Ecommerce has become a global phenomenon with the number of online shoppers increasing at a rapid pace. There has been a revolutionary effect of ecommerce globally. It has brought the global market on one single platform. While consumers have the chance to choose and purchase products from the global market, marketers too get the opportunity to showcase their products to the global audience.
Ecommerce has widened the market with consumers now able to purchase products from any place around the globe. The increased number of consumers has lead to marketers lowering product prices and offering free shipping. And all this is due to the revolutionary effect of ecommerce.
The introduction of mobile devices and mobile first websites has given an added boost to the ecommerce market. Consumers now have the advantage of making a purchase on-the-go through their mobile devices. To ease users shopping experience and make it simple and quick, brands have come up with mobile applications more popularly known as apps. These apps are lighter in weight, thus load easily and the purchase process too is rather quick.
Payment for ecommerce purchase can be made through credit cards, debit cards, payment gateways, bank transfers and even through cash-on-delivery. The secure payment gateways encourage online shoppers to purchase from online ecommerce sites.
US is the world’s leading country spending an average of $2,785 annually as on 2015. This is expected to rise to around $3000 by 2016. Asia-Pacific regions too have been emerging as an important ecommerce market. Its online spendings in this region has increased at a rapid pace. Thus, it is not long before this region might emerge as the leading ecommerce market.
Ecommerce spendings are the highest on special days like Singles Day, Cyber Monday, Black Friday and during Christmas. Marketers finding these days favorable, provides huge discounts on products. Amazon reported that its revenue in the holiday season of 2014 was over $30 billion.
Alibaba, the biggest ecommerce giant in China and one of the top ecommerce websites made its way into the top 10 list within a couple of years of its launch.
The increased exposure of products along with their detailed information has made online shopping favorable over traditional shopping. The increased variety of products along with improved quality at lower prices has everyone hooked to ecommerce websites for their shopping solutions.