Have you ever noticed in your busy schedule how the presence of ecommerce business has suddenly changed our days? It was 5-10 years ago, when you had to go to a big shopping mall for good shopping. You had to suffer many other problems including time delay, crossing jams. You had to wait for the bus at certain times of the day to go to the office. But nowadays, you can order anything online anytime you want. To go somewhere, you can rent a car before leaving home with just a few clicks. How easy is that?
In fact, the contribution of e-commerce sector is immense behind making daily life so easy and beautiful. This way of doing business has made your life faster. However, its widespread use and popularity did not come so easily. Today we will talk about the e-commerce business in 2023 and what changes have made the sector prosperous and will continue to do so in the future.
What is E-commerce?
In simple words, what is e-commerce (ecommerce) basically means the business and the buying and selling of products using internet services. In this trade, various types of business such as purchase and sale of goods or services, money transfer, data transfer, etc. are done using electronic systems such as the Internet or any other computer network. Also many other activities can be done through it like online auction, internet banking, online ticketing, online health care provision etc. where product selling is an easy example. With electric commerce you can buy and sell your products at home with just a few clicks. In one word, e-commerce is the business that is based on the Internet.
History of e-commerce
Thinking about this is nothing new. Major economists thought about it in the 1960s. Since then, the e-commerce sector has gradually improved at different times. In 1979, English inventor Michael Aldrich, considered the founder of e-commerce, invented electronic shopping. He called it teleshopping, which involved connecting a transaction-processing computer to a modified TV via a telephone connection.
In 1982, Boston Computer Exchange, the first online marketplace, was established to facilitate the sale and trade of computers. However, the real success in this sector came from the beginning of the 21st century. From this time, big electric commerce companies started to be created all over the world. Google AdWords in 2000, Amazon Prime in 2005, Google its online wallet payment app around 2011, Apple mobile payment and digital wallet tool 'Apple Pay' in 2014 etc. Since then this sector gradually developed and became popular.
Current scenario of Ecommerce Business
According to a survey done in 2016, the e-commerce industry was worth about 1.915 trillion US dollars worldwide that year. Since then the revenue in this industry has been increasing every year. According to the data of Statista, about 1.66 billion customers or buyers were active in the e-commerce sector till 2016. It was estimated that this number will increase to 2.14 billion by 2021. That is, last year it was estimated that only 1% of the 3% of people worldwide will shop online.
During the pandemic, the economy of the whole world was alive only because of this e-commerce. Historically, whenever the world has faced a pandemic, there have been economic Great Depressions and famines. I won't say that the economic condition of the world is very good during and after the Corona period, but e-commerce is one of the biggest reasons behind the economy standing strong.
Five changes in E-commerce Business in 2023
We already know that eCommerce business has undergone radical changes and its popularity and use is gradually increasing. Nowadays 2023 running and future it has become an integral part of human life. You can also start e-commerce business step by step if you want. But did this change come overnight? Changes which have given new dimension to e-commerce business and will bring more changes in future-
Live stream promotion of products: Live streaming of products has become a popular way to promote specific products as well as engage with customers. Consumers tend to look directly at the product. And through this live stream, the seller can display his products live to the customers. Customer can directly ask and inquire about that product. This has made e-commerce business more profitable. Various social media platforms like twitter, facebook, instagram, vk, linkdin etc. are popular for launching live stream promotions of products. Live stream commerce in China will reach $446 billion in 2022, according to research.
Leveraging Customized Products: Don't like the products displayed in the store? No need to buy it. If you want, you can make the product according to your choice. Isn't that great? Currently, this is the reason why its popularity is continuously increasing. So e-commerce business is also increasing the use of the subject. Many companies around the world have already started offering customized product services. For example: 'Nike by You' which is a company of Nike through which the customer can get the shoes made according to his choice. Also, many more popular e-commerce companies in the world have started providing this facility. Bangladesh also provides as many institutions. You can easily make your smartphone cover in your own desired design. You can do this through many Facebook based businesses in the country.
Augmented Reality (AR) Based Business Growth: Augmented Reality is a great way to increase consumer interest in products. As mentioned earlier, consumers are more attracted to visuals and this can easily gain consumer trust. Using this technology, one can test any product and have an interactive experience while shopping which helps customers to select and purchase the right product and results in fewer product returns. According to the study, about 71% of consumers have expressed interest in augmented reality and its usage is increasing day by day. It is estimated that the market value of this augmented reality will be 16.497 million dollars by 2023.
Use of chatbots: When a customer sends a message to the company for information about the product, if he has to wait for a long time to get a reply to that message, then the customer has a negative attitude towards the company. On the other hand, getting quick solutions or answers to product-related inquiries or questions can increase customer engagement two-fold. And this is why merchants are increasingly using chatbots to drive sales and engagement. Chatbots can interact with customers just like human salesmen, providing answers to customer queries very quickly. According to marketers, the chatbot-based e-commerce market will be worth $112 million by 2023.
