How E-Commerce is Becoming the New Global Commerce

The world we live in today revolves around technology, and it seems everyone is starting an online business these days. The global economy, in particular, incorporates these changes into its daily applications, forming a technologically driven world where businesses thrive on information and competitive markets. Computers and communication networks have also helped plant seeds in this information age where enterprises flourish. In fact, this is what allows them to revolutionize the market economy and ignite the movement of corporations towards globalization and international expansion.

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The impact of e-commerce on customer services as well as businesses is dramatic enough to affect any organization. E-commerce is the buying and selling of products and services and information via a computer network. It provides opportunities for companies to expand their business worldwide at a small cost. In other words, businesses that couldn’t afford stores before can now sell their products online, not only to customers in the neighborhood but halfway around the world as well.

Getting people to buy what you’re selling is more complex than you think, especially with the added complication of dealing with overseas clientele.

So, what’s next? Below are three trends shaping the global e-commerce industry that you should keep an eye on this year.

  • Mobile Tech Leads the Way

  • More than half of all the internet searches take place right from our mobile devices, leaving some to conclude that mobile technology is truly the gateway to the world. No longer do borders define where and how organizations conduct business. During the holiday season of 2016, for example, sales figures from mobile devices alone experienced a 4.9 percent sales growth and completely blew through the industry projections that were set before the season began. Consumers would much rather shop from the comfort of their home than head out to a retail store. This is something that’s not going to change anytime soon.

    If your retail business is sporting an e-commerce website that is still not optimized for mobile use, now’s the time to make those necessary changes. Just be sure to provide consumers with the utmost accessibility to your products to ensure that you are making it easy and enjoyable for them to purchase items online.

  • Real-Time Information Translates into Action

  • There was once a time when businesses made decisions based on data that was days, week — and in some cases — even months old. That was okay at the time – it was just the way business was done and how organizations ran their operation. Nevertheless, in today’s world, real-time information is driving smarter decisions among business leaders and allowing room for more efficient operations based on changes made within the market. Thanks in large part to the proliferation of the Internet of Things (IoT), real-time information, gives you the ability to act proactively – allowing you to ensure nothing but exceptional customer service.

    Take, for instance, a consumer who orders their medicine from their phone or tablet. Data sent from a wellness app or a mobile health monitor triggers immediate action from the company – like smart replenishment – so that the individual gets a new delivery of medicine before they run out. It’s a practically seamless experience.

  • It’s a One-of-a-Kind Experience

  • During a recent study done by Deloitte, it was discovered that 42 percent of all consumers were interested in technology to customize products, and 19 percent were willing to pay a 10 percent price premium to customize the products being purchased. That being said, whether it be an iPhone, or some sort of smart watch, consumers want their personal devices to be just that – personal. That’s why companies are starting to offer consumers the possibility to customize their products, exactly as customers want.

    While there are some disadvantages to buying products online, there are more advantages and benefits. One of these is personalization. Enabling customers to personalize their goods creates a feeling of ownership and builds loyalty – giving you a competitive advantage over those selling similar products.

    A huge part of innovating into the future of e-commerce is understanding what consumers want, (in-store vs online) which has also drastically changed. In previous generations, the focus was mainly on quality for the price, that focus, of course, has since shifted to consciousness of source and brand impression. Consumers used to have to be incredibly resourceful, but the market has expanded, and now that isn’t really the case.

    International selling presents businesses with huge opportunities to grow their market. By nurturing partnerships, optimizing shipping and services and connecting with local resources, small businesses can successfully expand their global footprint.