The e-commerce business model is used by companies to provide goods and services over the internet. The industry has evolved so much that you can find nearly every imaginable good and service online today.
E-commerce continues to grow rapidly every year in the UK. It is the preferred method of shopping because of its convenience and reliability. Moreover, we can enjoy a wider selection of products and better deals online.
Artificial Intelligence continues to help online shoppers
As more people buy goods and services online, companies are also looking to offer a more personalised experience. This helps to increase the conversion rate, which translates into higher revenue for the business.
Companies use Artificial intelligence (AI) to improve e-commerce personalisation. AI processes customers’ data, ranging from search history to purchase history. So, when you return to a website, the AI provides recommendations specifically for you.
Buying products through social media platforms stores
E-commerce is not something that only happens on websites anymore. Social media platforms such as Facebook, and Instagram began rolling out e-commerce tools to help companies sell products and services directly from their social pages.
These are getting more popular because a lot of us spend hours on social media sites. In addition, we rely more on peer recommendations than brand messaging when it comes to buying.
Payment Methods are expanding
In the e-commerce world, payment methods are constantly evolving. From debit and credit cards, e-wallets, pre-paid cards, and mobile payments to cryptocurrencies, the list just keeps increasing.
Many shoppers expect to have multiple payment options at the time of checkout, and if their favourite payment method wasn’t available at checkout, they might prefer to shop elsewhere. Therefore, more payment options may lead to more paying customers. For example, in a competitive market like of the live casino Ireland, online casinos should provide customers with a range of payment options, to cater for many potential customers.
Online Shoppers are looking to shop sustainably
In addition to the developments in e-commerce technologies, online shoppers also see sustainability as a key element when it comes to making a decision.
A study by Inriver finds that the majority of the UK consumers between the ages of 16-44 say that sustainability and environmental impact are key factors when buying goods. They are always looking for information about how their products are made, packaged, and shipped.
The rise of Augmented and Virtual Reality
One of the biggest drawbacks of e-commerce is that you cannot feel and handle the goods or try on a piece of clothing that looks stunning on display.
AR (Augmented Reality) places virtual objects in a real-world environment like seeing whether a new sofa will fit in your living room. VR (Virtual Reality) is an artificial environment that replaces the real world, like Oculus Quest. Both can create a more engaging experience for you online, thus increasing your confidence in your purchase.
Conclusion
Digitization has changed the way UK consumers shop. This is because more shoppers are confident in the safety, and ease of online purchases. The use of modern technologies, social platforms and various payment methods have all contributed to the UK being the 3rd biggest e-commerce market in the world. It is predicted that by the end of the decade, e-commerce will account for more than half of the country’s total retail sales.