In 2014 alone, the total online retailing revenue reached to over $980 billion worldwide. These are just the numbers that say that the online shopping will continue to rise as long as people get dropped prices, and faster deliveries. Of course, with the rise of fuel prices, people are reluctant to drive to those malls, unless they really want to have some fun on those rides there.
Also, we should not forget that it is much cheaper to shop online, than offline. Because the cost of fuel also adds up to that. And according to a recent research conducted by the Chinese Academy of Social Sciences, the eCommerce retailing is expected to reach about 5.48% of the global revenue by 2020. 5.48% might seem like a very small number to you, but it will surely have a huge influence over the global economy and its structure.
A recent survey mentioned that with the rising fuel prices, people will prefer to shop online and resist going to those grocery stores. A whopping 33% of the people who responded to this survey, mentioned that they have already started purchasing products online that are needed on a daily basis. They further mentioned that they do this, because they do get daily discounts on those products, which result in a lower price than what they would get in those offline stores.
Of course it will be harder for people to sell products that customers want to touch or smell before pulling out their credit cards. But there are enough products that don’t need these kind of reviewing before purchasing. And since there are no queues or crowds in these eCommerce stores, people really do find it easier to make payments, collect discount coupons that will get them huge discounts, without being judged by other people.
Also with the rise of different delivery options, online shoppers don’t mind waiting a day or two to receive their products. Some eCommerce stores even provide the 24 hour delivery services, which then gives them more sales just because of that.
But the possessors of those big shopping malls should not be frightened by the increase in online shopping, instead, they can take further advantage of this method, and market in this segment too. Companies like Best Buy, and Wal-Mart had already started integrating their marketing with eCommerce and are already seeing huge results. Moreover, Best Buy is concentrating on reducing their offline stores, and increasing their online sales.
But that does not mean that you can sell almost anything on the internet. People search for exactly what they want, and if they can’t find it at one store, they will hop on to another one with just a click. If you are running out of stock, there are already thousands of other sellers who are offering the same product. And if there is a product which comes in a huge variety, be sure to lose some sales if you are not able to sell all of those varieties on your store.
Also, comparing prices have now become much easier than ever. With just a simple Google Search, your customers will be able to purchase their desired product at the lowest price possible. And if you’re not one of them, you know what happens next. And reviews, they are the biggest marketing agent of yours.
In a recent survey, people who shop online, said that they trust those reviews as much as their friend would tell them something about that particular product.
Saving time is the biggest goal here. Notice how Amazon has been able to drive success to their footsteps by offering Amazon Prime Services. This is the reason why customers prefer to shop online than the traditional way, they want to save time and fuel prices.
Even though the customers know that they won’t be receiving their products immediately, but they will not have to spend their hours looking through a physical collection of goods. After purchasing that product online, all they have to do, is sign that receipt when they receive the courier.
With the rise of online shopping, people are no longer restricted to shop that are only in their particular geographical location. Research shows that people in India, are now purchasing products from stores in UK and US that are not available in India.