Written by: David Houston
It’s staggering to look back at the early days of the internet and see how far we’ve come. Like many technologies of the 20th Century, it was seen as something of a novelty. Today, it now accounts for a huge part of modern life, and it’s strange to think of how our lives would seem without the ability to access a global information network with a simple movement of our fingers.
Of all of the ways in which the internet has affected our lives, its impact on the business world is perhaps the most dramatic. There are very few businesses that can claim a completely web-free model, and even the most traditional companies cannot ignore the importance of eCommerce.
Here are six ways in which eCommerce has improved and impacted the business world.
Access
“There was a time, not too long ago, that the internet was seen as the preserve of only the most technologically advanced nations,” writes Christine Floyd, an author at Researchpapersuk and Last Minute Writing . “However, thanks to global efforts and aid, emerging economies are starting to adopt web-based trading as a way of pulling themselves out of economic hardship. This growing accessibility is something the world as a whole can be proud of, and shows that eCommerce can be a force for positive global development.”
Market Opportunity
As eCommerce expands across the globe, so too do the opportunities for businesses to reach previously untapped markets. Before the advent of eCommerce, customers had limited access to brands, which in turn limited a business's reach. Marketing professionals now focus much of their efforts in attracting people online through social media or search engines, and any given business can target almost any demographic they wish.
Cost
A very attractive feature of eCommerce are the low costs that it incurs. A bricks-and-mortar business is an expensive endeavor, with property fees and running costs often eating up any profit made. In adopting eCommerce, a business can wave goodbye to traditional costs, and in many cases, a company can be set up only for production and legal fees and an internet bill.
Quicker Processes
For some businesses, especially those who rely on other business to function, eCommerce helps to speed up functionality. A good example of this is the ability of modern tech to automate and optimize supply chains and transactions. A company can offer rapid responses to customer or client queries and generate minute by minute reports on ROI for stakeholders. With rapidly developing analytical technology, company leaders can identify new directions or revenue streams to maximize their businesses profitability.
Greater Customer Engagement
“As customers, there has never been a better time to engage with the brands we love,” says Kathryn Hedges, a regular contributor to Draftbeyond and Writnity . “As eCommerce has developed, so too have attitudes towards customer engagement.”
We have the ability to enter conversations with brands, offer feedback and take advantage of discounts and perks available due to reduced costs. We can also access a business at any given time of the day or night, and keep updated constantly on new products or services we require.
In turn, brands become more competitive to retain our loyalty. This can drive up the quality of the product or service we require.
Evolution of Service
Finally, it should be recognized that eCommerce is a stage of evolution that has no precedent. As more businesses integrate eCommerce into their strategy, they gain the ability to move with the tide of emergent technology as it rapidly adapts to a new, more globalized business world. It means that companies have greater access to the global market , opening up new supply opportunities and developing new markets across the world.
David Houston is a freelance writer who has experience in online business development. A keen observer of internet trends and workplace methodology, he is also a regular contributor to Gum Essays and Lucky Assignments , academic writing websites.