12 Feb eCOMMERCE GOES MOBILE, ONLINE & SOCIAL
eCommerce spans the buying and selling of goods and services over the internet. Enabled by online payment systems and driven by widespread high-speed connectivity, ecommerce allows consumers unmatched access, selection and convenience procuring items from digital storefronts. Likewise, it grants merchants immense reach to cost-effectively find and transact with customers globally.
For shoppers, eCommerce eliminates geographic restrictions providing endless retail possibilities at one’s fingertips 24/7 through a connected device. Search engines and online marketplaces connect millions of customers to specialty stores and mass merchandisers offering both commoditized and unique items. Shoppers easily browse, research purchases, read ratings or recommendations and finalize secure checkouts in just clicks. Integrated payment processing also facilitates quick order completion.
For sellers, virtual storefronts reduce overhead associated with traditional brick-and-mortar retail, even as eCommerce giants raise competitive stakes around pricing, fulfillment speed and service. Merchants leverage intuitive website builders and inventory management platforms to organize item catalogs, process payments, handle shipping and track sales analytics all in one view. Marketing via search and social channels also helps drive high-intent traffic from ideal buyer segments.
Examples of massively successful eCommerce models range from apparel sites to electronics retailers to hospitality brands like Airbnb, Booking.com and Tripadvisor facilitating travel bookings online. Customers flock to such merchants recognizing the unparalleled convenience, price transparency and expanded consideration sets beyond local options that eCommerce facilitates.
Yet with the field’s prominence projected to approach nearly 25% of all retail activity by 2025, small and mid-sized sellers must sharpen omni-channel distribution blending physical, online and hybrid presences to remain competitive. But from a broad standpoint, the industry propels global trade growth supplying goods on-demand transnationally and empowering entrepreneurship for savvy digital merchants worldwide in the decades ahead. Its efficiencies continue modernizing shopping behaviors and fulfillment at scale.