Not so long ago, purchasing products was limited to either a visit to a store or a phone call. If you were lucky to have acquaintances living abroad, purchasing an imported product would be somewhat less expensive than dealing with post offices and intermediaries. Today, with the development of technology and the spread of electronic dealing, trade has shifted to the digital world. It now only requires a few clicks on your smartphone, and it is only a matter of days before you receive the desired product at your doorstep. If someone had told a story with similar incidents 30 years ago, people would say it is crazy. So what happened here?
The transformation of trade into the digital world began in the late twentieth century, as it provided new opportunities for merchants and made it easier for consumers to know what the mechanism of commercial operations was in the past and how it used to take a lot of time and money. However, today, the merchant can easily create an online store at a much lower cost. It can easily display its products and services on the internet and reach a global audience easily. Buy and sell operations have become more available to consumers anywhere and at any time.
What is the impact of this transformation on the workflow of traders?
As businesses moved to the digital world, merchants had new opportunities to expand their customers and increase their sales. Instead of relying only on local customers, the merchant is able to access the global market. In addition, digital technology has simplified business processes, saved time and costs thanks to automation, and improved communication between different parties. Nonetheless, with these opportunities, challenges also came. It became necessary for merchants to adapt to the intense competition in the digital market and provide distinctive and innovative services and products to attract customers. Customers are becoming more aware of their expectations for quality and service that increase day by day.
How did it impact consumer decisions?
On the other hand, consumers have benefited greatly from the transition to the digital world. Online shopping has become easier for them. Thanks to technology, they can easily compare prices and products and access reliable information about products and services before making a purchase decision. Moreover, consumers have the ability to express their opinions and share their experiences with others through social media and assessment platforms. This promotes trust among consumers and helps them make more informed purchase decisions.
What is the role of modern technologies in facilitating buy and sell operations?
In light of this digital transformation, many modern technologies have emerged that aim to facilitate the purchasing process and improve the user experience. Here are some of these technologies:
Augmented Reality (AR) Shopping: It enables users to view products in their physical environment through the use of augmented reality mobile apps and helps them visualize what the product will look like in their home or on their own before buying it.
Big Data Analytics & Artificial Intelligence (AI): Merchants use smart analytics to understand consumer behavior and preferences, enabling them to direct personal displays and improve the shopping experience.
E-Payments and Digital Currencies: E-payment methods and digital currencies provide greater flexibility to consumers and facilitate online purchases.
Fast Shipping and Delivery Service: Thanks to developments in shipping and delivery, consumers can receive their orders in less time and at lower costs.
Social Commerce: Social media platforms allow users to interact with brands and buy products directly through their apps, making shopping more connected and transparent.
In conclusion, the shift from traditional to digital trade has brought about radical changes in the world of business and shopping. Despite the challenges faced by merchants, opportunities for growth and global expansion outweigh the challenges. As for consumers, online shopping has become easier, more enjoyable, and more reliable thanks to modern technologies that change the way we interact and deal with products and services.