Why is eCommerce the future?
| Aspect | Traditional Retail | E-commerce |
|---|---|---|
| Flexibility | Limited by physical space and store hours | Customers can shop any time and from anywhere |
| Product Range | Limited by physical stock and storage space | Can offer a wider product range and instant updates |
| Customer Reach | Usually local or regional customers | Can reach customers globally |
| Convenience | Requires travel and in-person shopping | Shopping from the comfort of home |
| Price | Higher overhead expenses may reflect in prices | Often cheaper due to lower overhead expenses |
| Customer Interaction | Face-to-face interaction | Online communication and social media |
| Sales Opportunities | Limited by store capacities and hours | 24/7 sales opportunities, unlimited by capacity |
| Customization | Limited customization options due to physical constraints | Can offer personalized shopping experiences |
| Data Collection | Limited data collection capabilities | Online tracking allows for extensive data collection |
| Customer Reviews | Often hard to find or non-existent | Often easy to find, real-time feedback |
E-commerce is growing more than ever right now because people love to shop on their home computers while drinking coffee, eating breakfast or before they go to sleep at night. It's so convenient for people who are busy with their day-to-day lives and don't have enough time in the morning or afternoon to step out of their houses looking for new items or groceries they may need. And if you work from home like me, these shopping sites are your best friend! I use Amazon's One Hour delivery service, which delivers products within 60 minutes after I purchase them online - my life is becoming easier every second I spend money on it! :)
E-commerce is beneficial for both buyers and sellers. Consumers love online shopping because of its convenience, while some large companies see it as a way to get new customers on board with their products. It's not hard for customers to get highly excited about the potential of finding something new for their wardrobe, home, or office space when browsing sites like one-dollar deals or Best Buy Sales.
And eCommerce has only been growing more significant over the past few years! Who knows where this industry could go? I predict that it will continue expanding until everyone can buy anything without having to step out of their homes - wouldn't that be great? With this convenience, businesses would also be more opportunities to sell different types of products online. Plus, money-saving platforms like these and many more continue to be used and shared with friends and family worldwide. That is why I know that eCommerce is just getting started! It's only going to grow bigger and better after another few decades of progress until we're all living inside virtual reality - then we can download anything we want from a website on our headsets or watches. Or perhaps it will become something even more significant than what we see today. Who knows? What do you think eCommerce will look like in 5 years?
Summarize
1. What are the benefits of eCommerce over traditional retail?
2. How does eCommerce change how business works?
3. Is there a downside to eCommerce that we should be worried about?
What are the benefits of eCommerce over traditional retail?
There are many benefits of eCommerce over traditional retail. For starters, eCommerce allows customers to browse a more comprehensive selection of products than they would be able to find in a physical store. In addition, online stores can be updated with new products much more quickly than traditional stores, so customers can always find the latest and most significant items.
eCommerce also offers greater flexibility than traditional retail. For example, online stores can customize to fit each customer's specific needs, while conventional stores limit their physical space. In addition, customers can shop for products online any time of the day or night, whereas traditional stores are only open during specific hours.
Finally, eCommerce is often more affordable than traditional retail. That is because eCommerce businesses typically have lower overhead costs than brick-and-mortar stores. Additionally, online stores can offer discounts and special deals that aren't available in traditional stores.
How does eCommerce change how business works?
Many people interested in shopping online run it like a comparison, where they go through several different websites and platforms before settling on one to buy. It means that eCommerce is changing how businesses work because it brings new ways for companies to interact and deal with customers. For example, E-commerce platforms allow individuals to communicate directly with online stores or brands, enabling them to share their thoughts and feelings about the products they bought from the company. In this sense, these interactions can influence both purchasing habits and what brands come into being over time.
In addition, customers have been saying that they feel more comfortable when shopping online than when going into physical stores. That could be because web users don't have to worry about the embarrassment of asking a salesperson for help most of the time. Instead, they can take their time to find what they are looking for on the internet without feeling rushed or pressured. It could be another reason why eCommerce is changing how business works, as companies now have to compete with online stores that provide a comfortable and convenient shopping experience.
It's important to note that not all businesses have transitioned to eCommerce successfully. For example, brick-and-mortar stores with an online presence may find it challenging to keep up with the competition. As a result, many physical stores are closing down because they cannot keep up with the changing times. On the other hand, businesses that have embraced eCommerce are thriving.
E-commerce has changed how businesses work because it brings new ways to interact and deal with customers. Hence, companies need to find the right balance between providing an online shopping experience and having physical locations where consumers can walk into there. If they don't, they could risk losing out on sales opportunities.
As eCommerce grows worldwide, more business owners are trying to become merchants online. In contrast, others who always have in eCommerce understand that changes need to make if they want their store or brand to stay alive. Only time will tell if brick-and-mortar stores will make a comeback or if eCommerce will continue to change how business works.
Is there a downside to eCommerce that we should be worried about?
Several things have changed as a result of eCommerce. The first thing is the cost: you no longer need to buy premises for your store and employ people on minimum wage; instead, you can rent virtual office space for a fraction of the price.
The second significant change is speed: you used to wait days or weeks before products would arrive - not anymore with overnight couriers being widely available.
And finally, future-proofing: websites can be built so that they keep up with new technology, whereas physical stores cannot quickly adapt at all. As a result, more and more physical stores are closing as online shopping becomes increasingly popular due to its advantages over traditional brick-and-mortar storefronts.
So is there a downside to eCommerce that we should be worried about?
There are a few things to consider. Firstly, as online stores become more popular, traditional physical stores suffer. About 8,600 stores closed in 2017 due to the online stores. So before you're running a small business with a physical store, you need to be very aware of the threat of online competition and make sure your store provides a unique experience that customers cannot get from an online store.
Another thing to consider is that not all products are suitable for sale online. For example, if you're selling food items, you need to ensure that your product can get to the customer in the same state it left you. So a food item like ice cream might be acceptable (e.g., if you deliver direct to their door), but an object like a cake that needs to be kept refrigerated would not work well.
Finally, consider your target market: are there enough potential customers within reach of your physical store that it will still make financial sense to keep running it? It's dangerous for small businesses to assume they can rely on online sales or use an expensive dual presence approach (i.e., holding both a physical store and an online store open).
You may need to look at moving out of certain areas or closing down entirely if you cannot compete with online stores.
So, overall, there are a few things to be aware of when it comes to the downsides of eCommerce. However, the advantages outweigh the disadvantages, so it is worth taking your business online!
Questions about eCommerce future:
1. What is your prediction for eCommerce in the next ten years?Â
2. Is it good or bad that eCommerce will take over traditional brick and mortar?
3. Do you think there will be an increase in global online shopping among consumers in the next ten years?Â
4. Of those who purchase from both, which would they instead shop from more often: bricks-and-mortar store or online store?
SHe is a graduate of Akdeniz University, Department of Business Administration. She graduated from the university with a faculty degree. It has contributed to its environment with its social responsibility project. She writes articles about business and its fields.
