Is E-commerce Worth It In 2023? 6 Important Facts to Know
You might have noticed the profound changes in this era based on marketing, business, and various industries. E-commerce is one among them that has been changing and growing tremendously. Nowadays, it plays a crucial role in people’s lives to find things they want through a mobile phone.
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Do you want to learn more about E-commerce? If yes, then this is the right space. Reading this blog, you will get to learn Important Facts to know about E-commerce.
But Is E-commerce worth it in 2023? With Internet accessibility worldwide, E-commerce is an open gate for people to find solutions for their needs.
Saving time and money is the major reason people find E-commerce or Online shopping convenient in this era.
What is an E-commerce?
“The e-commerce industry is a force that no investor can afford to ignore,” said Cushla Sherlock.
As you know, E-Commerce stands for Electronic Commerce. It includes the process the buying or selling the process through online. From books to furniture, people buy or sell whatever they want on different platforms.
Initially, people prefer going to shops for buying or selling products through physical interaction. But as time passes, this mode of shopping or purchasing products and services easily got replaced through E-commerce.
During the time of the pandemic, when people were not allowed to go out shopping for the necessary things, E-commerce or Online shopping played a great role. It increased the value of E-commerce and more people started preferring it as a better way for daily needs.
Other than saving time and money, the factor attracting people towards online shopping is getting things they searched for very easily and buying them worldwide.
The idea of e-commerce is also adapted by the government. Have you heard about government e-commerce? It is a process when government delivers government services and products to the public through modern and electronic technologies.
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Facts to Know About E-commerce
Role Of Mobile Shopping
Do you know that more than half of the shopping is on mobile? Nowadays, most people spend time on mobile scrolling E-commerce websites such as Amazon and searching for products.
As per reports, the number of mobile users has reached 5.22 billion. This continuous growth in mobile users has an impact on increasing online shopping.
In 2015, Google introduced a ‘mobile-friendly update’ that helps to improve page rankings on mobile search results. and Now you might wonder why it is important to optimize your websites for mobile.
Optimizing an E-commerce website and converting it into a perfect m-commerce or mobile retailing platform helps your site to gain more traffic and make shopping easier. This will also eventually increase the use of mobile banking.
If you launch your own business or an E-commerce website, the first thing you need to consider is that your Online Shopping platform should be mobile-friendly.
This could increase the chance of a higher conversion rate and less cart abandonment. Since there are a lot of advantages of m-commerce, it could be a turning point for your business.
Constant Growth Of E-commerce
As said before, the pandemic played a great role in increasing the value of online purchases. Since then, there is no change in the growth of E-commerce.
The First E-commerce website was Amazon which was launched in 1995. Although there was no profit for the first seven years, it made its first success in 2023. Now Amazon has more than 300 million active users, and 197 million people visit the Amazon.com website every month.
E-commerce websites have an impact on promoting the brand name and raising brand recognition globally. Traditional marketing strategies often create the hassle of spending more money and time on brand awareness across the world.
So, E-commerce could therefore be considered an alternative to newspaper and television advertisements. Incorporating more discounts and offers to drive more customers to the E-commerce website.
Dropshipping Business Model
Have you heard about the Brand Dropshipping business model? It is a business model through which an individual can sell their products online without owning a particular physical location where those products are stored.
Since it needs less investment, Dropshipping could be a tremendous method for a novice to start their business with low risk. It eliminates the time and money of renting a store or warehouse for the business making it more convenient for new businesses.
AliExpress, Alibaba, and SaleHoo are some examples of the largest dropshipping suppliers in 2023. Are you planning to start a business? You can consider dropshipping as an open gate to increase your profitability and reduce the risks. But it is necessary to maintain dropshipping order management with multiple suppliers, considering the availability of products or out-of-stock orders, and more.
Free Shipping Services in E-commerce
You might have noticed that while buying some products, the website charge shipping costs. This occasionally frustrates the users or buyers.
Additional charges for deliveries also increase the chance of cart abandonment or removing the product from the cart. So, bringing more free shipping services will eventually increase order values and the conversion rate of your E-commerce website.
Offering free shipping services is also considered a remarkable tool that increases the number of visitors to your website and converts them into customers. Providing services without causing extra charges will impact increasing customer retention and satisfaction.
Role Of Video Shopping
Nowadays, you might have come across video content on some E-commerce websites. But do you understand why? Including shoppable videos on your website could eventually increase the engagement and interaction of the audience across the world.
Through videos, customers will get a detailed understanding of the product and check whether it meets their expectations. As a result, this could improve customer satisfaction. Since it offers a great shopping experience to customers, video shopping is one of the growing trends in recent years.
Live shopping apps are one of the upcoming trends that some E-commerce businesses allow brands to showcase their products to audiences. Amazon Live is one of the great examples of Live Shopping features.
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Some Trends in E-commerce
Virtual Reality
Augmented and virtual reality features always make the content visually appealing. Adding VR content to your campaigns will help the customers to get a better understanding of the products and services than an image or video.
Many e-commerce sites started using this trend on their website to give a detailed presentation of their products. One of the great examples is IKEA. It is an e-commerce website well-known for home furnishing products, ideas and designs.
Visiting this website, you will get a clear idea of implementing AR and VR to represent the products and services.
Chatbots and Voice Search
You might be aware of the continuous growth and development of technology and its advancements. One of its impressive developments is voice search and chatbots.
Now E-commerce industries have adopted this development and added it to their websites to increase the interaction with the audience conversationally and convert them into loyal customers.
Many chatbots and digital assistants are now commonly used due to its great outstanding functionality. The feature of answering the customer’s queries makes voice search and chatbots more impressive.
So, it is the latest trend used by most of the E-commerce industries to recommend or promote products, assist customers, and even for sales automation.
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Post-Purchase Experience
What to do after a customer purchased a product from your E-commerce industry? yes, an ideal E-commerce website should care about the customers even after the purchase.
Providing a great post-purchase experience will lead first-time customers to visit again. Some of the effective steps that would result in the best post-purchase experience are giving a return policy, notifying upcoming special offers and discounts, and more.
If you are confused by the question- Is E-commerce worth it? These trends and facts will answer your question.
Frequently Asked Questions
Is E-commerce worth it? Why?
Yes, E-commerce became a crucial part of this era. Online shopping helps people to purchase products without wasting money and time. Being one of the most convenient ways of shopping, it benefits companies to increase their visibility and reach more audiences.
Is there any difference between M-commerce and E-commerce?
E-commerce is a method of selling and buying products through the Internet. Whereas, M-commerce is a method of selling or buying goods with the help of mobile or other hand-held devices.
Consider These E-commerce Facts
Even though there are a lot of ways to increase your conversions on E-commerce websites, several factors can drop your sales or reduce your customer base. One among them is your website design and interface.
If customers struggle to search for a product or feature on your website, this may lead to dropping the cart or increasing the bounce rate.
To overcome these difficulties, you should design a user-friendly E-commerce website that helps the customers to navigate quickly and provides a smooth experience.
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Before starting your own E-commerce website or owning a business, you should learn more about the trends, facts, and other factors to consider. This will help you create new ideas for your brand and innovate new marketing techniques.
I hope this blog helped you with valuable information to justify the question- Is E-commerce worth it? You are free to share your view on it in the comments below.