Ecommerce – Achieving Economic Growth in a New Business Landscape
There is no doubt that ecommerce has reached a level of popularity that spurred economic growth and spawned innovations that changed the business landscape. As a result, governments have to catch up with ecommerce laws and regulations for protecting consumers amidst the tightening competition between online entities.
The ecommerce experience equates to convenience, cost reduction and empowerment to choose the best products from sellers and service providers endorsed by consumers. Despite persistent inflation, the rate by which ecommerce has been growing on a global scale, is on track to surpass the projected sales of $1 trillion at the end of year 2022.
Lately in the US, the increased incidences of gun violence, mass shootings, road rages, unprovoked attacks and unexpected flash floods have been posing as post-pandemic growth barriers for brick-and-mortar stores. Moreover, avoidance of additional expenses in light of rising prices is another reason why the buying public prefer to order or shop online.
Businesses Respond by Reducing Complexities of Online Transactions
Opportunities to increase their market share have been motivating online sellers to reduce the complexities of transacting business online. Business-to-business (B2B) players are in fact attracting new and existing customers with streamlined processes that reduce the challenges posed by conventional trade cycles.
The direct-to-consumer (DTC) approach has been driving ecommerce growth, as this sector is expected to generate about $103.4 million in 2022 through drop-shipping method. Here all that a seller has to do is to maintain a website that serves as a channel for processing retail sales, without need to stock merchandise as physical inventories. The DTC approach fulfills orders by purchasing the goods from a distributor or dealer and have it drop shipped directly at the doorstep of the customer.The efficiency of these online channels has also spurred growth in the ecommerce realm. Increased job and business opportunities are present in the fields of IT services, SEO and digital marketing, as well as website design and development. These entities provide the ecommerce elements that can influence the decisions of online consumers when choosing a seller or online store that can potentially become a regular supplier.
Staying Alive Amidst Massive Number of Ecommerce Sites
Market reports have it that currently, there are as many as 12 million or even up to 24 million active ecommerce websites operating globally. An online commercial outlet therefore can easily get overshadowed or lost among the multitude, if its website was not developed and designed to face tough competitions.
SEO strategies and aesthetic features are not enough in order to stand out and be selected above the rest. Once a new customer arrives at a website, how the site functions and behaves in response to actions launched is important. Features such as having a navigable graphic user interface, multimedia content, virtual shopping cart, accessible extensive payment options and such other applications that create an experience similar to using a computer-based program, all add up as factors that add value to shopping or transacting business online.
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