From processing the first online purchase almost 25 years ago to being a $5 trillion industry in 2020. The success of global e-commerce is not just a story but a phenomenon that occurs once in a while. Powered by the growth of Fintech, the global e-commerce industry is growing annually at 23%. In 2018-19, the e-commerce industry accounted for 17% of entire retail transactions and is expected to cover 95% of all retail transactions by 2040.
With 25+ unicorns, the e-commerce industry is catering to the multiple needs of common people and businesses. While B2C platforms are delivering items as small as paper-cups, B2B stores are helping businesses import heavy machinery from other countries.
Together B2B and B2C are rendering brick and mortar stores obsolete. The industry has gained momentum after players like Amazon and Alibaba created a customer experience that is close to impossible to replicate in physical stores.
In the coming times, e-commerce stores are expected to utilize virtual reality, artificial intelligence, and machine learning to offer a highly personalized experience. Here are some data that explains, why e-commerce is the future:
- 2.05 billion people are expected to buy from online stores in 2020
- 72% of users prefer Amazon over Google for product discovery.
- 96% of Americans have made an online purchase
- 85% of orders generated from social media occurs through Facebook
- Amazon accounted for 44% of all e-commerce sales in the US during 2017-18
Why Outsourcing is Important for E-commerce Industry?
E-commerce stores have revolutionized the way, people browse, shop, or suggest products. Online shopping has made it easier for people to research, find and buy products from the comfort of their homes. The industry is now leveraging technologies like machine learning, augmented reality, and IoT to further improve our shopping experience.
Lenskart, India’s fastest-growing eyewear online store leverages augmented reality technology. Customers rely heavily on augmented reality setups to identify eye gears that suit them the best. Similarly, Amazon recently introduced the Dash button powered by IoT technology. One-click and you can place your order with Amazon using Dash buttons.
Every organization is made up of processes that are repetitive and of processes that require innovation. While innovation requires a defined skill & mindset but repetitive processes be handled to centers that have employees trained to carry out these tasks.
Increases focus on Core Processes: Executives and other leaders can use their available free time to focus on business planning and taking the organization forward. Outsourcing data analysis and dashb