Believe it or not! If I say that ” I bought a pair of branded shoes at very low price”, the first question that will pop up your mind will be – “have you purchased it online??
This shows very clearly that how immensely e-commerce have conquered our minds and has become significant part of the business world.
E-commerce stands for electronic commerce. Commerce is the exchange of goods, commodities and services, specially on large scale. So, as the word suggests e-commerce means the exchange of goods, commodities and services via electronic media. The procedures and transactions are carried out via the world wide web. This electronic media can be an online store, a message on Facebook, an advertisement on Instagram or just a simple e-mail. All of these things fall under the category of e-commerce.
Future of e-commerce
With the growing digitalisation the future of e-commerce is very bright. E-commerce gained immense popularity gradually starting from the times of desktop, then to the laptop and to now the smart phones.
If we spot the statistics it shows that global e-commerce retail sales to hit 4 trillion by 2021.
The youth supports e-commerce and as the presence of youth is maximum on social media. Through the social media like Facebook, Instagram and others e-commerce is grasping the attention at higher rate.
Why e-commerce is having such a fertile future in upcoming years?
The following points will help you dig the answer of question mentioned above. Some of the advantages of e-commerce are listed below which will help to figure out why online market is growing so rapidly.
- Availability- The local physical stores are generally open from 10 a.m. to 9 p.m. . But online stores are open 24 /7. So this makes you available to your buyer round the clock. For e.g. if a person needs something to buy but due to office hours, he or she cannot go to market. Then the same person can search the same product online and buy it online even at midnight. This makes it convenient for consumers and ultimately adds to your profits.
2) Cost efficiency- One of major benefits of e-commerce is that it requires very less start-up cost. For e.g. If you want to start a business in local market you needs lakhs of rupees in that brick and mortar store. Starting for building of the shop or its rent, then in maintaining the infrastructure so that it looks appealing and attractive. Then expenditure on the bulk of goods you need to sell and finally on maintenance of each and everything. Whereas your online store expenditure is much less than physical retail stores. You do not need to buy in bulk everything you need to sell. Similarly physical retail stores require number of staff members to which you need pay heavy amount as work is in abundance so their pay is also high. However, online stores doesn’t require many staff members. This also saves a lot of money.
3)Sell nation-wide or internationally –
E-commerce is not confined to a particular market place or a city. You can sell your products anywhere around the world. Setting up an online business enables you to showcase your product not only nationwide but throughout the world
With growing technology the internet banking enables you to get the payments online from any part of the without any hustle-bustle. Internet banking is also a vital part of e-commerce. So its not wrong to say that internet banking adds a cherry on the cake.
4) Time efficiency –
In the time when every one busy and want their work to be done in blink of eye, online busine
ss or e-commerce is the key. It provides wide space for the retailers to flourish and showcase all their products. The retailers does not have to wait for customers to come and buy the products. Similarly the consumers too have huge variety of products to choose from. They have different products of one kind available in just one touch away. A product with different sizes, different cost and multiple designs make it more fascinating!
5) Easy Access to customers -Website is also part of e-commerce. Having a business website enables you to run a business on small or large scale online. A business website always contains full information about the retailer like address, phone number etc. . So when a potential customer is out and about to find you they can easily locate you via their mobile phones. This is very helpful and time saving for the customer as it saves their time from the hustle-bustle to find the correct address. The retailer also not have to worry about easy access.
In addition to this, if in case and for some reason you change the location of your business to another place, you do not have to worry about how will people know this. Every retailer also have the fear of losing their old customer while shifting their firm to new place. So in this also website is very helpful. A website is the place from where your old customers as well as new ones know the current location of your business firm. You just have to keep your website updated accordingly. And your task is done. They can easily know every new thing related to your business firm everytime they visit your website.
So as we can see in the aforementioned points that e-commerce is the need as well as the choice of new time. This will definitely increase in coming years. In the era of internet, the future of e-commerce is very bright. E-commerce has gained much success and its still continuing. We do not really know what sort of latest trends are yet to come in business world but e-commerce will definitely be better and better as the time will paas.According to what we see today,e-commerse seems to be promising. All I can say in end is “If e-commerce is the future then future is stupendous.