How Companies Today Are Innovating the E Commerce World

How Companies Today Are Innovating the E Commerce World

In the tech world we love finding ‘the next big thing’.

With all the new and exciting innovative solutions, hardware and emerging platforms, us as consumers and tech developers are always looking ahead. We are either creating something cool and exciting or eager to know what’s next for technology. But, because we are always living in the future tense, this some how blinds us to what is right in front of us, which is the growth of e commerce. Research was made by the International Trade Administration, predicting that e commerce will be expected to grow by 30.7 percent in 2017.

Putting aside our love for AI, machine learning or even blackchain for a minute. There are some really important changes happening in e commerce as this very moment. One thing is for certain, e commerce’s role in our lives won’t be going away anytime soon. Here’s why:

Getting Social

The combining of social media and e commerce was bound to happen at some point in time. Social media is a great way for a business to promote new goods and it also helps businesses build a community for its customers. Before, the only form of social media to businesses was blogging. But in today’s world there is so much more to social media than just blogging.

A great example of a company that has been using the social media trend to help their business is Azazie. Azazie is a wedding dress retailer. What Azazie does is, they build a community using social media platforms, based on their products and allow their customers to write a story. If you click onto their website, you’ll be able to see photos posted onto their Style Gallery, blog and social media channels that shows all their happy customers wearing their beautiful dresses. This will create a level of trust and comfort for new customers and also a hub for the businesses products to be showcased.

Coming From All Angles

The multi-sided market concept is nothing new to the e commerce world. This recipe is what brought success to Uber and also cable television. Today, companies in the e commerce world have stared to apply this method this to niche markets. By being the intermediary between customers and retailers, they are allowing people to make an extra income, while at the same time following their dreams.

A company that is very popular in the e commerce sneaker world using this model is StockX. It is a market place for sneaker re sellers. Buying, selling and trading sneakers has been very popular in 2017, with the rising of the streetwear trend. Sites like eBay and Instagram have been the two main sites where these re sellers usually post their shoes to be sold, but StockX was able to come in and take it to a whole new level! StockX’s authentication process proves that all of the shows being sold on their site is 100% genuine. On top of that, the site also gives its customers an accurate market price value for each sneaker. The company provides accurate insights that re sellers and industry expert can use.  An example would be, StoxkX released a report on Jordan sneakers. That report predicted that there would be a decrease resale value within the next couple of months and true enough the sneakers faced a 70% drop in price. The company’s ability to provide such phenomenal insights on the sneaker industry helps set them apart from other market place websites.

The Rise Of The Independent

It is no secret that most of us know someone with a side hustle, which is a huge part of the e commerce sector. Actually, it is the main component of the gig economy and it only continues to grow. CNBC reported that 19% of Etsy users make between $100-$500 off their online stores. Though it is going to take some time to make that kind of money, passively earning money from doing what you have a passion for is a dream for many people. However, there are organization unlike Etsy who have decided to go at it alone and cut out the middleman by starting up a shop of their own.

But even though it’s going to take quite some time to establish and promote, having your own e commerce shop is a trend that is slowly growing within the younger population. Again, with this trend there is no signs of it slowing down anytime soon. So, if you’re thinking of owning your very own e commerce store, now is the perfect time to jump onto the bandwagon before its too late!

Article originally written by The Next Web by George Ball, on the 20th of September 2017

Facebook’s E-Commerce ‘Marketplace’ Expansion

Facebook clearly does not wish to miss out on the ever growing and expanding e-commerce world hence why they came up with Marketplace. Currently in the U.S, smart phone purchases account for a quarter of digital sales. Smartphone shopping is slowly becoming a major consumer favorite.

Facebook’s mobile-only buy-and-sell tab, was launched in October in the U.S and has since expended to six other countries: Australia, Canada, UK, New Zealand, Chile and Mexico. In addition, Facebook also is also expending its reach to Europe as well. 17 countries in Europe such as France, Germany, Ireland, Italy, Spain, Sweden, Switzerland and more will be the few who will able to use the Facebook ‘Marketplace’ service. Facebook has yet to announce how many people are currently using Marketplace each month. But, they did share that 18 million items are being posted on to Marketplace in U.S alone in the month of May and that the amount only continues to grow. According to Forbes, about 550 million people visit “buy and sell” Facebook groups every month. This is exactly why Marketplace is a great opportunity for Facebook to expand its e-commerce reach.

Facebook’s Marketplace competitors are major marketplace platforms such as eBay and Craigslist. If you were to compare eBay to Marketplace, eBay is currently available in more than 30 countries around the world and has 171 million users on the side in the past quarter. Also in the month of February itself, 55 million people have gone on to the Craigslist page, according to ComScore. According to research by AIM Group, in 2016 Craigslist generated more than $690 million in revenue. As you can see, there is no slowing down the e-commerce sector. In addition, according to a forecasting firm eMarketer, the mobile e-commerce sector is estimated to exceed $100 billion this year in the U.S itself. eMarketer also forecasted that in 2021 the smartphone e-commerce sector will generate more than $33 billion and 80.5% of the e-commerce purchases will be made on mobile devices.  Facebook believes that its identity data on the main Facebook app that connects friends of friends who live near by will set Marketplace apart from its competitors.

In an interview with the Vice President of Marketplace Deborah Liu, she said that Marketplace is a people based commerce where you will be able to see mutual friends, which is what sets Facebook Marketplace apart from the other e-commerce platforms.

Facebook will connect sellers to its buyers and buyers to its sellers through Facebook chat, which also supports payments, sharing of ones location and sending a voice or video clip. Additionally, Marketplace makes it possible for its users to browse for times or create a ‘for sale’ post on the go with ease.

For the safety of users and the prevention of offensive items for sale, Facebook has an artificial intelligence tool that can scan each and every post that is shared onto Marketplace. Users flagging a post can also trigger a manual review. Ever since the launch of Marketplace, Facebook has been working hard on improving its search, safety and product categories in tab. According to Marketplace’s Vice President, the most popular items sold on Facebook Marketplace are household goods, fashion, kids products and furniture. The Facebook platform, has recently added standalone categories such as, jobs and tickets to help businesses look for employees.

Facebook has plans to expanding its category option by adding more and also improving item suggestions over time. Marketplace is a one stop shop where you can find all sorts of things to fit your fancy. Whether it be a job, clothing or a kettle for your kitchen Facebook Marketplace is where you’ll find everything.

The inspiration for the creation of Marketplace came from observing the significant number of Facebook users who were using the platform to buy and sell products in groups based on their interests and geography. Marketplace is currently free for both buyers and sellers to use.