The surge in advancement in technology rapids up the human evolution in the past couple of decades. The developed countries and underdeveloped countries are distinguished by the penetration of technology. Every countries are started implementing technology in all fields which makes it as undeniable development factor, at the same time as a risk factor with no exact replacements when needed. It is clearly visible that technology is dominating the world especially the smartphones, it is hard to find a teenager without a smart device as the semblance of technological addiction.
Innovations in online shopping
The major field which is affected structurally and functionally is shopping by the technological innovation With more goods demand, consumers have to face the challenge in adaptation of latest technological innovations in shopping arena such as digital wallet, social shopping and geo-tagging. The digital shopping crosses the halfway in the year 2014 which is derived from the statistics of holiday shopping in December 2014 where online shopping accounts for 54% which was below 50% last year. With the rise in online shopping, the traditional brick and mortar stores get a setback by losing its number of visitors.
A report reveals that 40% people are abandoning the cart if they experience a delay of three seconds while checking out. To surmount the issue, Apple introduced the digital wallet which enables the user a quick and secured payment if it is adapted by customer it will revolutionise the payment in shopping world. The emergence of cryptocurrencies and other virtual currencies are expected to replace the fiat currencies in future which ensures further safe transaction but the regulations are subtle and governments have to face challenges. The positive factor about the digital wallet is that it produce uniform currency in shopping world but it will obstruct the purchasing power of people by blocking the usage of loyal points earned by customers.
Recent implementation in shopping world
The retailers and online shopping sites are closely watching the shopping pattern and behaviour of shoppers to implement more consumer friendly options. While observing it was found that 74 percent of people are turning to social networks for information when they decide to purchase any products. The retailers are trying to use the opportunity by marketing in social media which has already brought one percent of traffic to the online shopping sites. To make it better, the retailers introduced social shopping which is then turned out as important revenue source and it is estimated that it will bring 5% revenue in the year 2015. From its introduction 175 million people are using social shopping in the year 2014. Twitter introduced the social shopping in the beginning of this year by implementing one click buy button which significantly increased the relationship between retailers and shoppers. Another study suggests that 49% of consumers are going to purchase a product if a person shares it as favourite in online.
According to discountrue, a coupon site, social media which emerged few years ago has higher interaction rate and it will be the leading online store for the shoppers in future. However, cyber security is the only issue that blocks the growth of online shopping. 38% people are spending less than previous year because of insecurity in information and payment. The cyber security is the global issue and the shoppers are expecting solution from technology and if better protection is found online shopping will occupy one-third of shopping world.