E-commerce is the buying and selling of goods and services, and the transfer of funds, over the internet using credit cards, debit cards, or checking accounts.
is E-commerce important for online business ?
Any comments ?
Technology is changing fast and getting better than ever. This led to changing consumer lifestyles, preferences, demands, etc. , thus affecting the way we do business as well.
E-commerce has transformed how people buy and sell online. It offers convenient way of shopping, fast searching and comparison of products/services which benefit busy people and those living in areas far away from the retail shops or looking for products not available in their area. It paves way for easy access to food, travel and accommodation, health products, electronic/digital products, almost everything we need or want.
E-commerce offers a venue for entrepreneurs to sell their products and/or services whereas physically, it is almost impossible to compete against the major retail players or industries dominated by large enterprises with the investment and marketing machineries. Some individuals even make money by simply promoting the products.
Amazon is one true testament of success in the e-commerce business. Realizing the significance contributed by online business, major retail /wholesaling companies have also joined the bandwagon selling online as well.
E-commerce can reach customers all over the world. It is simpler and more cost effective to operate than maintaining a physical store or warehouse. Everything is done online, from order processing, scheduling for delivery and payment. Emphasis is on customer service, experiencing delightful shopping. Also, there is a perceived notion that when you shop online, products are cheaper due to aggressive marketing strategies employed like promo discounts, loyalty rewards, free or flat-rate shipping, and other perks.
I see the growth of e-commerce as more and more consumers shift to convenient shopping. It offers an alternative choice on how to buy wisely at the time you needed it the most. Physical shopping will never die as shopping malls have continued to evolve into a complete entertainment or destination center.