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E-Shopping Market and Role of Technology
Nowadays, e-shopping is booming due to the rapid development and spread of technologies. As global online sales continue to grow annually for the past seven years, the market shows steady growth worldwide ( Global retail e-Commerce market size 2014-2023, 2019). The sector is heavily influenced by the current situation, as the global lockdown caused a spike in the popularity of e-shopping. The largest players on the market are Amazon, Alibaba, eBay, and Jingdong (Pajovi, 2020). Technology is the primary source of competitive advantage, as the growth of the e-shopping market relies solely on it. Another source of the competitive advantage of the largest e-commerce companies is their ability to create trends that predict the desires of their customers. Competition is mainly based on the range of the products and services provided by the company, the usability of its platform, and well-structured it is. AI-based learning allows e-shopping companies to personalize their offers further, making them more desirable for customers. Its further development will have the most significant impact on the e-commerce market.
The primary limitation of the study is that it takes into consideration only companies of the largest scale, while the market also has a low barrier to entry. Currently, to determine the potential of e-commerce businesses, it is essential to examine their target demographics. As it has been noted, the competitive advantage in this market heavily relies on the ability of a company to attract new customers and retain them.
As e-commerce is not strictly limited by geographical boundaries, one of the main considerations for studies of this field is to determine the factors that provide the most significant boost to their visibility on a global scale. More users are willing to give online shopping a try, and companies who are yet to enter this market must focus their efforts on exploring new opportunities for their business on the Internet.
References
Global retail e-Commerce market size 2014-2023. (2019). Statista. Web.
Pajovi, S. (2020). 8 largest eCommerce companies in the world and no, Alibaba is not the largest Chinese ecommerce. AxiomQ Ventures. Web.
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