The global market keeps changing every few years, and emerging technologies play a key role in these changes. There was a time when people used to exchange one good to purchase another. This system was known as the barter system. Then came the currencies, and the system soon spread globally. Then came the era of globalization, and the import and export of goods from different countries started, resulting in the establishment of supply-chain channels between different countries. But the biggest business change came with the introduction of e-Commerce. e-Commerce stands for electronic commerce.
When electronic means are used to simplify the process of marketing or purchasing different goods, the process is called e-Commerce. The invention of the internet paved the way for e-commerce. It led to the popular idea of online shopping, which holds a significant portion of the global market. People can now buy goods within the country and from outside the country just with a few clicks with the help of online shopping platforms. This is the power of e-Commerce. It continues to grow with the addition of hundreds of thousands of consumers every day. There are significant changes that e-Commerce has brought into this world.
Shopping on Mobile Phones:
When the first wired phone was invented, no one would have thought that the device would one day transform into a wireless super gadget that can be used for calling and perform many tasks that the computer does. With the introduction of smartphones, high-speed internet, and popular e-retail platforms like Amazon, one can buy anything from a pin to a sofa set with just a few clicks. This has made the process of shopping 100 times simpler. It has helped millions of people save a lot of time that was earlier spent in searching for the desired item in the market.
Digital Marketing:
When talking of any online platform, whether a service provider or a third-party intermediary platform, the digital market is an integral part that plays the most important role in its online growth. Online marketing or Digital marketing has revolutionized the field of online shopping and e-retail. It has completely changed the process of targeting the audience.
With targeted campaigns, interest-based marketing, and ads, digital marketing has helped e-retail firms make new customers by exploiting their interests. For example, you search for a watch on Google the next time you open any of your social media accounts. You see ads of a variety of watches lined up on your timeline. That’s how you persuade people to shop from your platform. The chances of lead conversion increase manifold with this technique.
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Better Accessibility and Customer Satisfaction:
With so many e-retail sites functioning, you get more options to search for items you are looking for and get better deals. One can compare the prices of the same item on different platforms to get a better deal. e-Commerce has provided almost 100% accessibility to consumers, as they have control all the time. One can not just shop for things or services online but can also choose to return them while sitting in the comfort of their house. Who would have thought this a couple of decades ago?
With e-Commerce, the number of happy clients is constantly increasing, making business doing easy for brands.
Virtual Reality:
Virtual Reality was once limited to enhancing the experience of viewers at movie theatres. But there has been an exponential increase in the applications of Virtual Reality. With Virtual Reality experience integrated with e-retail platforms, consumers have the option of not just selecting things but trying them virtually to see if the item will suit their needs. For example, Lenskart, a popular eyeglasses brand, provides consumers with the option of virtually trying the spectacles to see which one fits their face. Similar options are available on several platforms.
This is not just it. In the coming days, users will be able to shop for desired items using a virtual reality headset while doing other tasks like driving a car, gardening, or cooking. That means one wouldn’t even have to move their fingers for online shopping.
With the introduction of virtual assistants like Alexa and Cortana, giving commands and instructions has become even simpler.
