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When last did you purchase an item from an online store? Probably recently, right? You are not alone in this; more and more people are gravitating towards online shopping as against physical shopping.
And who can blame them? With online stores providing more convenience, better shopping experiences, fast delivery, and quality products and services, it’s no surprise that online stores are pushing physical stores into oblivion.
The future of retail is online this article gives you all the reasons and answers.
Why Online Shopping is becoming a Trend
The invention of new technology contributes to the eCommerce market growth. The eCommerce market, which grew by about 20% in 2021, is expected to grow further by 10% in the coming years. But why the surge in online shopping? We will tell you why. Although many consumers love the experience of in-store shopping; there’s the thrill of trying new things and window shopping, the excitement of browsing through racks, and the awe of touching a new item, yet, more people view brick-and-mortar shopping as a chore to avoid.
In fact, according to reports from the Capgemini Digital Transformation Institute, about 40% of respondents from a survey done see in-store shopping as a frustrating chore.
Many consumers believe that eCommerce websites provide a different convenience than brick-and-mortar stores. Consumers want to be able to order cheaper and great quality products, make instant payments through Ecommpay payment service and receive their products the same day.
In addition, online shopping is becoming more popular because:
- It provides a more user-friendly shopping experience: Many eCommerce sites have great design, navigation, products, and services, thus creating a safe, secure, and user-friendly shopping experience. With modern tools, businesses can offer more quality products that are beautifully captured and well-described.
- It offers fast shipping and improved return policies: With extensive networks, superior supply chain, and logistics, customers can order products and get them delivered on time. Many top-rated e-commerce sites offer free delivery within 2 to 3 days; still, many have a 30-day return policy that allows customers to make purchases and return them if they aren’t pleased.
- Provides better product selection and prices: One reason why online shopping is becoming more acceptable is because of the variety it provides. Users can browse different sites and compare products and prices. Besides, it’s general knowledge that online stores offer lower prices than physical stores. Customers can always look for products with the best deals across several virtual stores.
- Improves buying decisions of customers: Most online stores have reviews and testimonials listed to help convince customers of their products. This provides customers with lots of data and information to make decisions. Customers can go through the product reviews and make an informed buying decision. Also, positive reviews can boost e-commerce credibility, which in turn helps to improve sales.
The Future of Online Shopping
According to projections by Statista, the revenue of eCommerce is expected to grow to about 5.4 trillion dollars by the end of 2022. With retailers adjusting to the prevalent online sales boom, the market is also changing customers’ shopping patterns. Already, top online retailers like Amazon and Walmart have recorded more sales from their online platforms. For instance, Walmart’s online sales grew to 79% at the end of 2021.
Besides, the covid-19 pandemic has changed how people buy essential items, from clothing to electronics and everything in between.
The following are the trends shaping the future of digital shopping:
1. Personalized Shopping Experience
Accenture reports that about 91% of customers like to buy from brands that remember and suggest products that appeal to their needs. To encourage more of this, data analysts deploy machine learning and artificial intelligence to collect customers’ data and create their profiles. With this, customers get personalized suggestions and content that serve each customer’s needs. According to reports by Liveclicker, businesses invested in creating personalized shopping experiences for customers will record an increased patronage and sales.
2. Mobile Devices Are Enhancing Online Shopping
The increasing use of mobile users has significantly impacted the retail industry. In 2021 alone, about $345 billion in retail sales was made through smartphone purchases. Mobile devices have taken eCommerce to another level as it enables customers to make a purchase anytime and anywhere. Mobile devices are expected to generate approximately $800 billion by 2025, with about 44% contribution to the total eCommerce sales by that time.
Mobile commerce presents several benefits, including:
- Helps shoppers discover new products
- Enable customers to locate products from various stores
- To compare prices
- To manage shopping lists
- To buy products
- To review products purchased
Since sales from mobile devices account for 54% of retail purchases (Statista), many smart brands are already producing more eCommerce-friendly mobile devices. More retailers’ websites and online stores are optimized for use from a smartphone, tablet, laptop, or phone.
3. Social Media as a Sales Tool
While some businesses already market their products on social media, many are beginning to recognize the platform as an effective means of making direct sales. Already, many shoppers on Instagram utilize the medium to buy products, while many more look to Pinterest, Twitter, Facebook, and others for ideas on what to buy,
Besides, these social media platforms offer an augmented reality (AR) experience, with this, customers are prompted and encouraged to buy specific items that appeal to their needs. Overall, the increasing use of social media platforms for interactive and personalized shopping suggests that more businesses should maximize the platform to expand their market reach.
Online Shopping Is Taking Over
As online shopping continues to gain momentum, the trends will only become more pronounced. Experts predict that the line between physical and online stores will become blurry.
Physical stores will become nothing more than showrooms, while real purchases will be made online. And with the advancement in technology, the future of online shopping will only get brighter and better. Thus, retailers need to stay one step ahead and be willing to adapt to change to ensure they are not left behind.
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