Online Shopping Impact and Trends

Study Notes

Online Shopping

Online shopping is a form of electronic commerce that allows consumers to buy goods or services directly from a seller over the internet using a web browser. The growth of online shopping has been driven by changes in technology and global circumstances, with sales in online stores expected to reach 22% of global retail sales by 2023.

Online shopping has several advantages for both customers and companies. For customers, it offers the convenience of shopping from anywhere and at any time, with faster buying and delivery options. Companies can easily reach new, global customers, lower their operational costs, and offer personalized experiences to their customers. However, there are also disadvantages, such as security concerns and the inability for customers to examine products before purchasing.

Ecommerce has a wide range of applications, from selling physical goods and digital products to offering services. Examples of products sold online include clothing, home decor, electronics, and digital files like templates and tools. Services offered online include freelance writing, influencer marketing, and online coaching.

Online shopping has been impacting the retail landscape, with large retailers being forced to sell online and digital wallets accounting for over half of total ecommerce payment volumes by 2024. It has also been influenced by the rise of mobile commerce, where customers use their mobile devices to shop online.

In terms of customer behavior, online shopping is influenced by factors such as privacy and security, age, and user-generated content like product reviews. Customers also compare products using online shopping sites and may be influenced by price alerts and reviews.

To ensure a positive online shopping experience, consumers are advised to read reviews with a critical eye, compare prices, and keep records of their transactions. They should also be aware of the personal information that websites and apps collect and ensure they are comfortable with how their data is used.

In conclusion, online shopping has transformed the way we buy goods and services, offering convenience, accessibility, and a variety of products and services. It continues to evolve, driven by technological advancements and the changing needs of consumers.

Description

Explore the impact and trends of online shopping, including its advantages, disadvantages, applications, and influence on customer behavior. Learn about the growth of ecommerce, the role of mobile commerce, and key factors that influence online shopping experiences.