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Due to technological advancements in the e-commerce world, the shopping experience has undergone a series of changes in recent years. Consumers are no longer confined to the limitations of the high street and can order goods and services from the comfort of their own homes. Continue reading to find out how e-commerce is shaping the future of retail.
Increased flexibility and convenience
With consumers now able to purchase and receive products at the touch of a button, flexibility and convenience are key determining factors throughout the entire online shopping process. As a result, a number of high street brands are expanding their online offerings or focusing on their web-based customers. ASOS was founded in 2000 and has always existed primarily as an online-only e-commerce platform. With over £2.2 billion in sales in 2020 alone and continuing to grow year after year, the fashion giant is a prime example of an e-commerce platform that has stood the test of time.
As well as being able to shop whenever and wherever you may be, e-commerce platforms tend to offer a wider range of payment options than that of brick-and-mortar stores. With customers accustomed to online retailers catering to (almost) their every whim, they must be able to pay for goods and services in a way that suits them. For example, just as consumers visiting an online games are able to deposit and withdraw cash with credit or debit cards, bank transfers and e-wallets, so too can online shoppers pay by a diverse array of options.
Due to advances in machine learning in recent years, online shoppers are now able to enjoy a personalised shopping experience from start to finish. If an e-commerce platform remembers and recognises a customer, they are more likely to shop there and recommend the brand to a friend. Artificial intelligence can retain customer data to deliver personalised recommendations or relevant products for future purchases. This leads to greater profits and increases customer retention over time.
A mobile shopping experience
As well as shopping from the comfort of their own home, consumers are now able to browse goods and services on the go. As a result, brands must ensure their website is user friendly and mobile compatible. E-commerce apps are another recent development that have taken the online shopping world by storm. By marketing to your intended target audience and enabling them to shop with you whenever or wherever they may be, you can stay ahead of the curve and stand out from the crowd. In such an oversaturated market, originality is key.
E-commerce is shaping the future of retail in a number of ways. From increased flexibility and convenience and a wide range of payment options to personalisation and a mobile shopping experience, consumers are able to shop for goods and services in more ways than ever before. With technological advancements continuing to revolutionise the ways in which we buy and sell online, e-commerce is set to have a profound impact on the future of retail as we know it.