Technology changes at the blink of the eye and for e-commerce; it’s been a decade now. The onset of e-commerce 1.o is marked with starting of Amazon and Ebay. It was riding on wheels of pricing, convenience and selection. But the rules of game have been entirely changed with industry shifting towards e-commerce 2.o.
The major attributes which come up for e-commerce 2.o are quality of product, service and platform, Curation and Personalization, Rich User Experience coupled with Omni channel presence and various payment options.
How your Online Business can adjust with e-commerce 2.o?
1. Quality of Product, Service and Platform
With the whole game changing, pricing in e-commerce 1.o is replaced by quality (be it of product, service or platform). With rise in per capita income, customers are ready to pay more if you deserve more. The top concern now is quality of product and service which they are encountering. The quality here covers a broad term of pre-sales, sales and post-sales experience.
With technology expanding its area, you cannot ignore the platform on which you are delivering the product and service. The platform also needs to match user experience.
E-commerce 2.o has enriched shopping experience with options of review and comparisons about the product and manufacturers. This shifted the power to the hands of consumers and thus, making it more important for brands to stress upon their quality of product, service and platform.
2. Curation and Personalization
Though still customers need variety of options when it comes to shopping, but the next phase is selection of products is curated and personalized stuff. Personalization has already touched every aspect of lives. Be it apparels, lifestyle, grocery or any other kind of e-tailing, cutomers want personalized experiences from brand.
With e-commerce 2.o, options of personalization have increased. There are various tools and technologies integrated with e-commerce 2.o, which have been used to provide curated experiences to the customers in terms of product, marketing campaigns, shopping platform, their interest areas and many more.
Thus, if your online store is providing a whole lot of range to select from but lack in curated and personalized experience, it’s time to join hands with e-commerce 2.o.
3. Rich User Experience
To keep it in simple words, I would define Rich User Experience as more pervasive, dynamic and interactive platform for customers to interact with a brand or brand representatives. Previously during e-commerce 1.o, convenience in terms of shopping, delivery and payment was more stresses upon. With technological advancement, these areas are taken care of and now replaced by Rich User Experience.
E-commerce 2.o has been evolved to provide users with seamless shopping experience enriched with rich-user interface. With coupling of this with Omni channel presence of brands and their customers, e-commerce 2.o has taken the whole industry to next level.
4. Pay at ease
Drawing out payment from someone’s wallet is the toughest thing to do. But e-commerce transition has made this thing easy. Now, it depends on quality of service, product or platform, peripheral experiences your brand provides to consumers and various options of payment which makes easier for them to consider your brand first.
With technological advancements, options of wallet payment, mobile payment, cash-on-delivery, EMI and various other payment alternatives bubbling up to provide seamless shopping experience to customers.
Thus, if your online business is lacking on these options, you are keeping yourself behind the industry trend of e-commerce 2.o.