The way of doing business has changed ever since the boom in information technology. The product development, marketing, selling processes, and communication channels all have changed since the marketers chose online selling.
eCommerce has drastically changed the ways of buying and selling goods, changing the ways of doing business. This is because people tend to feel more comfortable buying things online than from a brick and mortar store.
This has led to an increase in the number of eCommerce businesses and there are as many as 1,06,086 registered eCommerce websites in India itself.
So, what are those changes that affect small and big businesses and consumers worldwide? What are the advantages and disadvantages of eCommerce evolution?
Please keep reading to know all the aspects of eCommerce, its impact on employment, and commercial deployment.
Impacts of eCommerce on the way of doing business
1. Easy to Start:
The most evident change that eCommerce has brought is the ease of starting a business. Anyone can start their online business from anywhere selling items globally.
eCommerce has even opened the doors of opportunities for handicrafts and handloom industries as half of their earning was taken away by middlemen. With eCommerce websites, they can sell their product directly to the customer.
Creating an eCommerce website is very easy. You can consult a good web development company in India and get your customized website made. There are a variety of eCommerce solutions for sellers such as they can build or start their online store that is self-hosted and managed.
Another fantastic thing about eCommerce is that you can buy and sell almost anything from clothes to furniture, wood to plants, and whatnot. Being a seller, you need to add the pictures of the product, details, and price, and you are done.
FunFact: Michael Aldrich is known as the inventor of eCommerce as he invented electronic shopping in the year 1979. He did this by connecting a transaction-processing computer with a modified TV through a telephone connection.
2. Low Product Prices:
With a plethora of eCommerce sites and neck and neck competition among them, the prices of the products are affected the most. This has led to high-quality products at low prices and great offers.
Another reason behind the low pricing of products is that the eCommerce website owner only pays to host fees which account from 5k to 10k yearly or might increase as per the site traffic.
One more possible reason behind the low cost of products online is the global reach of eCommerce websites. Since a seller can reach buyers across the globe, he/she is already making a profit, and this is why they need not charge extra money on the product. Shipping charges may vary.
3. Monopoly In The Market Has Made Its Way:
Starting an eCommerce business is easy but difficult to survive. Digital marketing skills are highly required if you want your business to survive.
This happens because there are strong brands online selling almost anything people require and also provide the fastest delivery options, which is tough to do for a startup. Another reason is that more prominent brands spend a significant amount on the digital advertisement of their website with the help of digital marketing tools and techniques.
The above is not to make you feel disappointed but to make you aware of the eCommerce industry things. You can break this monopoly by following certain things.
- Focus on niche-specific products such as only clothes, only books, etc.
- The use of content marketing strategy can help your business in many ways.
- At the start, target a specific location or market only.
- Keep on learning more about digital marketing and eCommerce from different educational platforms.
- For the advertisement, you can use social media as it is a youth engaging platform, and marketing of your products will become easy for you.
The biggest challenge for an eCommerce startup is to break the monopoly of big brands. It would be best if you worked strategically to break it.
4. eCommerce Is The Only Thing Left During Pandemic:
The most significant impact of eCommerce is being seen during these days. Amid Coronavirus Pandemic everyone has to shop online to avoid any risk of getting infected. Though it has affected the businesses of eCommerce as they are only able to sell the essentials if we see it from future references, people have now become habitual of buying everything online.
This will definitely boost its business in the coming future. Also, as a precautionary measure, people will avoid going to markets for a long time or until things get back to normal. All this is going to help the eCommerce brands.
5. Commitment Of Brands Has Increased:
Another thing about the mature eCommerce market is that brands are becoming increasingly committed to their channels. Whereas earlier, brands were confused about how to balance their .com sites, marketplace presence, and partner channels.
The brands have now shifted their focus on providing a seamless experience to their customers no matter what channel they use for the purchase. While this approach sounds so evident to us, many brands have realized that many marketing teams are not structured to deliver uniform service across channels.
For many brands, internal silos, technology limitations, and budgetary issues have been preventing them from providing a seamless experience to their users.
6. Personalized Shopping Experience:
Personalized experience means people can buy what they want for themselves. Websites like Pepperfry have incorporated Augmented Reality in their eCommerce mobile app. With this feature, we, as a user, can see which furniture will suit our room. Similarly, Lenskart also provides a function of the 3D trial of frames where you can see which structure suits you.
All this happens under the influence of Augmented Reality. You can also consult an AR development company in India if you too want to add such a feature in your eCommerce website or app.
7. Variety Of Product Has Increased:
For a consumer, eCommerce has opened the doors of immense variety for each product. Multiple brands, multiple colors, and even multiple prices on different websites, all this is possible because of eCommerce.
A consumer can go through 10 websites to find out the best deal for himself. Another reason for more variety is that many eCommerce websites own specific manufacturing units, and this helps them in providing more range to consumers than offline stores.
8. Easy To Target Audience:
As per the shopping and searching traits, eCommerce websites can analyze the data and set their target audiences. They are even able to calculate the impacts of their advertisements on social media. This helps them from spending unnecessarily on platforms that are unable to give the customers.
In today’s digital world, it is easy to start an eCommerce business, but the failure rate is up to 80%. But if you follow proper digital marketing techniques, start from a small target audience and area, and take care of your business insights regularly making strategies accordingly, then you can survive in the long run.
Another thing that can help you in this survival game is getting in touch with a good software consulting company in India as their expert solutions will help in making your eCommerce website stand out of the league. All the best pal. Stay positive!