Increase in Bitcoin Exchange: The benefits of using Bitcoin in e-commerce are few and far between. Buyers can transact directly with sellers using Bitcoin. Which saves us from the hassle of paying repeated commissions to online payment gateway services. Also transactions are much more secure through it. As a result, many ecommerce merchants have expressed interest in Bitcoin these days. By 2022, these businesses are keen to start using Bitcoin widely, and many organizations have already started using Bitcoin.
In addition, it is possible to increase the convenience of voice search in online shopping, advertise through Facebook ads, Google shopping ads, etc. to make customers interested in products, besides, it is possible to increase acceptance and expansion in this business by adopting digital strategies through various marketing systems.
The Future of E-commerce Business
Although the e-commerce sector of our country has improved a lot over the past few years, this sector is still in its infancy in the country. Because only 4% people of the country feel comfortable shopping online. But this sector will develop very quickly in the country. According to Financial Express, Bangladesh's electronic commerce sector is growing by 50% every year. It is easy to understand that the potential and future of e-commerce trade in the country is very good.
E-commerce has brought a new trend in business. Now if one wants to start a new business he doesn't have to spend huge money on building a shop, building a warehouse or paying employees. This business method can be run 24 hours a day, seven days a week. E-commerce business can be easily spread across the country by a businessman. Which is not possible in offline business. the
Branding in E-commerce Business
Out of the thousands of products or services out there, why a customer will buy a product or service from your e-commerce site largely depends on your e-commerce branding. Branding is essential in an e-commerce business to keep you ahead of your competitors and establish yourself as a symbol of customer trust. We are all more or less familiar with the word brand. Brand is your company's identity. Branding in business is what gives you a reputation or recognition and helps you reach your desired goals.
Brand is an important part of business. Due to the importance of branding, businesses and organizations should create a strong brand from the beginning so that they can sustain it consistently as they grow. Nowadays e-commerce business is very popular. E-commerce business is growing day by day, which will only increase. So e-commerce branding is very important. Here are the reasons why e-commerce branding is important:
E-commerce branding carries an identity: Branding in an e-commerce business carries a distinct identity. A brand represents your identity to everyone. It defines or analyzes the ethics, values and objectives of e-commerce businesses. A brand name should be easy to pronounce, easy to recognize and remember. It creates its own niche for products or organizations in e-commerce. Branding will increase your business popularity from other businesses. A business that doesn't have a truly cohesive branding won't last long in anyone's mind. After all, customers don't buy what they don't know.
Branding can help build trust: Branding in e-commerce business shows the professionalism of the company. Branding helps build people's trust in organizations and demonstrates their long-term commitment to customers. As a result, customers trust the company and increase the number of regular customers.
Creates a good image: Businesses with a good image enjoy several advantages over other businesses. They are able to attract more customers through their goodwill. Brand image is not created in 2/1 day. It's a long process. There is no substitute for branding in the banking sector to maintain the image of the organization and the trust of the customers. And this branding creates the image of the company.
Relationship Building: Branding in e-commerce business leads to a relationship building between buyer and seller. Good branding of a product or organization builds customer confidence. As a result, customers come again and again. For example, those who use Bata or Apex shoes, when they go to buy shoes, their first choice is Bata or Apex because their relationship has been built up through the brand.
Help in increasing sales: Branding in e-commerce business results in increased sales. Your sales will increase based on how branding marketing strategies work. Through branding, we present our products or services to people, thereby creating awareness about the product among people. Which greatly helps in increasing the sales. Besides, as a result of branding, customers find confidence in purchasing products from e-commerce, which encourages customers to purchase products. Because the entire company's assets are revealed through the brand.
Loyalty: A good branding provides services with customer loyalty. As a result, these customers will support you in good times and bad. They will spread positive messages to people they know. Their promotion will introduce new people to your company. For example, if a person buys a product from e-commerce and if it is good, it promotes the company by sharing it on social platforms with positive reviews. And promotion is expansion. When a customer advertises it is well received by other customers.
When customers know about your business, they will start to trust you. Exceptional customer service, product/service experience and positive online communication on social networks help build this loyalty. And when you build trust in your e-commerce business, your customer base will grow and your revenue will come.
Brand helps you reach your desired goals
In business, brand gives you your identity and helps build customer loyalty. And new customers are growing by customers. Customer satisfaction keeps them coming back again and again and business revenue increases. By doing this gradually the business is able to achieve its desired goals. Finally, branding is very important in the desired success of e-commerce business. So every entrepreneur should give importance to brandy.
