Today, an development is happening that will forever alter the relationship between retailers and their customers. This new retail version, known as electronic commerce, consists of
– Mobile commerce supported by cellular devices and tablet computers
– Appearing social commerce platforms that bring together advertising, shopping and selling in a social media environment (s-trade)
While the ecommerce piece of retail now is critical and a huge growth engine, the complete impact of digital shopping on the retail business now extends to most retail sales. Around 60 percent of retail sales in the US are influenced by digital tools somehow. The influence works both ways. Based on a November 2013 survey of US digital shoppers by consulting firm Accenture, 78 percent of Thomson Holidays discount codes reported “webrooming”, or researching online before heading to some store to make purchase. The same Accenture study found that 72 percent of respondents found said “showroom” or digital shopping after finding an item in a store”. Consumers afterward, have unified online and offline into just one shopping experience.
Digital shopping does not always lead to an immediate conversion but it does translate to influence throughout the path to buy. While this might seem like nominal growth, some major retailers have previously experienced e-commerce sales accounting for 14.3 percent of their total revenues as of the second quarter of 2014. The top 43 percent internet retailers in the US reported $24.53 billion in combined ecommerce transactions during the second quarter of 2014, a 19.2 percent increase over the same quarter in 2013.
Indian digital shoppers will spend Rs 54,700 crores purchasing products from other states, and that is expected to rise by more than 75 percent in 2016, a report by payment firm Pay Pal said. “The Indian e commerce space is experiencing an exciting time where innovation is the key. Our research reveals the coming of technology is slowly declining boundaries form digital shopping. Within how many digital shoppers place to grow exponentially, it’ll bring about rise in how many shoppers who shop from global retailers with online existence, according to managing director of PayPal India.
The emerging trends reveal that young consumers have acquired a strong taste for shopping online. It has also been seen that the primary source of traffic for online shopping and social media task are youthful consumers in the age group of 13 to 25. As a result of this, the amount of online shopping platforms has grown and expanded dramatically over the last few years.
As per a report out of about a whole 10 million online shoppers in India, around million online shoppers in India, around 3.8 million store across borders. The typical cross border spend is also higher than domestic digital shopping spends. Typical spend on cross border trades by the estimated 3.8 million activities cross border shoppers was estimated to be about Rs 1.42 lakh per cross border shoppers in 2015. A Goldman Sachs report in May 2015, pegged the average transaction size of about Rs 1,800 for the Indian e commerce sector. In the survey, 62 percent of those studied just shopped domestically, 36 percent shopped domestically and cross border while 2 percent shop only cross border. That number would be higher, but for concerns about transportation and custom duties that would be imposed on the products. Trouble returning products that proved defective or not as described also led to fewer people purchasing from foreign states. And 53 percent of people who bought products in other countries, used the address of a family or a friend in another state.
In 2013, the amount of active sellers participating in Amazon’s FBA plan grew 65 percent: 73 percent of participants who were surveyed declared their unit sales on Amazon increased 20 percent since joining this system.
Alibaba – China’s biggest e commerce firm that also held the greatest initial public offering in history in 2014 – managed a total of $248 billion in transactions on its online sites during 2014, more than those of eBay and amazon combined. Airplay, Alibaba’s online payment platform, handled more than triple the total of mobile payment processed by PayPal. Alibaba’s IPO and business operations roused a whole lot of interest among investors but delivered precious few details a fight how they intend to run in America.
Part of the strategy, experts consider, is to reach an estimated 50 million people of Chinese descent living outside their nation and to supply Chinese locals with entry to the world’s greatest retail brands. Both of these factors, they say, are likely to enlarge Alibaba’s global influence and have a ripple effect around the world’s real estate markets.
Benefits of Digital Shopping
Shopping online is better for many reasons. You do not have to go out to locate what you want, you can prevent traffic, compare prices easily and get better discounts. However all this includes threat of internet security. We’re all familiar with phishing emails and the risks of transacting on an unsecured site and using public computers or shared wi-fi connections.
Precaution to be taken
while doing digital shopping, individuals should be cautious about the following:-
(a) Beware of devious discounts
You see a 40 percent reduction signal and reason you will get a good deal. Nonetheless, assess the present market price of the product before clicking on the purchase online button. Prices of products, particularly electronic equipment, fall within a number of months of launching. Many sites, nonetheless, give reductions on the original maximum retail cost. You may get an improved deal there, especially if you go for an exchange offer. Additionally, find out about the site’s business model. In the latter, the guarantee comes from your seller and never the web site easing the transaction. Likewise, grievances will have to be concluded with the seller, not the website that lists the merchandise.
(b) Check for Coupons
While websites themselves offer discounts and deals, you are able to wind up with an even better deal if you follow particular coupon sites. Few websites list deals and offers across distinct websites, product classes, even particular products. pick a deal from here before making the payment to save more money.
(c) Avoid direct bank transfers: Pay through official payment service.
Cash on delivery and internet banking are the safest ways to transact online. However, if these alternatives aren’t available, choose a virtual credit card. It is an add on ‘card’ issued on your primary credit card. All relevant details are available only online. It has a cogency of a few months and you can place a credit limit of your choice. A lot of shopping websites are following the marketplace model- they are basically a platform for sellers to list the products they may be selling. The website itself does not stock inventory, it monitors the order till it’s delivered to you. Lots of sellers accept payments using credit cards, debit cards, e-wallets, cash on delivery, or direct transfers for their bank accounts. Each shopping website has its payment service by which you can pay using cards and wallets. The websites can then track the order status and help with refunds, if needed. Firmly prevent direct bank transfers, if you don’t understand the seller extremely nicely.
Many websites require you to register before placing an order or even viewing products. The web merchant might request that you enter personal details like name and address. This should behave as a red alert. Such advice can be utilized to send junk mails. Don’t answer questions that you think are unnecessary for processing the order. Additionally such sites require you to consent to specific terms and conditions. Read through these as you might be giving permission to share your details.
(e) Clear your browsing history daily
(f) Don’t forget to check the reliability of Seller
The ratings are good parameters to know the reliability of sellers as they’re predicated on user feedback and how previous orders were carried out. Any seller with a higher ranking will be a safer bet than one which has been flagged for wrong order delivery or inferior quality products. For instance, there may be five sellers on a specific web site selling a unique product. Consistently compare their ratings and go for the one which has a better previous record.
(g) All about programs
Smartphone apps are a rage among shopping sites. Digital shopping sites have apps plus some bargains are available only through these programs. More so other players are also shoving programs. Basically, it is possible to shop easily using your smart phone but consistently ensure that you running the latest version of the app. Keep searching for the update notifications whenever a new version is accessible-install these, because there may be crucial security and usability updates.
Although digital shopping has made the consumers life really easy but there are specific precautions to be taken before making a decision to buy online. Now since we’re entirely in the digital world, the use of e-commerce cannot be avoided. That is a straightforward time saving and cost effective way of shopping.