The computer age is here with us, and with all the capabilities we have created we are yet to utilize the technology fully. Throughout the 1990s the computer world showed us the glimpses of its capabilities. Internet business, internet sales or E-commerce is such a phenomenon in the United States. It virtually not possible to conduct business without internet, online sales, Marketing, or payment. However other parts of the world have been slow to catch up with this new craze in the US, but these countries are getting there.
Principles of E-commerce
E-commerce will never take place over the brick and mortar establishments like shopping malls. Hence the internet is becoming the new frontier. The underlying principles of e-commerce make it popular. E-commerce offers customers the ability to shop at the convenience of their homes. Their location or local stores do not influence their success. Moreover, brick and mortar businesses will always tell you about location, location. But, the internet has no desirable location, hence leveling the playing field for companies who won't be able to compete on the premise of location.
B2B e-commerce
According to Forrester Research, E-commerce sales are projected to hit $1.2 trillion by 2021, that is 13.1% of US B2B sales. The astounding figures and statistics show the magnitude of Wholesale Ecommerce and how fast it's being adopted. B2B buyers will largely be attracted to vendors with sound e-commerce technology that will manage their orders. Buyers will change vendors to sellers will an efficient online order management system. The ease of use is what will make a difference in e-commerce, the user interface must be great.
Automating data transfers
Automating order processing requests is very important in E-commerce. Also, this order processing is integrated with an accounting or ERP system. This eliminates data entry cost and time taken to do accounting procedures. However, in B2B setup, the orders are few, but line items can be many hence the significance of using ERP or accounting systems.
The youth and the internet
The millennials have grown up with the internet hence this huge market is more likely to do all their shopping over the internet. The older generation may not like to purchase goods over the internet, but that's where the technology is heading towards. Their children are propelling this change as they grow older and take up jobs, raise families, they will do things differently.
Interconnected shoppers
This trend of emerging and interconnected shoppers has taken many by surprise and opened a new frontier. These new shoppers are facing a vast array of choices through the digital ecosystem. E-commerce, therefore, commerces in to give consumers more control over their spending. E-commerce has opened new frontiers hence companies have re-engineered their retail business models to suit the new realities.
The golden age of Chinese consumers
The world of retail has gone through tremendous changes. In recent years Chinese consumers have entered the market changing the retail market significantly. They have created such a huge demand for goods such that companies the world over have to find ways to reach out to them. Many underlying questions must be answered such as; how will companies meet the expectations of empowered consumers?
Increased sales
Increased sales revenues is a reality hence businesses have an incentive to invest in E-commerce. The internet has also become the primary source of information to consumers before they make a purchase decision. Hence it makes sense for companies to improve their visibility online and find strategies for funneling these shoppers to their business to make a purchase.
Many benefits will come as companies continue to invest in E-commerce such as lowering operational costs by eliminating manual processing of orders, and scalability. Those who take e-commerce seriously will be ahead of the game in years to come.
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