The global e-commerce market has risen to the level of rivaling the brick-and-mortar retailers who are considered the traditionalists. This has largely been due to the benefits that e-commerce offers such as convenient services and faster shopping. In the process, the channel has brought about disruptions in its realm which has also trickled down to the retail sector.
Major disruptions that continue to define the global retail sector
One of the major disruptions is the need for retailers to have both a physical and online presence to be competitive enough in the market. In the past, the online platform was considered a reserve for the tech-savvy and a few millennials who were confident enough to trust in the system. Additionally, the platform also had a select group of products and services that it could offer. In the beginning, it largely included items such as music and books. However, with more people finding online shopping to be convenient and reliable, there has been a surge of items and services that can be offered online. In fact, virtually all items and services offered at physical stores can now be sold online.
As a result, retailers have been forced to have both a physical and online presence to remain competitive. For instance, traditional retailers such as supermarkets now own websites where they offer a variety or all of their items to consumers who would rather make an online purchase or visit the store physically. Even small scale retailers, such as sellers of cosmetics and beauty products, are forced to have an online presence so that consumers who prefer such a channel can have access to their products and services. In developed nations such as the United States where e-commerce has gained substantial acceptance, some retailers and stores have resorted to only having an online platform. They have closed down their physical stores since their population of customers using the online platform is higher. Therefore, global e-commerce has disrupted traditional retailing where an online presence is now a must for most stores.
Another disruption has come about in the form of quick deliveries. When pioneering e-commerce sites such as Amazon were beginning their operations more than a decade ago, a two-day delivery was considered fast enough. Additionally, consumers had to pay substantially more to enjoy the fast deliveries. However, at present, deliveries have evolved to just being a service that customers are entitled to when they make a purchase. The phenomenon was brought about by the need for retailers to compete by offering clients either free deliveries or faster ones at affordable prices. This has disrupted the market in two major ways. Firstly, consumers now expect deliveries as part of their normal shopping experience. The need has trickled down even to the most basic of retailers who are forced to finds a way of offering free delivery services for clients requiring the service.
Secondly, customers have come to expect faster services as part of their online experience. At present, online shoppers can have their goods delivered in hours if they are within the geographical location of the retailer. For international customers, the deliveries can take up to one to two days. The convenience has been brought about by improvements in the shipping industry and strategic location of distribution channels which reduces the amount of time that goods can be shipped to a particular location. For instance, major e-commerce retailers offer a prime service where international customers can pay a small fee to have their goods delivered within 24-hours of purchase. As a result, customers have now come to expect faster services from their retailers. This has been evident in the service industry where customers now order food online and expect that it will be delivered fast enough to be consumed within the desired period.
The third form of disruption that has occurred pertains to customer experience. The advent of the Internet has influenced customers to expect more from their retailers. For instance, in the United States, it is estimated that at least 70% of retail purchase decisions start with an online search. Consumers scour the Internet to find more information regarding an item they want to purchase. The information may include prices, qualities available, and other alternative products. As a result, they expect the same level of engagement when they visit a store. Additionally, with the growth and influence of social media, marketing has now moved to the platform since consumers spend much of their time there. As a result, customer experience has become more personalized since it is easy to engage individuals at a personal level on the platforms. As a result, traditional retail markets have also been forced to offer a level of personalized experience for consumers so as to be in-sync with the changing times.
PureGold’s blockchain-powered disruption
The latest disruption has been the advent of the blockchain technology and cryptocurrencies. Blockchain-powered e-commerce platforms are being developed and are disrupting the e-commerce space by offering an immutable, reliable and powerful alternative to traditional payment gateway systems that are still plagued by a multitude of problems. PureGold, one of Singapore’s most trusted gold minter and retailer of exclusive gold articles has developed a blockchain-powered e-commerce platform to buy gold and other goods and services using the world’s first gold-backed cryptocurrency, the PGTS. Through its unique PG Pay platform, customers can now enjoy a wide range of services and can also get rewarded by using the platform. PG Pay also looks to attract the larger B2B sector and its aim is to make PGTS popular enough to be used as a mode of transaction for larger business transactions.
With its stable gold-backed cryptocurrency, PureGold aims to disrupt the e-commerce sector further and enhance the quality and range of services that people can enjoy using their crypto assets.
Disruptions in the global e-commerce market will continue to affect the market itself together with the traditional retail channels. As innovations implemented in e-commerce continue to define consumer expectations, traditional markets will be forced to keep up so as to remain relevant. In the long-term, blockchain-powered e-commerce and world’s first gold-backed payment gateway may become the dominant force in the retail market.
Bullion Currencies, Gold-Backed Payment Gateway Networks
Our HQ is based in Singapore as the Gold Trading Hub. We are expanding BC payment gateway networks to Malaysia, Vietnam, Indonesia, upcoming Hong Kong, China, USA and Korea. PGpay payment gateway solutions are scalable and expandable to all around the world.
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