The rapid pace of technological innovations and their impact on our day-to-day lives are giving rise to newer socio-economic equations and conditions at a rate that is faster than ever recorded in the history of human evolution before.
Today is the day and the age of smartphones. Today is the day and the age of ecommerce and shopping cart software.
But, even that is changing. Changing in ways beyond anyone’s control. Changing in more ways than most people could ever conceive of. Here is how:
1. Saturated price race will begin. For products that can be easily compared with others without the need for any physical inspection and are easy to ship and distribute, the lowest prices will decide the winners.
2. Consumers will go global. Significantly larger numbers of consumers will start buying from foreign country websites, creating a problem for local and domestic merchants. On the other hand, such merchants can potentially start selling overseas themselves.
Thus, ecommerce vendors who can expand their reach beyond the local and domestic boundaries will emerge as big winners.
3. Marketing will get more personalized, driven by big data. An increasing number of ecommerce vendors will start tapping into big data (and other available resources) to deliver a highly personalized shopping experience to visitors.
4. Mobile buying and marketing will boom. With ever increasing numbers of people (including shoppers and buyers) accessing the Internet via smartphones, tablets and other mobile devices for various reasons and purposes including making purchases, ecommerce sites will go ‘mobile-friendly’ or they will die.
5. Multi-dimensional social networking services will have more impact. Social networking services that allow users to communicate – and share information – using more methods and channels of communication will gain more popularity. Ecommerce sites having strong presence on such networks will prosper while the other ones will fall behind in terms of business volumes, or stagnate at best.