In the last ten years, we’ve seen the development of new technologies that have completely changed the way we do business and how we interact with each other. One of the more prominent examples is the E-commerce industry, which was originally built around online marketplaces where people could buy and sell brand-name goods. Now, along with online marketplaces, social media platforms like Facebook and Twitter have totally disrupted the way we discover and consume content. As a result, new industries and business models have evolved to take advantage of these platforms.
E-commerce Is Increasing Its Reach
Although the E-commerce industry began as a niche market serving a handful of shoppers, today it’s grown to become a $263 billion industry with over half a trillion annual online transactions expected in the next few years.
Many retailers today have fully embraced online marketplaces, purchasing digital goods and products as marketing fodder and engaging with customers more frequently through social media platforms.
In one example, Guess uses a mix of social media platforms — including Twitter, LinkedIn, and Facebook — to engage with customers. The brand uses digital marketing to drive business growth and innovation, employing data-driven strategies and marketing technologies to move merchandise faster and more efficiently.
New Industries Are Rising From The Ashes Of E-commerce
In the wake of the E-commerce industry, new industries have risen to fill the void, many of which are still in their early stages of development but show significant promise for the future. Here are a few.
Technology is undoubtedly one of the biggest categories when it comes to online marketplaces, and it continues to grow as platforms evolve to enable business-to-consumer (B2C) transactions as well as offer greater functionality for brands and retailers.
This is most evident in the growing digital nomad communities that have sprung up around the world, with freelancers and digital marketers congregating online to connect and collaborate with other professionals.
Traditional news outlets have evolved to keep up with the changing times, providing 24/7 news coverage as well as video content through live-streaming and on-demand videos.
Additionally, journalists are using the internet to their advantage, creating niche blogs and websites to attract and retain qualified leads and shoppers, as well as create brand awareness and educate customers about trending topics.
Finance is another significant category on online marketplaces, with marketplaces like Alibaba, Binance, and CoinBase enabling consumers to gain vast economic advantages through investing in cryptocurrency and emerging markets.
These platforms greatly facilitate the buying and selling of goods and services, while providing customers with the opportunity to invest in businesses that they believe in, creating a win-win situation for everyone.
B2C E-commerce Is Paramount
It’s important to keep in mind that the E-commerce industry is dominated by B2C transactions, representing 79% of the total volume of transactions on these platforms. This is in sharp contrast to B2B transactions, which make up only 11% of all purchases made through online marketplaces.
Branded products and online marketplaces are largely focused on generating sales via consumers, rather than sales to or from businesses. But this is slowly changing as platforms evolve to enable business-to-business (B2B) transactions as well.