Future of E-commerce | E-Commerce Trends

    E-commerce is the most popular technology nowadays. While E-commerce development is the growing market, emerging marketplaces are poised to become the next mega-market as the adoption of the internet increases continuously. Growing markets are the hotbeds for e-commerce that comes with unique possibilities and challenges across the countries.

    In rising markets, e-commerce has been developing exponentially, and at a cost may soon exceed the developed countries in 2018. As, e-commerce achieves higher goals in developing countries, and it will defeat barriers to adopt high-speed networks which are fast enough for mobiles and shipping prices.

    These limitations can only be overcome by more reliable infrastructure and greater range. As the demand for eCommerce increases in some of the major business sectors. A bigger percentage of the online population will be buying online goods by 2019 in many countries. Around 50% of the population in emerging markets will shop online by 2020.

    The growth of E-commerce in Rising Markets


    The future potential growth for e-commerce across the developing world is high. The total yearly online retail sales across our businesses could reach up to three trillion and has influenced the companies across multiple industry sectors. The main drivers behind this soaring demand for online shopping are the rapid increase in internet access as well as expanding revenues.

    The development of e-commerce over the past decade has thoroughly reconstructed the economic view and has found a great amount of development in the factors that led to the development of the internet. While developed nations who have been offering e-commerce have shown some excellent performance in their respective marketplaces.

    As mentioned already Around 50% percent of people in developing markets will shop online by 2019 which catch up quickly to an average of 63% in developed countries. For example in India, nearly 80% of internet access is done on smartphones whereas in China 70% is done. The current scenario of online marketing in these countries is:-

    E-commerce Drivers in Emerging Markets
    With the usage of e-commerce, stimulating the back of advanced internet users in emerging markets, it is crucial to understand the specificities of customers and how they use online shopping. Unlike, in most high-level markets, both the choice and range of goods offered by web retailers in developing markets are restricted.

    To provide a comprehensive range of payment choices is also the key factor that reaches a broader audience, as most of the emerging countries are significantly underbanked.

    Choice and range enhanced by global shipping
    There are many retailers in developed nations have a limited stock of goods. Due to which domestic e-commerce in some of the countries can, therefore, be limited in terms of international products. Let's look at China that has low-cost wealth for Apparel & fashion and electric goods, but if we search for specific types of genuine brands can be difficult.

    Emerging users more active in social media shopping
    The usage of smartphones and mobile phones or laptops or desktops boosts up the internet usage rates, developing market consumers are well ahead of their equivalents by using the Mobile to shop. The importance of smartphones is a need rather than a choice to shop.

    Many rising markets in Asia, Africa, etc are mobile-first enabled devices accessed by users. PC, tablets, and laptops are very rare to found developed nations.

    A range of payments to server underbanked customers
    Many developing markets have a large number of underbanked populations. To reach a broader audience, online sellers should provide as many payment options such as cards, wallets, UPI payment and etc for their customers so that their customers do not face these difficulties while purchasing.

    Whereas, in countries like the USA & UK payments are primarily be carried out online via bank card. China accepts stand-alone, mobile phone credit cards and of course cash on delivery. The online retailer's primary goal must be to survive in a cash-driven environment that still dominates most of emerging markets.

    Challenges Faced by E-commerce in Emerging Markets


    It is simple to connect with new consumers by increasing into new international businesses especially with the help of digital transformation. For the e-commerce portal to accomplish the growth in new markets, they must use local languages to communicate & connect with the buyers. FYI nearly 60% of customers spend their time more on e-commerce websites.

    But organizations must also look at some of the difficulties when viewing international expansion possibilities. Here are several key challenges that are covered by e-commerce in emerging markets:-

    Technical infrastructure
    To launch sites in global markets does not mean that those websites must be hosted by servers in those markets. Several times, it is not possible due to local support restrictions.

    Logistics status
    Internet and e-commerce have undergone a lot of changes in culture, conversation, and consumption. A provider for global services for businesses, tech companies that ship overseas, have increased their revenue by up to 17%. Further, some of the international markets are popular for local corruption.

    In-market customer support
    Companies intend to increase their marketplace across the globe, but they must not forget that user support is the most important aspect of their business. If your business provides customer support to your customers through email or phone call or live chat, etc it must deploy a localized version for the new customers too.

    Relevant Payment method
    Most of the payment method providers allow for simple permission in the CRM platform. You must look for a partner who can identify the proper payment methods for each market. Therefore, there must be proper systems for payment options for your business and buyers too.
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