Why ecommerce is growing fast in 2020
Why ecommerce is growing fast in 2020
Ecommerce is growing fast and 2020 looks to be yet another year that the ceiling will be blown away. The amazing aspect about ecommerce is that it has been growing at an average rate of 19% year on year and this means the growth potential is steady and on the upward trajectory. As captured at tyguo.com; the moment the ecommerce train left the station, businesses had to hop on in order to maximize profits. In order to understand the impact of ecommerce, a critical outlook has to be made in terms of why ecommerce is growing fast and more so in 2020. So why is ecommerce such a phenomenon and why has it grown beyond the expected thresholds?
Ubiquity
Ubiquity in ecommerce covers the case in point whereby the service is available everywhere. As opposed to the brick and mortar stores, ecommerce makes it possible for consumers to shop from home or work places using their devices. This is an aspect that not only reduces the transaction costs for the consumer but also makes sure that the consumer uses less effort in participating in the market. Ubiquity thus becomes the appealing aspect to the consumer and thus it is what has driven the rapid rise of ecommerce.
Social technology
Ecommerce has taken advantage of the social context and this has undoubtedly underlined the fast growth experienced in the industry. With more people embracing the varied social media platforms available, ecommerce has effectively leveraged the avenues and this has fueled the exponential growth and the good news is that there are no signs of slowing down as far as the social angle is concerned.
Global reach
One of the major aspects that have ensured ecommerce has grown rapidly is the global reach that it commands. Ecommerce has guaranteed that consumers and merchants have the platform to perform commercial transactions crossing the cultural and national boundaries. This is a crucial factor as explained by tyguo.com, since it means there is no destination barrier as far as commercial transactions are in play.
Universal standards
The beauty with ecommerce is that the technical standards that govern the operations are universal. This means that consumers are able to not only have access to the merchants of their choice but also revel in the idea of having the capacity to do comparison shopping with the knowledge that a balance is in place. This is by far a significant reason as to why ecommerce has grown fast and is tuned to reach greater heights in 2020.
Accessibility
As opposed to the brick and mortar stores where accessibility is an issue owing to geographical location and varied other factors, ecommerce has transformed the shopping behaviors of the consumer. Ecommerce has been able to experience fast growth owing to the fact that it has solved the accessibility issue by leveraging the online setting. This has meant that consumers are able to get specialized and niche products easily without having to waste time and resources in physically going from one store to the other.
Interactive nature
What ecommerce does is allow for interactions between a merchant and a consumer. The interactive nature of ecommerce has ensured consumers get the chance to interact and create an association with the online merchant. This contributes to the user-friendly aspect which is what consumers are going for in this digital age.
Information density
Consumers had always been craving the opportunity to have access to information that is relevant to the shopping experience they are looking forward to. With ecommerce, consumers have a wealth of information owing to the density of the same within the online setting. The total amount and quality of information therefore means that even before a consumer makes a purchase, they are well furnished with the details that aid with comparison shopping.
Personalization
When the ecommerce wave was just starting out, expert insight by tyguo.com pointed to the fact that personalized shopping would be huge and that is what is being seen at the moment. Customized and targeted shopping is what ecommerce has brought forth and this stands as one of the reasons as to why ecommerce is big and still growing fast.
On-demand society
The society we are in can be effectively referred to as an on-demand society. This is mainly because the consumers have a set orientation where they only create the demand as and when the need arises. Ecommerce has therefore come as a blessing to the consumer as it fits in with the on-demand orientation therefore making it easy for merchants to meet the consumer at their point of need.
Mobile traffic
It is common knowledge that devices have completely transformed the way people relate, engage and associate. With millennials occupying the highest percentage of the overall human population globally, it is little wonder that mobile traffic is so high. With mobile traffic at an all-time high, ecommerce has been thriving especially with targeted advertising taking center-stage.
