E-Commerce has been around for a while now and for the rookie out there eCommerce is a process of buying and selling products or services, doing financial transactions all through the international networks (Internet).
This network allows people to do business with ease with no barrier of distance and time.
E-Commerce facilitates the movement of goods from suppliers to customers.
Evolution and Impact of the World Wide Web
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Since the invention of the internet in the early 90’s the world has never remained the same again.
It brought about extreme and great improvement to all businesses worldwide and one of the major things from the commissioning of the internet is E-Commerce.
The internet has now become an inseparable factor in our everyday activities today; its enormous impact on our social life cannot be quantified.
Related: The Impact of Artificial Intelligence on the E-commerce Industry
Every day, activities like going to the bank to make transactions or going to the market to make some purchases is now becoming difficult.
This is because we no longer have the time and we are now extremely busy with different tasks, which have opened the way for this new remedy of doing online purchases.
E-commerce has become an increasingly integral part of our society, as at the year 2010, the total number of sales exceeded $200 billion.
The present statistics state that in 2019, retail e-commerce sales worldwide amounted to 3.53 trillion US dollars while e-retail revenues are projected to grow to pass 6.54 trillion US dollars in 2022.
Surely, the Internet economy is booming at an alarming rate and there is no stopping to that effect as the business is surely reaping from that positive effect.
The E-commerce sales are expanding by leaps and bounds at a rate of 20% and 25% each year, indicating a far-reaching change in the spending habits of human clients.
The E-commerce Effect on the Society
E-commerce is really having a great impact on the world’s economy as a result of the way it affects productivity and inflation.
This is as a result of the expansion of electronic commerce which is causing downward pressure on inflation through increased competition among merchants and how cost-effective it has become over the years.
The role of e-commerce in commercial settings is that it now involves the exchange of goods and services through electronic support.
Related: How to Improve Your Focus as an E-commerce Business Owner
The number of electronic businesses worldwide has grown rapidly since the internet came into existence.
E-commerce and online shopping worldwide are achieving remarkable growth as there is more and more demand for e-commerce techniques and tools.
Benefits a Merchant or a Business Inclined Individual Should Expect from E-commerce
Cheap and Quality
If you make a purchase from an online store, you spend low operating costs and you have a better quality of service.
For example, if your goods or services are downloadable, it then means that there won’t be shipping cost.
For every online business that was closed, more and more coupons and deals will be benefited, which is quite awesome for customers.
Global Market
The market or site is very accessible to any customer from any part of the world.
You can easily buy products and services without leaving the comfort of your home because we do not need to visit the business physically to engage with them.
Price Comparison
The ability and ease of comparing product prices of different companies in terms of quality and quantity is another good factor of E-commerce.
These products have their various specification added when the products are put online.
Availability
Another good factor we want to look at is the availability and convenience of the e-commerce platform for buying and selling 24 hours daily.
When you have the internet you can access the platform for transactions anytime. Most eCommerce platforms transact business in real-time.
Secure Transaction
The eCommerce platform is safe for any type of business transaction, so far all the needed security measures are applied.
Abiding by the rules of regulatory bodies that checkmate platforms that handle card or money transactions will go a long way to help enhance security.
With this medium, you can make purchases in billions, something that might be impossible to do physically.
Startup Cost
You can start e-commerce business with very low capital.
The amazing thing about e-commerce business model is that it can run on a very small budget and in no distance time you will be raking in profits like a large enterprise.
The low-cost factor is one of the many reasons why individuals troop into learning how to operate this e-commerce business on a home-based basis rather than the traditional marketing way.
Unlike e-commerce, a traditional business would require the securing of a location by renting/purchasing, staff employment and many other costs.
In the e-commerce business, the website will sell your products or services and make use of an internet bot to automatically send out emails and give feedback to customers.
Related: 4 Sales Automation Tools Every Sales Team Need Right Now
All traditional businesses should consider switching to e-commerce as there are many benefits to be derived from it compared to the disadvantages.
Please note that it is of paramount importance to always consult the return/refund policy of every eCommerce website before buying. Always make sure that there is an option of returning goods.
