Ecommerce is something that the average smartphone customer makes use of quite frequently. Even if you are not familiar with the term, rest assured that you have used it at least once in your lifetime. To get you started, the Subscriptionly Team has created an infographic that contains 60 stats and trends that will help you learn what is ecommerce all about.
Simply said, ecommerce is the act of buying or selling goods and services through the internet. It is as simple as that. From receiving money through PayPal from your customers to purchasing a product on Amazon, it's all ecommerce at its finest.
It isn't even five decades old. In fact, the advent of electronic data interchange (EDI), as well as teleshopping, opened the floor for it. But it wasn't until the internet took off that ecommerce emerged in all its glory.
Online shopping as we know it was pioneered by a man named Michael Aldrich in the 1970’s. He connected an altered television via a telephone line to a real-time multi-user transaction processing computer and made a first online transaction.
Ecommerce became a big thing after the internet became accessible to the general public. One of the earliest online shopping experience was due to Book Stacks Unlimited, an online bookstore created in 1992. Soon after, Amazon came along, and ecommerce truly took shape.
The industry is still growing along with new technologies and business innovations, adding a new dimension to its widespread use every year. By the end of this year, it is estimated that ecommerce sales will see a 23.3% growth.
One aspect to watch out for in the future of ecommerce is the quality of customer service, which is going to always be a crucial part in the failure or success of any online business.
Statistics show that 67% of customers prefer to solve their issues without talking to another person. Many customers prefer self-service and the world of ecommerce has certainly taken notice and began investing into chatbots. These are primed to revolutionize the customer service of the industry.
Chatbots are already impressive at simulating the human touch. With them, customers can quickly browse and make decisions on their purchases. They can assist with solving a problem, shipping issues, as well as product replacements. Only the sky is the limit when artificial intelligence comes into play.
With the use of voice search on the up, ecommerce is primed for disruption. More and more people are using voice assistants every day to search for products and services online.
In fact, 40% of millennials use a voice assistant before making a purchase. By 2020, it is estimated that the number will be over 50%. Apple's Siri and Amazon's Alexa are already affecting the way people search for products online. Over time, e-retailers will have to adjust their marketing strategies to accommodate voice searches.
Ecommerce is still very much in its infancy; there is so much room for improvement. Check out the infographic below to see what other innovations ecommerce has in store for the world.
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