How digitalisation is changing eCommerce
The Internet has revolutionised many aspects of our lives, from the way we work, socialise and even the way we shop. What was once a non-existent business model, eCommerce has now become a potential threat to the traditional mall as consumers know it. It grew exponentially over the years as it evolved and transformed to meet the ever-changing wants and needs of the modern consumer. ECommerce has grown leaps and bounds over the last few years as more and more people embraced and participated in eCommerce. Just on eBay alone, we’ve seen US$72 billion (bn) worth of Gross Merchandise Volume (GMV) sold in 2017, which was a US$6bn increase from 2015.
The world has shifted dramatically - we now live in a world of the always-on consumer who operate in an on-demand mode always. They consume what they want, when they want, on whatever format and location. This always-on connected society presents a unique opportunity for eCommerce to harness the power of mobile, social and big data to add context to shopping. Over the last decade, we’ve seen the eCommerce industry evolve over time. Some of these changes include:
The Rise of Online Marketplaces
Online marketplaces have grown to become the number one place for product vendors to sell, marketers to advertise, and consumers to shop. While many well-known retail stores and brands offer online shopping, the growth of online marketplaces such as eBay have transformed how consumers shop with added layers of convenience and confidence.
The Shift to Mobile Commerce
This story is from the July 2018 edition of Business Today Malaysia.
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This story is from the July 2018 edition of Business Today Malaysia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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