Literature Review Of E-Commerce

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Literature Review: A research study stated that the e-commerce industry continues to evolve and experience high growth in both developed and developing markets. With the emergence of non-banking players in the payments industry, the e-commerce market is also growing at a rapid pace. Global e-commerce sales, which stood at $661 bn in 2011, are expected to grow at an annual rate of 20.7% to reach $963 bn in 2013, and Asia is expected to become the biggest e-commerce market in the world. A rapid increase in the number of smartphones, broadband connections, and innovative payment products, has driven the growth in online shopping, though security remains the biggest concern. Despite rapid and sustained development of electronic commerce, many…show more content…
Over the last 20 years, technology has evolved from command-line interface to drop-down menus to apps, making it simpler and easier to use. Consumers now have a higher level of comfort in using technology and this has positively impacted online…show more content…
Retailers are not only targeting customers on the basis of demographics, but are analysing their spending patterns to better market their products. This precise targeting is helping online retailers to convert more leads into sales. • An increase in internet and smartphone users: In 2011, the sale of smartphones and tablets exceeded those of desktops and laptops for the first time. In the next couple of years, more consumers are expected to access the internet through their mobile devices than from their desktop computers. Miniaturization of components and wireless technology has allowed consumers to shop and interact over the internet while they are on the move. • Social media: Social networking platforms have opened a new channel for online retailers to promote and raise awareness for their products. Social media is mainly used by the population in the age group of 18-34 years, which has made it an important medium for branding and loyalty. Social marketing programs are a must-have for today’s user experience, and they provide an excellent platform for retailers to get customer feedback. But there are certain challenges that the e-commerce industry is
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