ECommerce & FinTech: Diffusion of Innovation

Diffusion of Innovation
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Diffusion of Innovation
The eCommerce and FinTech industries are among the fastest-growing industries today. Businesses continue to transform the way people use technology to conduct business. The success of eCommerce and FinTech can be explained using different approaches, including the diffusion of innovation theory. The theory outlines how new technological advancements spread to societies from introduction to adoption.
Before the emergence of the eCommerce industry, consumers relied on traditional motor and brick stores. However, the emergence of early eCommerce platforms like Amazon attracted a small group of people who wanted to explore new ideas and technologies, especially the advantages of the world wide web (Shen, 2019). The early adopters were looking to take advantage of eCommerce platforms' convenience. For instance, customers did not need to shop since eCommerce companies could deliver orders to places accessible to them. As time passed, the early majority saw the benefits of eCommerce platforms. These clients were majorly motivated by reviews and testimonials of others who ordered their products online and received them conveniently. As eCommerce platforms continued with their marketing strategies, there was a strong feeling for the late majority to be left out, forcing them to start using eCommerce businesses. Despite th...