If you own a conventional brick-and-mortar shop, you need to weigh both advantages and disadvantages of e-commerce before you actually venture into it. This article will definitely give you a fair idea, but you may also need to do some more research before taking the plunge.
Doing business online gives numerous advantages to the entrepreneur like speed, flexibility, cost savings, wider reach, and so on. When you open a physical store, your capital layout and day-to-day expenses are huge. However, with an online store, you only need to spend to get your website up and running, and for hosting. Here you have several options — you can start with a simple site and free or shared hosting which will not cost you an arm and a leg. If you have even just a little technical know-how you can even create the site yourself, as there are many tools available in the market, some for free.
You can upgrade as your business grows. One could hazard, that one of the impacts of E-Commerce is that entrepreneurs have been able to drastically reduce their capital outlays and overheads to start and maintain or continue their business. With an online storefront, your potential customers can literally be anywhere in the world, provided you are willing to ship.
You are not limited by geographical borders. Your site can be accessed almost anywhere in the world. This is not possible if you only have a conventional store. You can also serve customers at any time of the night or day, on holidays, weekends, and so on. There are no time limits. The reason is that these startups have minimal infrastructure and inventory and rely heavily on information and communication.
In fact, in information based product industries, distribution and sale via ecommerce may bring the cost per unit to almost zero. A perfect example here would be the online software vendors who allow customers to buy products and added licenses online. The impact of ecommerce on businesses is immense and cannot be exhaustively elucidated in a short article like this.
The impact is expected to increase as internet penetration in emerging markets increases. See also how fintech is improving ecommerce businesses. GetProspect brings to you, the fastest way to prospect with a LinkedIn email finder. A Leads finder tool for multi-task B2B sales, Related Items: Amazon , b2b , B2C , Blockbuster , businesses , e-commerce , Emerging Markets , fintech , franchise , Impact , internet business , netflix , online , Online Business , tech.
Recommended for you. Trending Stories 4. WhatsApp, Snapchat and Facebook Messenger are showing engagement numbers running into the billions. Retailers today carry between 2 and 10 times more SKUs than they did 10 years ago — all of which only exists online if it has the related product content to support it product images, video, descriptions, sizes, attributes and complimentary products.
Even the biggest retailers are struggling to produce product content fast enough to properly commercialize and merchandize their selection. Product content is the heart of e-Commerce. It provides superior product discovery and selection capabilities, which requires detailed product information and critical product-specific attributes, coupled with semantic search.
Retailers must maintain and provide images and videos, catalog descriptions, names, category-specific metadata e. Acquiring this information from suppliers is a time-consuming task, requiring various methods and a significant amount of manual activity.
AI-based solutions will increasingly automate the creation, optimization, classification, translation and syndication of product content which, combined, have become a must to keep up with consumer demand for more product information: the merchants with the most and best product information win the customer. Anyone with the latest mobile phone can now use their camera to detect QR codes and dig into product descriptions, pricing and other related product information. Users will see a prompt on screen once their device recognizes a QR code, with an option to click a link, which takes the user to the desired location.
The rise of e-commerce impacts retailers on a range of issues, from investments to organization and store planning. Reconnecting with the customer base is crucial for all small businesses right now, with the looming threat of the pandemic still ongoing. However, it is in looking further ahead that really shows the potential of e-commerce for small businesses. Stores need a direct line of communication with their audience — one that is not hampered by range or time constraints.
It means connecting with customers on a wider level than before. And with small businesses moving toward e-commerce, there are signs of growing confidence among stores. A survey by SoctiaBank found that 7 in 10 small businesses are confident for the future, with 4 in 10 saying they are "very" confident. As this move to e-commerce has happened, local communities have had to get creative in how they draw customers back. While setting up online is a great first step for stores, it does not bring a guarantee of returning customers.
Getting the engagement to return is vital. One such example in Ontario saw a local Business Improvement Area BIA work with local firms to create a Christmas marketing campaign, including a digital shopping guide to the town. When clicked, each item took the reader to that small business's website, allowing local residents to instantly reconnect with stores. The unprecedented wave of online shopping has led to creativity and innovation as small businesses have begun to grapple with e-commerce.
This willingness to experiment is invaluable and, for some stores, could be the reason for their success. Despite many stores moving toward e-commerce options, there has still been a major struggle among many businesses.
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