We are seeing an unprecedented growth in mobile technology with path-breaking developments taking place on a daily basis. Be it the emergence of voice assistants like Siri, Cortana, Alexa or the emergence of artificial intelligence in pretty much every field you look around. In a lot of areas the human intervention has gone down significantly, be it the complex field of medical treatments or just the everyday shopping. The technological developments have reformed them all. And with so much happening around, it’s about time we discuss the future of online shopping because as evolved as the modern online shopping experience is, it’s far away from done and there is a lot to come.
One major factor contributing to the incredible growth of online shopping is, the mobile technology is witnessing incredible development and the increased adoption rates for them. Online shopping in current times has become an imperative part of one’s life. Hence, whether you are a business owner or an avid shopper, it’s very important that you pay close attention to what’s coming in the world of online shopping and what the future holds for it.
So let us get started.
The significant growth of digital channels
According to a study, almost 54% of purchases made by the millennials are through online platforms as opposed to 49% by non-millennials. On a whole, almost 51% purchase made by the modern-day shopper is through online platforms facilitated by product discovery platforms like Taglr. The growth of digital channels like Taglr and many other product discovery channels now allows the online shoppers to discover products on multiple online and offline stores at once. It not only saves a lot of time for the shoppers, but at the same time makes it easier for them to compares, evaluate, and verify their purchase from more than one platform.
The increase in the number of mobile devices, easy connectivity and access to desktops further boosts the reach of such digital platforms. And while desktops still dominate the online shopping sphere with a majority of purchase taking place on them, a lot of shoppers have moved to other devices such as smartphones and tablets. All of it will only grow in future and will make digital channels a primary source of shopping and product discovery for the shoppers.
Smartphones are the future
The immense growth in mobile technology has fueled the significant growth in online shopping to primarily. According to a study, online shopping through smartphones has seen significant growth in recent times with both retailers and shoppers adapting the “mobile-first” strategy for their respective gains. A lot of retail businesses have started optimizing their business strategies to focus primarily on smartphones by listing their businesses on different online marketplaces.
There has been a major shift from PC to smartphones as the primary source of information and a majority of shopping interactions take place on smartphones these days. According to a study, almost 40% of smartphone users use their smartphones for online shopping, which makes them all very important for the retailers. For the businesses, it is of utmost importance to be discoverable over smartphones to attract customers to their stores. And platforms like Taglr are enabling that through their platform by allowing retailers to list their products and take them to the customers looking for them.
Hence it is safe to say that even though desktops and laptops still dominate the online shopping world, smartphones are not far behind and with changing technology sphere smartphones are bound to emerge as the primary mode of any shopping interaction.
The rise of cross-channel shopping
In store or single channel, shopping has always dominated the Indian markets, with as many as 60% of shopping happening through a single channel. However, with the rise of online shopping platforms and the easy access to the internet, customers have started moving towards the e-commerce websites significantly. According to a recent study, the multi-channel or cross-channel shopping has seen significant growth in recent times. The modern customers are spending more time researching online about the purchase they are about to make before putting money down the table for purchase.
The emergence of online product discovery platforms has only empowered the online shoppers by providing them a unified platform for all their shopping needs. Customers not only can view products from an online store but at the same time can check the same product at a store near them. This not only allows them to make smart shopping decisions but also provides a level playing field to the retailers to compete with the established online e-commerce players. It’s a win-win situation for both, the retailers and the shoppers.
The emergence of the digital native generation
When we are talking about online shopping it’s tough to overlook the millennials, who currently dominate the online universe. This is the generation that’s shaping the retail trend with their shopping habits. Their technological prowess puts them ahead of your everyday online shopper as they have grown with the trend of online shopping and have embraced the change as opposed to the older generation, which still has their own fair share of reservations about online shopping.
These are the shoppers who begin their shopping journey with a simple search on the app and are more likely to go through a thorough examination of the product by checking the product ratings, product reviews, and photos before deciding to make the purchase. This is why it’s imperative from the retailers’ point of view that their products are made visible to this generation. Retailers have also started tailoring their offers and products to meet the need of the millennials and are embracing the power of technology to serve them.
And that is what the future of online shopping is. Focus on mobile devices, embracing the power of technology, and catering to the newer generation that’s growing with the technology. Any modern day retailer who can capitalize on these three aforementioned aspects of online shopping is bound for success. ')}