Introduction
In today’s society online shopping has become the main way of shopping at a global level. Also, the rise of e-commerce can be seen in correlation with the numerous FinTech advances that have been made over the last few years as FinTech companies such as mytalu have created a space for digital storefronts. In this week’s blog post we explore how the world has become more accustomed to online shopping and the advantages it has brought so far.
Convenience
The main appeal of online shopping and e-commerce is that consumers have the advantage of shopping for what they want from the comfort of their own home. Due to this it means that online shops and digital storefronts are more widely accessible to people at a global scale, allowing people from all locations whether central or remote to have access to the same consumer goods. Not only this but they are also available 24/7 which again, increases the consumer reach.
BNPL
With the rise of fintech since the recent FinTech revolution, the use of BNPL (buy now pay later) schemes have become more popular and this is specifically seen in the world of online shopping. These buy now pay later platforms allow consumers to pay for their item/items in monthly instalments- spreading the cost. Whilst this is a good concept as it benefits people from all financial backgrounds, it can also encourage reckless spending habits.
Rise of small businesses
FinTech companies have adapted to increased internet connectivity and with this they have enabled a lot of people to be able to start small businesses through online digital storefronts. This has been an advantage as it is an easier way of going about starting a business without having to wait to approve loans from a traditional bank. This has opened and diversified small businesses globally as online banking systems don’t have as many barriers facing people from all walks of life. No-code solutions like mytalu’s digital storefronts have drastically lowered the barriers preventing entrepreneurs from starting their e-commerce business. You no longer need web developers, designers and backend engineers to quickly launch and scale an e-commerce business. In under five minutes, your digital storefront is up and running.
What the future holds
From looking into the nature of online shopping as well as digital storefronts from e-commerce, it is clear that it has been a huge advantage over the recent years since it blew up. This is mainly due to the fact that it has opened up the consumer world and made it accessible for all, giving everyone an opportunity to have access to the same consumer goods. As well as this, in terms of e-commerce, FinTech companies have enabled small business owners to set up their businesses with less barriers facing them. Ultimately the future of online shopping and e-commerce can only get better in the years to come.
