Jack W. Plunkett, CEO of Plunkett Research, Ltd, highlights several e-commerce trends that are transforming retail, travel, entertainment, and communication.
“The Internet is all about saving time, and therefore saving money, and about eliminating geographic and physical boundaries,” he explains. "The Internet will allow you to do business, gather information, and watch entertainment virtually anywhere, anytime, without any physical constraints whatsoever beyond the necessity of having access to the Internet."
Read on to discover how e-commerce is affecting different industries, based on Mr. Plunkett's findings.
Mr. Plunkett notes that some large retailers are e-commerce only, such as Amazon, Alibaba, and eBay. But a lot of e-commerce is also conducted by retailers with physical stores who are finding their store traffic decline while their Internet sales increase.
"Today, the most successful retailers practice what we call ‘synergy of bricks and clicks,’” Mr. Plunkett states. “In other words, make it easy to buy your merchandise, find your merchandise, and return your merchandise — whether online or at the store."
According to Mr. Plunkett, companies like Expedia and Priceline have turned the travel industry upside down by making it incredibly convenient for consumers to compare options and prices online.
“Traditional travel companies are scrambling to find a way to stay relevant in terms of owning the customer,” he says. “More and more, the online travel agency owns the customer and guides the customer in making a buying decision, rather than loyalty to an airline or hotel chain.”
In addition to retail and travel, the entertainment industry is also experiencing massive changes.
As Mr. Plunkett explains, Apple iTunes revolutionized the sale of music overnight, but online music delivery is continuing to evolve to this day, with companies like Spotify and Pandora providing convenient music subscriptions to consumers.
How shoppers purchase tickets to events and watch entertainment has also shifted dramatically.
The Future of E-Commerce
Mr. Plunkett wraps up the video by identifying three important technological advancements that will help deliver faster Internet speeds and improve website designs, including:
- 5G wireless delivery
- Fiber to the home (FTTH)
Download Plunkett’s report E-Commerce & Internet Business Almanac 2016: E-Commerce & Internet Business Industry Market Research, Statistics, Trends & Leading Companies for more information.
This comprehensive report includes the following:
- Industry trends analysis, market data, and competitive intelligence
- Market forecasts and industry statistics
- In-depth profiles of hundreds of leading companies
- And much more