What is ecommerce?
Ecommerce is defined as the act of buying or selling goods and services over the internet. Today ecommerce is one of the most popular ways for consumers to buy goods and services and it has been predicted that ecommerce will reach $6.54 trillion in sales by 2023 worldwide.
To put that in perspective, that’s over 2 times the size of the UK economy.
Technology advances within ecommerce
As industries evolve and the internet continues to drive innovation, what was once an expensive and impractical business endeavour has now been commoditised and is available to anybody at a small price.
The rise of smartphones and easy access to the internet (regardless of location) has been an important foundation for the growth of ecommerce websites and subsequently, mobile commerce or m-commerce has become its own market. Social media sites such as Facebook, Twitter and Instagram have not only captured the attention of generations but have pivoted towards driving m-commerce in an unprecedented way.
This switch in attention from television and radio to mobile devices has called for a major shift in the way marketers engage with their audience.
This technological advancement driven by ecommerce has not only unleashed new routes to market for businesses on social media platforms which have created their own version of ecommerce also known as ‘social selling’. But has driven the power of online shopping into the consumer’s hands. Convenience is king and businesses know it.
Big businesses in the digital world are turning their heads to ecommerce. YouTube announced, soon, viewers will be able to shop directly from YouTube videos to compete with ecommerce giant, Amazon. In 2017, Instagram introduced shoppable posts as well as food orders and a gift card option which can be offered through stories.
Social media platforms aren’t just for sharing and…
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