Current Trends in Online Retailing
Online retailing is undergoing tremendous change as customers are turning to the Internet to perform various activities such as shopping, making reservations, booking trips, etc. As customers continue to migrate online, their preferences and behaviors are evolving at a rapid pace. As a result, it is essential for online retailers to adopt new techniques and strategies to efficiently engage online consumers and convert them from shoppers to purchasers. In addition, the rising use of mobile devices allowing ease of access to the internet is driving significant growth in online retail sales.
According to recent Forrester Research (1), U.S. online retail sales will hit $370 billion by 2017. The E-commerce sector which accounts for 8% of the total retail sales in the U.S. will outpace sales growth at brick-and-mortar stores over next five years, according to the Forrester report.
Some of the current trends that are being witnessed in online retailing are:
As people gain access to new technologies such as Smart phones, tablets etc., the ease and speed of online shopping is something that previous generations could never even have fathomed. It is this tech-savvy generation that is heavily dependant on online retailing for purchasing goods, electronic items, equipments, books and so on. Retailers who have a strong online presence are seeing a significant boost in their online sales due largely in part to the ease of access of the internet and frequency that this generation is using it as the preferred method of shopping.
Get direct delivery at home
One of the biggest advantages of online shopping is having the option of having the product being delivered directly to their doorstep, or wherever it is they would like the package delivered. This helps save their time and also money, as some brick and mortar store could be hundreds of miles away from the purchaser.
The Internet is Never Closed
Sticking with the theme of ease of access, online retail stores are never closed. That one department store you can never get to in time after work, or that store that opens way past the time the workday starts, is no longer a problem simply because these stores can be accessed online! People like the freedom of making purchases whenever they want because it is their money! If someone wants to buy a pair of pants at 11 o’clock a night, then they can buy a pair of pants at 11 o’clock at night just as easily as someone could at 1 pm.
Rise of Mobile Retailing
Another huge factor in the growth of online retailing is due to the increasing popularity of “Smart” mobile devices. Tablets, phones, iPod’s, any mobile device with access to the internet, are now being used by consumers as a method of purchasing their everyday items. Online retailers are making the adaptation by creating mobile apps that connect the end user directly to their online stores, and the consumers are loving it.