The Effectiveness of Online Shopping To Consumers
Technology has created an environment where consumers can now purchase everything that they need from the comfort of their locations. Smartphone, for instance, has led to an increase in the number of online shoppers. The effectiveness of online shopping has been a success than any other mode of shopping. This is because:
It Offers Convenience
Buyers can shop at whatever time they want and wherever they are. Physical barriers and time restrictions are not inhibitors to online shopping. Buyers are guaranteed of a 24-hour shopping experience and they can even make purchases while at the office or home, while traveling etc.
When shopping online, you are bound to spend less. Compared to the traditional method of shopping that usually requires transport expenses and expensive products, with online store all you need is a reliable internet connection.
Global Statistics and Facts on Online-Shopping and E-Commerce
The most popular type of eCommerce is the Business-Consumer i.e. the B2C e-commerce category. It involves purchasing of products from various bricks & mortar outlets e.g. Walmart and from online retail outlets such as Amazon. It’s estimated that more than 1.6 billion people purchased goods online in 2017 alone. Still, in the same year, there was a big surge in the worldwide retail sales and it resulted in product sales of $2.30 trillion. According to statistical analysis, the sales from e-retail is expected to go up to $4.5 trillion by 2021.
Statistics indicate that the use of mobile phones for shopping has increased. A study that was conducted on mobile penetration and mobile shopping indicates that there are over 45 percent of internet users who are found in the Asia-Pacific Area. About 28 percent of people who are in North America made purchases using mobile gadgets i.e. a tablet or a smartphone.
As per the second half of 2017, most people still used desktops and it’s the top device that was used for the majority of online orders. The rates of online purchases vary from product to product with the latest trendy products forming the majority of sales.
Facts and Statistics about Online-Shopping and E-Commerce in Bangladesh
A report that was released by the World Bank in terms of the economic growth shows that Bangladesh had a 6.8 percent growth rate in 2017 only. A huge contributor to this growth rate is e-commerce. According to market surveys, this number is expected to increase as the number of internet users is bound to grow. It’s estimated that e-commerce has created more than 50,000 jobs for people and there is an expected growth rate of over 70 percent annually for online shopping Bangladesh.
Banglashoppers is one of the most prominent retail outlets in Bangladesh. The affordable and versatile game changer has changed the way people do online shopping Bangladesh especially when it comes to cosmetic products. Banglashoppers imports its Makeup Shop, Hair Care Shop, Fashion Accessories etc. from established global brands like the W7, Neutrogena, Jeffree Star, T-Zone, Ofra, and many others. The skincare and makeup products are sold in categories such as Health & Beauty Shop, Perfume Shop, Kids & Baby Shop, Makeup Shop, Grooming Shop, Bath & Body Shop, Hair Care Shop and Grooming Shop etc.
Making Trust through Product Quality and Legal Issues
Naturally, a human being is usually reluctant to make certain decisions and especially if the situation isn’t usual. Before making online purchases, a person usually overanalyzes the situation throughout the whole process. When the process involves purchasing of products online where they do not physically see the product, they usually think a couple of times. According to research studies, it’s evident that almost 60 percent of buyers who want to purchase products from e-shops were regarded as -“Indifferent”. Additionally, they also rated the unavailability of return management for services as “bad”.
Based on e-commerce that’s done on social media sites such as Facebook, a common problem which most buyers encounter is the low quality of products. Because Facebook is a popular social platform, there are certain laws that have been established where necessary. The result of this is that business companies are now becoming a lot more conscious of the quality of products and services that they are offering to consumers.
Consumer Awareness and Attitude towards Online Shopping
Because the amount of time people are spending online is more than what they spend anywhere else, consumers are marking purchases from the e-shop. Below is their awareness and attitude about online shopping.
- Very few consumers believe that online shops have a wide product or service variety.
- More consumers believe that online shops offer easier price and product comparison.
- Most of them love doorstep product delivery.
- Most online shoppers agree that reading reviews usually influences how they shop.
Seller Awareness and Attitude towards Online Shopping
When it comes to online shopping awareness, more retailers are opting for this mode of shopping. Sellers are aware that more people are now spending a lot of time online hence they are likely to make purchases from online retail stores. But what about their attitude?
- A seller’s attitude when it comes to online shopping is based on the expected profit returns and benefits.
- Most sellers believe that a positive review will positively impact sales.
- A lot of retailers believe that discount coupons help to increase sales.
- Sellers prefer receiving payments before they can dispatch the products to consumers.
E-commerce is now one of the trendiest and highly growing sectors globally. Existing companies are now turning towards this method of shopping as more people become aware of technology. Additionally, the penetration of internet is increasing. Over the next coming years, the growth rate of online shopping is expected to grow exponentially.