Mar 02, 2020
eCommerce or Electronic Commerce means the use of Internet for business trading, eCommerce is not something new and it has been in the globe for over two decades now. But, eCommerce has suddenly shown a spurt growth in the recent years. It has gained special attention from Entrepreneurs, Retailers and Customers, both at local and international levels.
One of the primary reasons for this tremendous growth is due to a few of the highly successful operations in the online space such as eBay, Yahoo and Dell. The sales revenue these companies were able to achieve is one of the biggest reasons why Ecommerce has become significant in the commercial market these days.
Ecommerce emerged with a proven result over a period of time. In the commercial markets, time plays an vital role to both the business and consumers. From the business point of view, with lesser time spent during each transaction, more transaction tend to happen on the same day. From the Customer perspective, they save a lot of time during a transaction. Due to this factor, Ecommerce became popular and replaced the traditional commerce method with both the parties being able to save a lot of time while making a transaction, thus resulting in quicker means of closing a business deal.
With just a few clicks in minutes, an order can be placed and the payment can be done for the order, with full ease. A banking transaction can be fulfilled through online means in a few minutes' time compared to the traditional banking method which may take hours together. This fact thus proves that eCommerce is much quicker to both business owners as well as the Customers payment wise.
From the business point of view, ecommerce works out much cheaper compared to traditional commerce method. This is primarily because the indulgence of middlemen gets eliminated. For example, the giant computer enterprise, is into eCommerce or use of online means for selling their computers without involving any third parties. In addition to this, marketing in eCommerce does show a better customer to cost ratio as advertising on the internet is comparatively cheaper than putting up a roadside banner or filming a television commercial.
For Ecommerce, the overhead cost needed to run the business is much lesser compared to the traditional commerce method. All these put together eCommerce becomes cheaper when compared to other forms of business trading. Further, for running an eCommerce business, only a single office is needed and most of the cost for staff, maintenance, communications and office rental can be saved as it requires only web hosting for the eCommerce business.
Further, to both Customers and Business Owners, connectivity is the key factor that determines their success in business. From the business perspective, eCommerce provides better connectivity to their target Customers as their eCommerce platform can be accessed online from anybody and from anywhere across the globe. In this manner, more potential customers do become aware of your business, thus, eliminating the limits of geographical location.
From the customer standpoint, eCommerce is much more convenient as they can browse through the entire product catalogue and compare prices between products and find the best deals. They can also buy from a different country, with no geographical limitations. And, all these can happen at the comfort of their homes. Besides that, for both Customers and Businesses, eCommerce has proven to be more transparent as online trading has less red tape compared to traditional commerce method.
From the global market perspective, the appearance of eCommerce as a pioneer has opened up several doors of opportunities for investors and funding. Also, more and more resources are being directed into electronic securities, internet facilities, business plans and new technologies. As a result, a wide range of new markets have emerged from Ecommerce itself, thus giving a boost to the international market.
To conclude, eCommerce will certainly continue to see a constant growth in the global market and eventually, it will become an essential business plan for a company in order to survive and stay competitive in the ever changing trends in the market.
If you are looking at taking your physical store online and grow your business by means of eCommerce, write to email@example.com today.