Online Shopping- The Changing Market Trends
Online purchasing is dictating the way suppliers work nowadays. If reports are to be believed then the global e-commerce market will be a $1.5 trillion industry by 2015. Australian online retail is still in its infancy but it has witnessed gigantic growth over the last 5 years. Revenues from Australian e-commerce trade were estimated at $227 billion in the year 2013 with an anticipated 2% yearly growth and it is touted to be a $272 billion baby by the year 2017 which would be around 1.6% of the global e-commerce sales.
Introduction of e-commerce provided a huge scope not only for big companies but also for small firms and independent entrepreneurs. Large companies are gaining big by going online whereas independent entrepreneurs and small businesses have gained too by being in a position to spread their reach at reasonably lesser costs. E-commerce has given birth to a hoard of independent entrepreneurs who have started their ventures along with their full-time jobs. It has supercharged their incomes. Moreover it has provided a scope for retired/old citizens for earning money to support their living and giving them independence. Expense of running a website is virtually lesser in comparison to the conventional brick-and-mortar stores.
With mobile phones becoming smarter, the companies also have become smarter. The invention of smartphones has taken e-commerce to higher heights. People can now shop on the web from their phones! All they require is to download the application aka app from their respective App Stores and voila! Although it is covered under e-commerce but it is growing to be an independent industry, which would be 'Mobile Commerce', by the year 2020.
There is practically no business that hasn't yet jumped on the 'online' bandwagon. From the next door grocer to automobile producers all have ventured into e-commerce. The extensive reach of the web has made online shopping a thing for the masses. You can shop for essentially everything you wish for while sitting in the ease of your residence. You can buy hypedc mens boots online, infant products, toiletries, grocery, books, cosmetics, clothes, gadgets & gizmos, cars, home appliances, tickets for films, operas, theater play, concerts, cricket matches, et al. You name it and they have it!
It would be difficult for companies to survive in the future if they neglect the online market segment. In the near future it is predicted to be a bigger industry. The global shopping trends have changed and a majority of people are indulging in online shopping.