Statistics show that millennials are making 54% of their purchases online compared to 49% of non-millennials, according to an article published by Disruptive Advertising. As a result, e-commerce is revolutionising how we think about business. Consider that the richest man in the world, Jeff Bezos, runs an e-commerce venture: Amazon. E-commerce is a booming sector that has come to merge social media marketing with real-time sales. The growth of online shopping is only expected to continue in the coming decades as advancements in technology make transacting over the net easier, cheaper and more secure.
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Understanding the Nuances of E-commerce
E-commerce seems like a pretty straightforward concept, yet it encompasses a number of independent aspects. For a sale to be possible, you need a platform where prospective buyers can view the commodities for sale, a means through which they can send money and a way through which the goods can be delivered. While the first and last parts are relatively easy, the sensitive nature of money transfer makes the second consideration a bit more complicated. E-commerce offers a large set of benefits, not least among them being that you find things at more affordable prices and it saves time and energy that may have been expended in physically searching for products. This is especially true for senior citizens who are living on a fixed income and may not have the energy to go shopping for products.
Apps Changing the Landscape of Monetary Transferral
With the rise of e-commerce comes the question of how to handle monetary transactions. A number of applications have been developed to fill this gap and have made the whole process easier, more efficient and less taxing. For years, PayPal has been the leading choice in money transfer, and this is likely to continue as they capture the millennial market through their new app Venmo. The app has taken into account the rising popularity of smartphones across the globe and the call to streamline payments through handheld devices. The app makes it easier for individuals to make peer to peer payments and is suited to people looking for an easier way to send money to friends and family. However, it also caters to the need to send money to businesses while shopping online.
The Transition from Cards to Code
The traditional way to differentiate between two individuals transactions was through the series of numbers embossed on a card. However, this is changing with the gradual acceptance of EMV, which makes each account a foundation for a code that changes with each transaction in order to protect user security. As this technology continues to improve and spread, it may altogether replace the necessity for plastic cards. This will eventually change how we view the payment process as well as how governments will regulate it.
The change in how we view money and how we transact through various platforms like e-commerce is happening before our own eyes. Ultimately, the change in how we transact will have a domino effect on even how we buy goods and services online.