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With the dawn of the digital age, over the last few decades, consumers and businesses have realized how deeply e-commerce has been ingrained in our lives.
Electronic commerce or commonly referred to as e-commerce is the mechanism that enables buyers and sellers to transact over the internet without any limiting constraints that are so common to brick and mortar stores.
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Organizations and individuals can extend their business globally and cross borders easily thereby growing their customer base exponentially. In addition, e-commerce also refers to electronic transactions and encompasses business to consumer (B2C), business to business (B2B) and more recently m-commerce (sales over mobile devices), which comes under the same umbrella.
Regardless of how big or small an organization is, even if it is a fledgling startup, all businesses profit substantially from developing and maintaining their own e-commerce websites. Gone are the days when most consumers preferred shopping at retail stores. Today customers want convenient products and services. And they want it yesterday. Establishing an online presence is essential because:
With technology perpetually evolving, e-commerce is also continuously morphing in parallel to help brands engage better with their customers and leads. Some of the major trends for e-commerce in 2019 are:
According to the Harvard Business Review 2018 – “No industry is failing faster than retail”. And this might very well prove true because e-commerce is expected to contribute to a staggering 17.5% of the global sales by 2021. In addition, e-commerce sales are forecasted to reach a mammoth all-time high of $4,878 billion over the next few years.
Wouldn’t you like a share of that pie?