In a relatively short time, e-commerce has progressed from the stage of novelty to a major factor in the global economy. As digital tools and internet access have continued to grow, buying and selling products and services online has become commonplace for millions of consumers around the world. What is contributing to this rise, and how is it changing the business landscape?🤔
By definition, e-commerce involves the buying and selling of products and services over the internet. Through smartphones, mobile apps, and an increase in the speed of the internet, consumers are now able to shop at their convenience – anytime, anyplace. The past decade has seen it become commonplace for consumers to browse online and online shops instead of physical shops🏬➡️📱.
The COVID-19 pandemic accelerated this trend. Businesses that relied on physical customers had to change strategies during lockdowns and health concerns. Even small businesses began to develop an online product list and began to use ecommerce platforms to sell. Examples include Shopify, Amazon or the introduction of an online store through Instagram. 🛍️
The major advantage of eCommerce for any entrepreneur is the reduction of overhead costs. Entrepreneurs no longer need to invest in expensive storefronts to be successful.
Businesses are now able to invest in wholly different areas: POS systems and digital marketing investments, investing in unique websites and delivery systems. eCommerce addresses disparate access to startup capital and resources which levels the playing field for small businesses and startups to actually compete! 🚚💻 .
Additionally, eCommerce provides an entirely new lesson in marketing and capturing larger markets. A seller in Nairobi, Africa can sell to someone in New York City within minutes, literally! That is a level of access that was unimaginable a mere 20 years ago. 🌍
