Damm Holland, the CEO, and Co-founder of Fast believe that ten years down the line, e-commerce may not even be as distinctive as it is today. E-commerce may become commerce, implying that every business would have a digital presence in 2030.
How Covid-19 Fast-Paced E-commerce
E-commerce has been booming ever since Covid-19 started. However, even before that, trends show that there was a surge in e-commerce platforms. After the pandemic, digital transformation became a necessity for businesses to grow. E-commerce is a multi-trillion-dollar sector that was already growing at 15 percent year on year. As the pandemic struck the world, there was a greater need to bring everything online. The pace of digital transformation saw a surge when people sheltered inside their homes and started to buy online. This led to an increase of 40 percent year-on-year growth for the e-commerce sector.
Every business, irrespective of its size or nature, had been affected by the pandemic. This led to businesses injecting more funds and resources into digital mediums. Over the last 12 months, the demand for e-commerce has been increasing exponentially. The experience of e-commerce has changed dramatically from what it was in the late ’90s
The Digital Transformation That Works
Going forward, every business should have an online sales channel that may be its primary sales channel. The fastest-growing e-commerce demographic is 65 years and older in America. Keeping age as an important factor, digitization must incorporate an interface that is easy and intuitive. The experience of being online must be frictionless.
Citing a case, Damm highlights that the process of checkouts and payments is slow. The passwords keep changing and each time people need to fill in more information. An average checkout has fifteen forms to be filled and takes seventy-seven seconds to two minutes. This makes the process cumbersome.
We have also seen a push for digital privacy laws but now the consumers are the true owners of their digital and online identities.
The Story Behind Fast
Fast is a one-click checkout platform that aims to make your experience frictionless by enabling one-click checkouts. It allows you to use the Internet without any passwords. Fast was conceptualized and initiated when Damm’s wife’s grandmother was unable to buy groceries online as she forgot her password. Damm is of the belief that buying online should not be harder than buying at a store. With this thought, he proceeded with his idea of creating a platform that enables a store-like shopping experience.
Damm’s brainchild ‘Fast’ solves this problem through their one-step solution. The tool enables one-click checkout. Fast is compatible with all the platforms and devices. Small businesses can use this product to compete with bigger businesses by making the payment experience frictionless for their consumers, and thereby, building better equity.
The Rationale for E-commerce Growth
Damn gives a simple rationale that if you make it easier for people to buy things, they will buy more. This will lead to higher conversion rates and will help in increasing the average order value. Consumers will always choose the easiest and fastest means to their end, so we must not wait for 2030 and act now.