WHAT IS E-COMMERCE?
E-Commerce is a term that includes all business or commercial transactions online. It defines the exchange of goods and services across the internet, without barriers such as time or distance.
Other things such as web auctions, payment gateways, internet banking, and online ticketing also come under e-commerce.
Beyond that, I believe that e-commerce is the freedom to exchange goods and services, without the burden of: stocking, payroll, large up-front investments or even expensive rental fees for an office. E-commerce is the democratization of business, is no longer a luxury to be a business owner, now these days it is so easy and affordable that anyone with a great idea and a little bit of sweat investment can achieve their goals with the help of technology.
THE IMPORTANCE OF E-COMMERCE IN YOUR ORGANIZATION
Having an online business is no longer a phase or a fade, instead, it is increasingly becoming a necessity.
Over the last decade, e-commerce has become an indispensable part of the global retail market. In the same fashion as other industries have, the retail landscape has undergone a substantial transformation following the birth of the internet, and in many ways thanks to the ongoing digitalization of modern life, consumers from virtually every part of the world now profit from the perks of online transactions.
As internet access and acquisition are quickly on the rise worldwide, the number of virtual consumers keeps climbing every year. According to the U.S Census Bureau News, e-commerce sales in 2020 accounted for 14.0 percent of total sales.
And according to Statista.com, in 2020 over two billion people purchased goods or services online, and during the same year, e-retail sales surpassed 4.2 trillion U.S. dollars worldwide.
WHY IS E-COMMERCE IS VITAL IN THE DIGITAL AGE?
For entrepreneurs moving through the current situation as well as in the years to come, e-commerce is the golden pot of opportunities needed for a successful business.
E-commerce has become an invaluable tool for businesses today. With digitization spreading and new technologies emerging, entrepreneurs need to invest in e-commerce development to survive the competitive market.
However, there are some important aspects that need to be kept in mind before moving to quickly into the world of e-commerce.
These can change dramatically from province to province or city to city depending on which country/countries your company is registered to.
Delivery cost and methods:
Are you planning to deliver all your products from one headquarter, or are you considering having several distribution centers? This is especially relevant when you are considering selling all over the world.
Pricing and payment methods:
Are you planning to charge in one currency or will you provide multiple currencies according to the country where your customers are?
Have you decided that the world is your oyster? what about your clients, do they feel the same? or would they prefer to shop in their own currency and language?
These are just a few of the relevant questions that you should ask yourself before you take that step and in doing so you’ll ensure a smooth and enjoyable ride for you and your customers.
We hope this article has helped you, if you like what we’ve shared and want to learn more about other areas of marketing management check out our latest article about Artificial Intelligence.