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Key Takeaways

E-commerce involves selling products online, building a brand, and online advertising.
Businesses find many advantages to e-commerce such as cost reduction and customer data.
Consumers enjoy the advantages of 24/7 shopping from their homes.

How E-Commerce Works

E-commerce is a way for businesses and consumers to sell and purchase products online. Instead of marketing products to a local demographic around a brick-and-mortar store, the potential customer base is much larger and can potentially be located anywhere there is internet.

There are four different types of e-commerce: business-to-consumer (B2C), business-to-business (B2B), consumer-to-business (C2B), and consumer-to-consumer (C2C). In general, people think of business-to-consumer (B2C) transactions when they think about e-commerce.

B2C e-commerce: B2C transactions occur when a business sells a product directly to a customer over the internet. For example, if you bought a shirt from Amazon, that would be a B2C transaction.
B2B e-commerce: B2B e-commerce is when one business is selling a product to another, like web services or cloud services, such as Wix.com.
C2B e-commerce: C2B e-commerce occurs when a person sells products or services to a business. For example, a small business in need of a press release might pay for the services of a freelancer who writes press releases and promotional content for a variety of clients and businesses.
C2C e-commerce: C2C e-commerce happens when a person sells a product or service to another person. This often happens on sites such as eBay and Facebook Marketplace. For example, you could pay for singing lessons or purchase a chair from someone online.

E-Commerce Is Growing

In 2018, even before the COVID-19 pandemic, the U.S. Bureau of Labor Statistics (BLS) predicted that employment in e-commerce would reach almost 450,000 by 2026. E-commerce workers include customer service representatives, packaging agents, shipping clerks, general operation managers, software developers, and delivery drivers.2

E-commerce sales increased by 43%, or nearly $250 billion, in 2020, and sales are still growing in 2022.3

Total e-commerce retail sales for the second quarter of 2022 were estimated at about $257 billion, which was an increase of almost 2% from the first quarter of 2022.4

Many businesses that sell their products online still have brick-and-mortar stores. You can actually test out a product in a brick-and-mortar store and speak directly to a representative about products and services without needing to wait on hold. But if you shop online, the store is always open and the products are less likely to be out of stock.

Advantages of E-Commerce for Customers

There are quite a few advantages that e-commerce provides to customers. You can look at all of the product choices all at once, and you usually won’t miss out on a product because the store is out of stock.

Shopping From Home
If you shop online, you won’t need to spend your weekends or evenings driving to different stores to run errands. You can also buy products from anywhere in the country, and sometimes from other countries, from the comfort of your couch.

Shop at Any Time
If you work odd hours or are just extremely busy, you can still buy products online at any time of the day or night. A website can be open 24/7, even though most stores close at night.

Product Information
If you’re purchasing a product online, you can take a look at reviews from previous customers, check out similar products on other websites to see if there are cheaper options, and read the product description and any warranty information.

Advantages of E-Commerce for Businesses
While consumers gain many benefits from buying products online, businesses also benefit from lower business costs and access to customer data.

Lower Business Costs
An e-commerce business doesn’t have to pay rent or pay to maintain a physical storefront and make it appealing to customers. A sole proprietor may be able to handle orders on their own and might not need to hire employees until their business has already had some success.

More Potential Customers
This is especially helpful for small businesses, which otherwise would have been limited to a small geographic footprint. Search-engine rankings can also help businesses better compete by allowing them to get in front of new customers.

Customer Data
E-commerce helps businesses by allowing them to collect customer data. Businesses can use customer buying habits, demographics, and preferences to better market their products. They can use e-commerce data to predict when demand for a product will be higher or lower, which reduces the risk of overstocking or understocking a product. Companies may also be able to use this information to make the shopping experience easier for the customer.

Disadvantages of E-Commerce

E-commerce is a powerful tool for buying and selling, but there are some downsides. If the website is slow, or if a customer is having internet problems in their area, a business could lose a potential customer. Customers may also have online privacy and security concerns when shopping online, and some people may prefer to buy products in person.

