The Evolution of E-commerce: Trends in 2023

A significant portion of the world population has switched to online purchases with the evolution of e-commerce. Retail stores have lost their significance but not entirely, as many people still prefer traditional means while buying products or services.  E-commerce has reached every nook and corner of the world as it is helping businesses by offering global exposure through various social media sites, websites and other digital platforms. Trade and commerce are therefore flourishing and contributing towards growing the national economy. Let us know more about how e-commerce evolved to provide a better consumer experience.

Rise of E-Commerce in the Business Industry 

People have heavily relied on traditional commerce for ages to buy any daily use or luxury commodity. Retail stores were the prime source of purchase for a significant portion of customers until e-commerce swooped in to provide products and services on a digital platform. E-commerce is buying and selling products and services through electronic devices and transactions through online portals. Even after being introduced, businesses took a lot of work to build brand trust. It was difficult for companies to get people to rely on products they could not physically see before purchasing. In the last decade, the growth of technology and its continuous integration into e-commerce has helped revolutionise the business industry. People are becoming more familiar with and dependent on e-commerce, especially after the pandemic-induced lockdown when a significant portion of purchases were made online. In contemporary times, people have wholeheartedly adopted e-commerce to carry out daily purchases and sales as it is highly profitable. However, this does not imply that people have neglected retail stores but that the supremacy of sales and purchases lies in the hands of e-commerce.

Trends in e-commerce

E-commerce sites keep updating themselves with newer and advanced technology to provide reliable, safe and personalised customer experience. A few latest trends in the e-commerce industry are- 

1. Integration of AI- Artificial Intelligence is a beneficial tool in tracking consumer behaviour to help businesses create more consumer-centric products and services. Brands or digital marketers filter valuable insights by sieving through complex data sets to track the results of existing strategies and build newer ones.
   
2. Integrating blockchain technology- Data privacy is paramount to consumers when purchasing online. Since the transactions are done via online portals, blockchain technology is a secure and efficient way to make online transactions and track the status of your product without worrying about security breaches into private information.
   
3. Integration of AR and VR– Augmented and virtual reality enable users to immerse themselves into the virtual world and try the products themselves to see how they may look on them. It makes people sure of their purchase and has a greater chance of converting users into buyers.
   
4. Loyalty programs- A newer way of attracting new customers and retaining older ones is subscriptions and programs from which loyal customers are given discounts and gifts to keep them connected to the brands.
   
5. Visual and Voice search- Sometimes, when you do not know the name of the product you want to purchase, visual search helps you as you can upload pictures of the product and e-commerce sites will show you results related to the product. With the rise of Voice powered devices such as Alexa and Siri, voice search is also in high demand.
   

Benefits due to the evolution of E-commerce for Customers

1. Versatility– There is an e-commerce site for almost every product and service that caters to most people’s needs worldwide. 
   
2. Flexibility- Customers need not step out of their houses like in the case of traditional stores. They can purchase products and services from anywhere worldwide, provided they deliver to your location. It promotes global trade for businesses. 
   
3. Saves money and time- Most e-commerce sites roll discounts and sales to attract more consumers. People can scroll through different areas to find one which fits their budget. Since this is available online, customers can access it anytime without requiring your physical presence at retail stores.
   
4. Easy returns- If the customers do not like the products they ordered, e-commerce sites have return policies where you can get a full refund if the return is made within the specified time. Therefore, it gives the leverage of choosing and picking products and keeping them only if satisfied.
   

The evolution of e-commerce brought a tsunami of profits to the business industry. The new trends in e-commerce are a way of providing extra benefits to customers and retaining brand loyalty.

Banyanbrain is a leading provider of digital marketing solutions across the globe. If you are a brand looking to establish yourself in the global market, we can be your one-stop solution.