The week is coming to an end, and what a week it has been in the ecommerce industry. The past few week have been a little more quite due to the holiday season. This week saw Meet N Squared being founded, ecommerce market to reach new heights in 2015. Read on to see what else happened during this past week.
Taiwan’s ecommerce industry might seem too small or insular for investors to take notice, but look carefully and you’ll see that it’s changing quickly. Giants from the Web 1.0 era are racing to stay relevant in an era of smartphones and social networks. Meanwhile, behemoth messaging app Line has expressed interest in tackling peer-to-peer ecommerce, which could also affect the fortunes of incumbents. And as mobile devices that track one’s location grow more powerful, many are wondering how to bridge the gap between physical storefronts and virtual ones.
N Squared is one startup that’s looking to capitalize on these trends. Co-founded in 2012 by Steven Ho, former general manager of Yahoo Taiwan’s ecommerce division, the company’s 91App helps online merchants set up mobile storefronts quickly. 91App’s premise is not new, of course. It’s basically an app-centric, Taiwan-oriented version of Shopify, the Ottowa-based startup that helps merchants build online storefronts. You can read my full Shopify review here.
Abandoned carts are the bane of most ecommerce businesses. According to most estimates, industry wide roughly 7 of 10 ecommerce shoppers abandon their carts prior to completing a transaction for reasons ranging from purchase friction — such as being forced to create an account prior to checkout — to website slowness and finding a better deal elsewhere.
Ecommerce has revolutionised the way we live our lives today. It is the fastest growing sector in India and according to Gartner, the ecommerce market is expected to reach $6 billion in 2015—a 70% increase over 2014. The growth is pegged by a rising number of Internet users, advances in cloud computing and mobility, a secure and convenient online payment system, lucrative offers by e-tailors, a robust 24 x 7 delivery system and a burgeoning start-up ecosystem.
For years, businesses have been focusing on boosting their online presence to sell and market their products and services. But now, some businesses are starting to do the opposite, looking for a physical presence to boost their brand and support online sales. Saddleback Leather and Love 41 are two such companies.
Since we’re in the thick of the hectic Holiday season, ecommerce sites have been bustling with activity. In fact, according to IBM, this past “Cyber Week” (Thanksgiving to Cyber Monday) was a record-setting year for online shopping with “overall online sales increased 12.6 percent, with mobile sales up 27.2 percent compared to the same period in 2013.”
While that’s welcoming news for ecommerce site owners, there have also been the numerous reports of stores – both online and offline – getting hacked. This becomes a problem, because as Jeremy Smith perfectly states, “In ecommerce, everything hinges on trust.” He also adds that, “If they don’t trust you, they won’t buy from you.”