Concerns for Businesses
If there are any problems with your site, you could lose dozens of customers in a short period of time and never get them back. You have to make sure that your site works well and is user-friendly on mobile and on a desktop. You also can’t rely on foot traffic. Instead, you’ll need to drive customers to your site through social media strategy, online advertising, or by making sure your company’s website ranks near the top when people search for products you sell. You’ll also need to make sure that your customers receive their products in a timely manner.

Security Concerns
In 2019, 73% of internet-using households in the United States had significant concerns about online privacy and security risks, and 35% of households said their concerns held them back from some online activities.

Customer Preferences
Some customers still prefer to shop in brick-and-mortar stores. Raydiant’s 2021 State of the In-Store Experience survey revealed that 47% percent of responders estimated that they had spent just over half of their shopping budget when making in-person purchases, and 48% of responders still preferred to shop in-person rather than online.

The Bottom Line
E-commerce customers and businesses can save time and money. Customers can find more products to choose from, and businesses also get a wider range of customers who can shop at their stores. E-commerce is not perfect, and customers may not be able to get their products as quickly as they could at a physical store. Despite some disadvantages, e-commerce is a rapidly growing industry that businesses will continue to invest in.

Frequently Asked Questions (FAQ)

How do you start an e-commerce business?
First decide what product or service you want to sell and who your customer base will be. Then, register your e-commerce business, create a logo and visuals for your business, and finalize your business plan. Finally, you’ll need to figure out how to attract customers and launch your online store. This could include designing your own website and selling your product there, or selling on a marketplace such as Amazon, Instagram, or Etsy.

What are the different types of e-commerce?
Although B2C is what most people think of when they think about e-commerce, there are four types of e-commerce: business-to-consumer (B2C), business-to-business (B2B), consumer-to-business (C2B), and consumer-to-consumer (C2C). B2C transactions occur when a business sells a product directly to a customer over the internet. For example, if you bought something from Walmart.com, that would be a B2C transaction.

Source: THE BALANCE

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Global ecommerce sales are expected to reach $5.7 trillion worldwide in 2022, proving ecommerce is an increasingly lucrative option for businesses. That’s huge, and the good news is that it certainly isn’t a new trend. Ecommerce is also an industry that’s ever-changing. Trends are constantly shifting in an attempt to shape the way people in every corner of the globe purchase products. This makes the future of ecommerce exciting.

A lot of big things are expected to change in the ecommerce market over the coming years. We’re here to help you understand what the future of ecommerce will look like.

We’re going to break down some of the top trends in ecommerce for 2023, discuss what we believe the most impactful changes will be over the next few years, and dissect why those changes might come about.

There’s a lot to cover, so let’s dive in.

Future of ecommerce for online retailers

1. New marketing channels will emerge

In the past few years, there have been advancements in several areas of ecommerce marketing—including a new mix of channels.

For example, brands can run ads on social media platforms, as well as tap into commerce, with the release of Instagram and TikTok shopping features.

Plus, as an extension of social commerce, live shopping has started to gain traction worldwide. In China, the live commerce market is expected to grow to $4.92 billion in 2023. The concept is also emerging in the US, with 20% of shoppers saying they’ve engaged in live commerce.

Another new channel ecommerce companies are exploring is connected TV advertising. This involves running ads on platforms like YouTube TV, Roku, and Hulu. Athletic footwear brand Hoka tapped into this marketing strategy and reported a 68% increase in website visits following its TV ad campaign.

2. The physical vs. online debate will heat up

We can’t talk about the future of ecommerce without mentioning the ever-growing physical versus online debate.

Generally, people within the ecommerce industry fall into one of two camps in this debate.

There are people who believe that it’s just a matter of time before brick-and-mortar stores fade out in favor of an even bigger shift toward online shopping. And there are those who see physical shopping as entering a renaissance period.

