1995. It had attracted many retail consumers towards online shopping as it was the only mega e-store who had been offering a myriad of products to its shoppers than Brick and mortar and other bookstores.
- All type Consumers: In the era of 1990-2000, internet usage had grown widely and consumers were looking forward to extending their navigation for shopping. As the king is king, Amazon came up with flattered wings in e-trade of computer software, DVDs, apparel, food, toys, furniture, electronics and much more which widely fascinated the consumers of online shopping.
Ecommerce in 2017:
In an electronic survey, global B2C online sales in 2015 were about 17.7% to US$1.771 trillion. In 2017 the ecommerce sale is expected to grow beyond $2.3 trillion globally.
The Journey of an Online market in India:
With the increase in technology and being in digitization era, India is becoming a great competitor in the world in every aspect; therefore e-commerce cannot be untouched.
In 2012, e-commerce has strongly rooted its place in an Indian market. Initially, the online market in India was about US$1.6 billion which has jumped to US$8.8 billion, (about five times) in 2016 and still growing day by day. In 2017, online retail is expected to reach among 100 billion users and likely to jump 65% in 2018.
Previous Thinking of consumer for e-shopping:
In the initial era, e-commerce had faced a slow pace. The Indian buyers took some time to accept the e-trend may be due to following reasons:
- They thought it to be troublesome buying processes.
- Prior to buying, they urge to see and touch it physically.
- Items may not be delivered at a right place.
- Insecurity in disclosing financial information for shopping.
Indian consumer in 2017:
Nowadays, the world is full of smart technologies, smartphones with millenary convenient apps and social media. The consumer is being modern and active round the clock. Following factors enhanced their e-shopping experience:
·Digitization: Digitization is the biggest factor which has severely influenced the online shopping. The Indian consumers are actively participating across all the online platforms in the modern world. About 75% of population is accessing smartphones and social media. 43% of online shoppers usually discover new products and items while using social media.
Demonetization and Cashless Factor: India has faced demonetization in 2017, which has led Indians to move in cashless transaction strongly. With easy and quick net banking facilities, consumers are moving towards online shopping.
Trendy: Online market and stores offer thousands of products with a wide variety at one place. Post apparel and electronics, travel is the largest category being followed by Indian consumers across e-market. Online grocery is also appealing the upper-class and middle-class consumers.
Easy Delivery and Returns: Online stores with excellent logistics are providing hassle-free delivery of the desired item at their home with minimum shipping charges and in case of any issue, the return policies are properly handled. This attracts consumer’s attention towards online shopping rather than going themselves to buy or to return at the physical/real estate shops.
While shopping, a consumer urges for more choices with flexibility and creativity. Thus, online retailers with the proper understanding of the local trade and growing needs of consumers can easily earn lots of benefits in many developing countries like India, Japan, China, Brazil etc.