Last year, almost 12% of all worldwide retail sales were done online. This is a trend that will only continue to grow as does the power of the technology in our pockets. Mobile phones have become more than just a method of communication, but our connection to society and the outside world as a whole. People can now spend thousands of dollars in mere seconds while riding the bus, going on a hike, or even using the bathroom. This new and sudden reality has presented consumers with more efficient buying options than more traditional methods of travelling to a physical store or market. Now, entire industries are focusing their resources to the world wide web – from marketing to retail, and even service-based businesses are finding value in taking their business online.
Banks around the globe are scrambling to provide their customers with the ability to make personal transactions right from their phone. Third party apps like Venmo and the Cash App have been able to get their foot in the door first, allowing users to deposit money into an account through there app, where they are free to transfer it to other users, and in some cases, make direct transactions with an online business. This freedom and ease to spend their money gives the mobile tech user the ability to buy more things, and receive them faster than the old-fashioned method of driving to the store.
E-commerce helps reduce the amount of traffic on the roads, provide more efficient buying options, and new possibilities for businesses, but it’s certainly not without some major drawbacks. The efficiency of e-commerce has created an expectation that businesses need to provide near instantaneous service, and small family-owned businesses simply cannot keep up with the demands and capabilities that online corporations are able to provide to their demanding customer base. In order to facilitate an online environment where small business can thrive, there needs to be some management of consumer expectations. Despite the potential concerns for small business in the online marketplace, there are also plenty of opportunities to thrive. According to Conklin Media, small businesses can draw in a wider customer base and find loyal followings through search engine optimization and social media marketing. The sky is truly the limit for small business owners who see the internet as a valuable tool, rather than an intimidating obstacle to overcome.
There’s no doubt that the future of finance, commerce, and even communication will have deep integration with the online world. In order to survive in this new reality, businesses big and small have to adapt their strategies and find creative solutions to some of the problems that the internet creates for their company. For the personal consumer, apps and banks provide faster, more efficient options for managing their funds, and it should come as no surprise when mobile technology is the popular way to make transactions in the near future. Time will tell how successful the integration of mobile tech into society will be, but there’s no doubt that it’s coming, and we all have to prepare for the arrival.