Editor’s Note: This guest post is written by Justin Butlion, a Content and Social Marketing Manager of Yotpo.
It is very difficult to predict what will happen to different industries in the tech world because of the unprecedented speed of innovation in our world.
The one industry which will experience both massive growth and disruption in the near future is the ecommerce space which is expected to reach $1.3 trillion in size by the end of the year.
The Movement from Real to VirtualMore and more businesses understand the importance and opportunity of moving online. The drop in server costs and the entry of numerous free and very cheap e-commerce platforms in the last decade have made it easier and cheaper than ever before to open up an online store.
The massive growth of the e-commerce industry in the last few years has resulted in huge competition over prices and service across all industries. This has resulted in a highly efficient and cheap alternative to buying products from your local stores.
The Shift Towards Social
The social revolution took its time to start affecting the ecommerce space but more and more companies, startups, agencies and experts are coming to understand that it is ill advised to ignore our very nature and how social can be leveraged to build and grow a business. A new term that is being thrown around the Internet a lot lately is Social Commerce. The idea behind social commerce is how the shift towards social behavior online can be used to make money with an online business.
A simple example is leveraging social sharing to drive qualified traffic to a site to increase sales. Other areas which can be considered part of social commerce are friend-bring-a-friend, recommendations and product reviews. All user-generated content that is somehow related to your online business can be leveraged to bring more traffic and this in turn helps grow your online store.
The Future is NearThings are moving so quickly in the tech world that it would be silly to make any serious predictions on where the industry as a whole is moving but it would be equally silly to expect things to stay the same. Any store owner who hopes to survive the long run better keep up to date with current trends and movements in the industry and have enough flexibility in his business to be able to shift directions at the drop of a hat.
I would love to hear your comments on where you believe the e-commerce world is moving. Share your thoughts with me in the comments section below.