Our stance? It’s undeniable that the growth of online shopping is far outpacing the sales from brick-and-mortar stores.

But that doesn’t mean brick-and-mortar stores aren’t still incredibly valuable assets for ecommerce brands.

Instead of functioning as a real-life version of their online stores (which typically have access to a lot more inventory), brick-and-mortar locations seem to be switching toward offering unique shopping experiences.

Take a look at Nike, which has already expanded in New York and Shanghai with its brand-new experiential shopping locations, or as it calls them, “Houses of Innovation.”

At Nike’s new physical stores, you can pick up exclusive products, customize products with your own hands, partake in fitness tests, try out products by playing fun games, enroll as a personal shopper, and more.

These are experiences you simply cannot get online, and go a long way in encouraging customer loyalty.

3. More consumers will use voice search

In 2022, voice-activated devices were predicted to facilitate $40 billion worth of transactions. Compared to the 2017 figure of $2 billion for transactions made via voice search, this is a big increase.

How are shoppers most likely to use voice search? Narvar says 51% of shoppers use voice search to research items, while 36% use voice search to add relevant products to their shopping lists.

To be more voice-search friendly in 2023, consider optimizing your product information pages for common voice search commands. For example, people may ask their voice assistant questions like, “Where can I get Under Armour products at a discount?”

4. Automation, automation, automation

Automation is poised to be a key element in the world of ecommerce. Already, 61% of companies worldwide use some kind of automation software and tools. As its benefits become clear, more businesses are expected to invest in automation in the upcoming year.

For ecommerce businesses, automation stretches from marketing automation to warehousing and beyond. It’s a great choice because it frees employees’ time and resources for more important work.

For example, an ecommerce business that possesses large warehouses to carry out its operations can invest in robotics to become more efficient and free up staff to do more important tasks in the fulfillment process.

Supply chain management can benefit from automation software that can schedule inventory alerts for reordering when stock gets low.

The sky’s the limit for ecommerce automation. With a little research, you can find software that will help your product.

5. Private label to become more common

Private label means that a unique product is produced by one company but packaged and sold under another company’s own brand name. Companies rely on manufacturers to produce products that are highly specific to their audience’s needs.

Why is this an ecommerce trend? If you operate in a niche industry that relies on certain materials not being used, or certain standards being obtained, you know that private labeling is the right way to go for your business.

For example, VegexPro provides private label products with certifications like Organic, HACCP, Kosher, Halal, RAW, Vegan, Gluten-Free, and Fair Trade. This company would be a great manufacturer for you to work with if your customers want vegan or gluten-free products.

For an online store that sells non-branded or dropshipping products, private labeling can be the right next step for your business.

6. Brands will lean into sustainability

As consumers become vocal about climate change, more and more companies will have to develop initiatives around sustainability. Doing so can be good for business—studies show that climate-first stores achieved 5.8 times faster growth and saw their conversion rates increase by 20%.

Although there are several ways to showcase sustainability, an easy route is to use sustainable packaging. Label manufacturer Avery Dennison leverages this tactic to ensure customers are satisfied with the way it does business.

Whether it’s eco-friendly packaging or using suppliers that put climate first, finding ways to be more sustainable will be a crucial trend moving forward.

Future of ecommerce for marketers

7. Device usage will become even more important

When it comes to discussing the future of ecommerce, one thing is clear: there will be much more importance placed on the devices that buyers use when they’re shopping online.

But why exactly?

In the past, most ecommerce businesses built their shopping experiences to be desktop-first.

Now, it’s the opposite. Ecommerce businesses are hellbent on designing and building their online businesses with mobile commerce in mind.

And it’s going to be fairly simple to please your audience if you’re running your store on Shopify.

You’ll have access to a wealth of themes built to ensure a seamless shopping experience, no matter which device your customers use.

