eCommerce is an industry flourishing in the ever-changing environment of new media. As the market grows the platforms available become increasingly diverse, creating a wider range of options for all kinds of businesses. Whilst many talk about eCommerce in negative terms such as being responsible for the death of the high street and bankrupting local businesses, it has grown into much more complex structures than the likes of Amazon and eBay. Recent adoptions to technological developments including mobile payments and cryptocurrencies indicate the modernistic outlook of an industry that embraces change. Set to be worth £5.4 trillion by 2020, we take a look at the things to watch out for in the future of eCommerce.
As mentioned previously, the comeuppance of mobile payments has proved highly successful across the board with Apple Pay attracting over a million customers within three days of launching. This is particularly popular with shoppers, so the foreseeable future will see businesses weighing up the cost of technological investment in order to accept these payments against the risks of consumers joining a rival service that will offer the convenience.
Another example of eCommerce in positive terms is in regard to the Bitcoin. Despite the various negative stereotype, it has been subjected to and an unfair association with the black market, Cryptocurrencies are invaluable for facilitating transactions amongst those without a bank account. Notably, it has enabled women to receive payment in places where they are not allowed a bank account as well as providing anonymity for those who need it. The acceptance of the Bitcoin by big businesses such as Amazon and Microsoft has cemented its place in society and is suggestive of its direction in the future.
Despite the negative connotations surrounding eCommerce, it has the potential to provide a big data source based around digital transactions that would enable businesses to better understand their customers. Online and mobile transactions allow the tracking of when, where and why customers are buying specific items, creating invaluable information about the demographic. This means a future of foreseeable retail trends that could drive revenues forward is not far off, revolutionising the way businesses operate and converse with the consumer.
One of the key limitations of eCommerce advances is the question of online security. Recurring cyber attacks and hacking operators lead to a lack of confidence from consumers and businesses alike, encouraging a more traditional approach to retail despite the inconvenience. In the age of mobile and contactless payments, this has never been more relevant to the industry and as such companies should comply with the utmost security standards within their platforms.
Attracting New Markets
Markets that were once dismissed as unreachable are becoming more and more accessible via the use of mobile eCommerce. Areas in less economically developed countries which may be lacking in fixed-line connections have relatively strong mobile connections, therefore using devices to engage with and utilise eCommerce. By 2020, China is expected to be the largest B2B market, meaning that businesses should act quickly in order to dominate global markets without being outpaced by rivals.
Although choosing to invest in eCommerce may seem daunting, it is likely to prove worthwhile in upcoming years. The ability to attract new customers, grow online and potentially save on operational costs mean that the transition to digital should be embraced.