Future of e-commerce

Future of e-commerce

Electronic commerce, commonly written as e-commerce, is the trading or facilitation of trading in products or services using computer networks, such as the Internet. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI),inventory management systems, and automated data collection systems

Modern electronic commerce typically uses the World Wide Web for at least one part of the transaction’s life cycle, although it may also use othertechnologies such as e-mail. People buy and sell goods and services. The Internet has changed the way e-commerce is transforming the shopping experience of customers. The sector has seen unprecedented growth especially in the last two years

The adoption of technology is enabling the e-commerce sector to be more reachable and efficient. Devices like smartphones,tablets and technologies like 3G, 4G, Wi-Fi and high speed broadband is helping to increase the number of online customers. Banks and other players in e-commerce ecosystem are providing a secured online platform to pay effortlessly via payments gateways. The homegrown

Players have shown tremendous growth and attracted some big investors

The entry of global biggies like Amazon and Alabama has taken the competition to a new level. E-tailers are differentiating themselves by providing innovative service offerings like one-day delivery, 30-day replacement warranty, cash on delivery (C.o.D), cash back offers, mobile wallets, etc. The supply chain

has improved significantly and e-retailers are even leveraging on the services globally.

Disruptive technologies in social commerce, mobile and customer experience have transformed the retail industry. The mission for all brand marketers now is to stay ahead of the curve and spot trends that will boost sales and provide customers with the most efficient and pleasurable online shopping experience. In the future of e-commerce, we can expect that customer experience shall begin to play a much more crucial role in brand differentiation. Consumers expect much more from their favorite brands and expect their customer service representatives and sales teams to be highly

Knowledgeable on both products and processes power has increased exponentially in the last decade, to the point where big data and machine learning have come together to make the customer experience richer and infinitely more simple. Today’s existing e-commerce model is rife with friction and puts tremendous burden on the customer. In the future, an individual’s digital fingerprint will allow retailers to know who a person is, as well as how he or she likes charges to be applied. Today retailers focus on the surge in mobile transactions. While it’s certainly important today, five to 10 years from now categories will become more blurred regarding whether or not a customer is making a purchase on a mobile device, internationally or from a PC using a web browser

As the consumer experience begins to look the same regardless of where customers enter to make a purchase, they benefit from increased seamlessness. In real-time, decision making will be based on rich data and machine learning and not manual reviews of transactions.   Merchants today own much of the burden associated with online ecommerce transactions. In the future as more companies use technology, retailers will no longer consider chargeback a central metric to watch indeed. Contrast this with today’s checkout flow which is centered around what payment forms the retailer offers.

Today, many legacy systems still rely on manual checks by humans. Beating sophisticated fraudsters will necessitate automation and algorithms. The legacy system can’t scale to process complex transactions. Whether it’s an international transaction or a transaction coming in through mobile, in the short future those transactions can be done in a fully-automated way without the need for rules or the need for manual review.

The landscape of e-Commerce is constantly changing. 2015 has already been a big year for e-Commerce developments; we have seen a rise in social commerce and the development of delivery drones in recent time. Yes, we are beginning to see the introduction of new technologies in e-Commerce, but we are also seeing the development of existing technology and a shift in the communication channels that consumers wish to use. Relatively new customer service channels such as social media and live chat are growing in popularity, whereas robotic phone and email support is seeing a decline. In the future of e-Commerce, we can expect that customer experience shall begin to play a much more crucial role in brand differentiation hence expect their customer service representatives and sales teams to be highly knowledgeable on both products and processes

Experts predict a promising and glorious future of ecommerce in the 21st century. In the foreseeable future ecommerce will further confirm itself a major tool of sale.Sucessful e-commerce will become a notion absolutely inseparable from web because-shopping is becoming more and more popular and natural. At the same time severe rivalry in the sphere of e-commerce services will intensify their development. Thus prevailing future trends of e-commerce will be the growth of internet sales and evolution.