Plus, you can easily check the adaptive version of your store’s design by simply resizing your browser—make it smaller when you’re on a desktop and you’ll see exactly what your mobile audience sees. This is one of the many perks of running your business through Shopify.

Need help picking a theme for your store? Check out our guide on picking the best Shopify theme for your business.

8. Personalization will be the key to success

Ecommerce companies are constantly honing the shopping experience for their customers.

There are now algorithms in place to track shopper activity, which enable companies to consistently optimize their advertising campaigns. They’re constantly working to show you the products that they believe you’re most likely to purchase.

But we might be reaching a breaking point.

Across the web, people seem to be becoming fatigued from knowing that algorithms are messaging them rather than real people, and are now craving personalization in their shopping experiences.

Buyers want to feel that there’s somebody behind the computer screen who cares about them. It doesn’t need to be anything too complex either—it could be as simple as a personalized email, a curated discount code, or something else.

Research backs this sentiment, with 76% of consumers saying that receiving personalized communications was a crucial factor in making them consider a brand.

So what does this all mean?

An integral part of ecommerce will revolve around businesses and entrepreneurs finding ways to build direct relationships with their customers.

9. Customer experience will be prioritized

Both the pre-purchase and post-purchase customer experiences are important to the success of your online business.

Hiring amazing sales assistants in-house who can guide your customers through the sales process can alleviate any stress customers may feel.

Analyzing your sales process online to learn what a customer would expect is super important for your ecommerce store. This means potentially user testing your sales channels or your checkout flows with actual people to identify pain points that customers may have.

Things you can user test on your website include:

Your call to action
The length of your checkout process
The information asked for on the checkout page
Your messaging
Your product page flow
This activity should improve your business’s customer experience. Recently, this discipline has grown in popularity, making it a big ecommerce trend for 2023.

10. AI and chatbots will become personal assistants

Leading on from our previous ecommerce trend is the use of AI and chatbots to help customers achieve their goals when they are on your site.

Chatbots have been around for a few years and are constantly evolving to assist customers on social media channels and beyond. This is ideal for businesses that operate in many different countries but don’t have the resources to be online, helping customers 24/7.

AI assistants are also very important to online stores, as they can manage stock levels, reordering, and other processes that can free up your day to deal with activities you normally wouldn’t have time for.

AI and chatbots have really taken off in the past few years, but technological advances mean that this trend will continue into the future.

With each passing year, AI is being adapted to another discipline or department in a business. If you have a Shopify store, check out some of these AI apps that can help your business today.

11. Interactive products will be a thing

One of the biggest disadvantages of ecommerce is that customers cannot try out the product before they buy it, like in a brick-and-mortar store. Typical consumer behavior shows that people are more satisfied when they can touch, feel, and try an item before investing in it.

On ecommerce websites, this experience is nearly lost, but technology is always one step ahead. With augmented reality technology, you can create immersive shopping experiences where shoppers can engage with products before they buy them.

For example, Shopify AR allows brands to show customers their products in natural environments before buying them to ensure that the product fits the intended purpose. This helps customers make great decisions quickly when it comes to choosing a brand to buy from.

Interactive products through AR or VR is a new trend, but it is quickly being adapted within ecommerce brands to help customers choose the right product. If you are considering which ecommerce trend to be a part of, this is a good place to start.

Closing thoughts on the future of ecommerce
The future of ecommerce will undoubtedly be full of exciting changes and innovations for both businesses and buyers.

Whether you’re an entrepreneur or working at an ecommerce company, it’s important to keep your finger on the pulse when it comes to changes in the ecommerce landscape.

Our best advice is to keep on learning.

Read articles. Watch videos. Listen to podcasts.

Try to consume as much information as possible about the field of ecommerce—that’s how you’ll get an edge on your competition.

So, what do you think? Do you have any predictions for the future of ecommerce in 2023 and beyond?

Was there anything we missed that you’d like to learn more about? Let us know in the comments section below—we read them all!

