A decade has passed, many changes have grown into the world, especially with technology and the internet. E-commerce rose as the new platform for businesses. Electronic commerce or e-commerce is the new way of offering products and services on various websites and applications to cater to customers worldwide.
Here are some of the significant developments through e-commerce.
Changing the Traditional Payment Method
Paying for goods and services entails cash. However, the rise of e-commerce implemented cashless transactions. People can buy things online using cards and virtual wallets. The new business method has centralized bank details to transfer money easily.
People now patronize the use of virtual wallets and cryptocurrency to store money and pay for goods. Like, PayPal and Bitcoin.
Personalized Customer Shopping Experience
With the advancement of technology, data processing is much easier. Co-relating the preferences of customers is done to suggest the best products that would fit them. Business websites give recommendations through the data gathered on consumers' shared information, such as hobbies and age group.
For example, the site uses collaborative filtering systems to predict the product the customer would probably buy by identifying what they've checked. Like, when a customer is looking at a certain laptop product. Then, the system would cross-reference laptops with similar specifications to suggest to the buyer.
Behavior of Customers Has Changed
Source: Think With Google
Before, consumers would try out a product or service to assess whether it is good or bad. With the rise of different social media platforms, anyone can share an experience with a business. So, before buying anything, customers would research the review of a B2B eCommerce platform to know updates on products and services.
Extended Business Hours
The common business hours are from 8 am to 5 pm. Yet, with an automated platform, business hours are 24/7. Buyers can place orders any time of the day, and even international customers place orders in local stores without trouble in time zones. Companies organize the order and shipment process with a computer system for fast-tracking and deliveries.
On-the-Go Services
Shoppers do traditional buying of products by going to the market or malls. But, now, consumers can choose and buy things with phones while traveling, at work, on an errand, or anywhere. The only requirement is having an internet connection which is available worldwide.
Many Product Options
Going to the shops can be exhausting. People go from one to three shops and get tired after. With the e-commerce updates, shoppers can spend an hour sitting and already browse through hundreds of products.
Brands with different products can create a catalog for customers' easy navigation. In physical shopping, buyers would have to go from one corner to another to see the variety of products available. Now, just clicking in an organized catalog is convenient and a trouble-free product finding.
Less Cost for Businesses
Opening a shop requires paying workers, electricity, rent, and more. That being said, business owners have a high cost of expenses. Yet, with an internet-based trading system, expenses are less where business owners don't have to pay rent, building materials, electric bills, and shop employees. The enterprise can save a lot.
If there are fewer expenses on the production of goods, the lower the product cost in the market is favorable for consumers on a budget. It's a win-win situation for both the owner and buyers.
Advertising and Promotions
E-commerce has paved the way for a wider audience of advertisements. Television was the old way of promoting a product. However, video and photo ads are everywhere in a customer's social media platform using the internet.
Moreover, the rise of YouTube videos has added vlogs into the advertising campaigns of brands. Brands give famous vloggers or content creators deals to promote products to their audience. With this, additional information on using and availing goods is provided to target customers.
Presence of Virtual Offices
Now that businesses have engaged in digital marketing, physical offices are not required to get orders and process transactions. Employees can work from home and answer customers' inquiries. Giving companies access to the sites and services will also allow workers to process the purchase of goods until shipment methods.
Company heads and employees can also meet through virtual spaces such as Skype and Zoom. Setting up meeting places and times can be convenient where anyone and everyone can join with an internet connection. Employees communicate fast the reports and problems to improve the efficiency of the business.
Rise of New Businesses
Aspiring business owners have found startups to be a big challenge, especially with big companies all over the malls and marketplaces. Not everyone can show a product and expect big audiences unless big funds are available. Now, anyone who has little capital investment can open businesses using e-commerce.
With social media for promotions and the use of famous marketplaces such as Amazon, aspiring business owners can start selling products. Capital investments don't cost high with having to think of rent and other bills to pay. The usual expenses of starting small businesses are only the main product and the delivery cost shouldered by the buyer.
Conclusion
E-commerce has become a convenient way to do business. Lots of people can purchase products with just a click and process payments right away. Business owners can also take advantage of having long business hours and easy tracking and inventories of product purchases.
