Like it or not, e-commerce has become a big part of our lives. E-commerce is not a complicated subject. It can simply be explained as the act of buying or selling goods and services via channels provided by the internet. It is as easy as that. Any transaction that requires an electronic means can be categorized as an e-commerce transaction. The most popular form of e-commerce transaction is online shopping. But, the fact is it doesn’t stop there. Simple everyday acts such as making use of a POS terminal is a function of e-commerce.
Today, e-commerce accounts for only 11% of the global revenue from retail transactions. This shows that there is a lot of room for improvement. The following infographic goes on to show that e-commerce is poised to grow in areas such as customer service, delivery, data analytics and omni-channels. There are also plans in place to implement new technology in the field of artificial intelligence into the workings of e-commerce.
One significant trend that you should look out for in the world of e-commerce is an increase in the importance of mobile devices. It is projected that by the end of this year, mobile devices will account for over 70% of e-commerce traffic. More and more people are expected to make purchases via mobile devices. In 2013, the total e-commerce revenue was $626 billion, with advancements in mobile commerce, mobile purchases alone are supposed to reach that same figure at the end of this year.
Tech giants such as Samsung, Google, and Apple are increasing the efficiency of e-commerce with innovations in mobile payment tech. With these advancements, mobile checkout will soon become the preferred method of payments for e-commerce purchases. For instance, Starbucks already has 10% of their orders paid for through Mobile Order and Pay App. It also turns out that people who purchase on their mobile phones tend to spend twice as much as those who don’t buy on mobile devices.
There is a lot more to be excited about, and the infographic below contains more information on the various trends to expect in the field of e-commerce.
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