Source: OBERLO

The post The Future of Ecommerce appeared first on Upside Trade.

Liquids and Gels

You may only carry on liquids and gels that are in 3.4-ounce containers or smaller. Liquids include toiletries such as shampoo, after-shave, hand or body lotion, mouthwash and liquid makeup. Toiletries often found in gel form include toothpaste, deodorant and lip balm or lipstick. Transfer liquids and gels to smaller containers if the original package contains more than 3.4 ounces, or purchase special travel sizes. You can’t take a large toothpaste tube with only a little left in it, or half a large bottle of shampoo. Additionally, all your bottles of liquids and gels must fit in a single 1-quart plastic bag.

Makeup

Liquid foundation, liquid eye liner, mascara, lip balm, cream blush, lip stick and any other makeup in liquid or gel form has to meet the 3.4-ounce container limit and must fit in a 1-quart plastic bag. Powdered or pressed makeup, baby powder, talcum powder and other toiletries that aren’t in a liquid or gel form aren’t regulated. Pack them in your carry on as you wish.

Accessories

Disposable razors and their cartridges are the only types of razors permitted in your carry-on luggage. Razor-type blades, such as box cutters, utility knives, and safety razor blades, are only allowed in checked luggage.You may also carry nail clippers and nail scissors with blades shorter than 4 inches. Don’t pack knives or large scissors. If you need batteries for a toothbrush, razor or other item, these are allowed in your carry-on luggage.

Packing Tips

Each traveler is allowed one 1-quart plastic bag for liquids and gels. You must remove this bag from your carry-on luggage at the security checkpoint for screening. Pack the bag where it’s easy to get to. If you’re traveling with liquid medications in containers that are larger than 3.4 ounces, syringes or supplemental oxygen, you should remove these items from your luggage at the security checkpoint and allow the TSA agent to inspect them.

Source: USA TODAY

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TSA Regulations on Hair Dryers

Here’s the good news: The TSA permits travel with hair dryers in both checked luggage and carry-on bags, so feel free to take it on vacation with you. Keep in mind, however, that hair dryers can be clunky and awkwardly shaped, so they usually fit better in larger, checked suitcases. If you must stash one in your carry-on, consider investing in a mini hair dryer.

Regulations on Other Hair Products

Once you have your hair dryer situated, make sure to check on TSA rules regarding other beauty and hair products. Feel free to pack away the following items in either your carry-on or checked luggage, at any quantity:

Bobby pins
Electric razors
Hair clippers
Hair straightener (flat iron)
Laser hair remover

Liquid hair products, on the other hand, can fly in carry-on luggage only if they meet the TSA’s liquids rule, which limits liquid products – as well as aerosols, gels, creams and pastes – in carry-ons to quantities of 3.4 ounces (100 milliliters) or less. These liquids must all be able to fit in one clear quart-sized bag. Make sure to follow this regulation if you’re packing:

Hair gel
Hair texturizer
Hairspray
Shampoo

When you’re going through security, separate your quart-sized bag of liquids from the rest of your luggage to help expedite the screening process. If you’re unable to fit these liquids in 3.4-ounce containers, or you can’t fit the containers in a single quart-sized bag, then pack them in your checked luggage instead. The TSA does not implement liquid limits on checked bags.

Other exceptions to the liquids rule includes duty-free liquids that were purchased internationally before traveling to the United States on a connecting flight. If you picked up some liquid hair products from an airport’s duty-free section, you may pack them in your carry-on in quantities larger than 3.4 ounces if they meet the following standards:

You purchased the liquids internationally, and you’re traveling to the United States with a connecting flight.
The retailer packed the liquids in a transparent, secure, tamper-evident bag.
The liquids don’t show signs of tampering when presented to the TSA for screening.
You have the original receipt of purchase, and you bought the liquids within 48 hours of the TSA screening.

Source: USA TODAY

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