The advent of modern technologies has revolutionised the world economy through numerous aspects. The information technology applications in various sectors have transformed the functioning of to a higher level of efficiency, speed, safety, transparency, convenience, accountability and accuracy. Similar to the Fintech, the trading too evolved through the IT innovations in the form of e-commerce.
Let’s explore the E-commerce Evolution: Adapting to changing consumer behaviours
E-commerce, or electronic commerce, is the buying and selling of products and services online. It can involve transactions between businesses, consumers, or both, and can be conducted on websites, mobile apps, or online marketplaces. E-commerce can be a profitable venture, and can be a way for entrepreneurs to reach a global audience with minimal overhead costs. However, there are some disadvantages to e-commerce, including: high startup costs, high risk of failure, impersonal feel, security concerns, and fulfilment problems.
It includes buying physical goods, digital products, financial investments and services, insurance products, online auctions, payments to information services, hotel bookings, flight reservations, and more.
Consumers now have access to an abundance of product information, reviews, and comparisons at their fingertips. This wealth of information empowers consumers, influencing their purchase decisions and fostering a more discerning shopping culture.
In order to gain maximum user visits, engagement and in-turn facilitate online business, the e-commerce companies are developing new strategies to offer the best user experience.
1) Developing an attractive site
Any user who is interested in exploring new products, purchasing online, looks for exploring the available options. The users choose to remain or stay on the site for longer period, depends on the first impression of the site. The User Interface (UI) and User Experience (UX) designers work in coordination with the instructional designers for creating an interesting and engaging site design.
2) User-friendly structure
When any user clicks on the site url, the site should open quickly within 3-5 seconds giving the users with complete information and the complete site details with smart and attractive keys or buttons. Arrow pointers can offer clear idea of the sub-menus and the inner windows clearly.
3) Wide product variety
Every category is well-equipped with menus and different products with different photographs, details with product features, price, product code, size, colour, etc. A good variety increases user engagement and encourages for exploring more products enthusiastically. Analysts have credited the variety to be one of the primary reasons of recurring business.
4) Multiple features
Comprehensive product features given complete product idea and help equip the users with the product features which can be the decisive pointers for making the purchases. With a good clarity of the features, the consumers can identify the product value to the price and the aspects of their actual needs.
5) Choice of variable searching
The structure of the e-commerce site is developed in such a way that the customers get ample choice to search and explore multiple products. The facility of filters or ‘sort by’ keys help the customers to narrow down their search with specific information enabling in easier decision-making.
6) Simple and reliable payment gateway
The best part or the Unique Selling Proposition (USP) of any e-commerce site is its easy-to-use payment gateway. The customers select the products they wish to purchase and are ‘added to cart’ i.e. assorted separately for the purchase. The bill for the selected products is displayed with bill no date, products, features, quantity, rate, taxes and the total amount payable. The system connected to the bank opens the window of secure payment with captcha code or temporary secret confirmation. The user confirms the purchase and makes the payment through the bank account using the debit card or Unified Payment Interface (UPI) or even credit card. This online payment mode initiates the payment within few minutes.
7) Seamless AI integration
The AI integrated feature facilitate for close consumer study including scrolling patterns, purchase history, search trends, offers in the category, etc. It contributes to enriching user engagement, providing the offers and schemes in the chosen products with suggestions of the frequently bought product combinations. It gives occasional prompts on errors, guiding the customers to the next steps and having a smoother and satisfying experience.
E-commerce – The New Boost to New age businesses
Gaining a greater impetus in the post pandemic era, the mindset of consumers worldwide has accepted and recognized the digital payments in regular transactions. Through e-commerce, the business transactions increased with better reliability, transparency, security and ease. Enabling the customers purchase products from different platforms thereby boosting trade in various regions and nations. E-commerce has opened huge number of employment opportunities for the skilled people from various fields. Consumers today have the advantage of exploring several products and services, compare with various options, and purchase according to their convenience. The e-commerce has started a new chapter of professional trading offering loads of cost benefits, high volume transactions and growth across the sectors.