The Future of Ecommerce

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The Future Of E-Commerce And The World Wide Web
Today, we all know that the internet has become a lifeline for any business or brand which is trying to make a name for itself globally. The simplest definition of business is – any activity or transaction which involves the exchange of goods and services with an intent of making a profit or consumer satisfaction. If this very activity is executed over the internet, we would call it E-Commerce. All the current statistics point to the conclusion that the use of the internet, tablets and smart phones is growing exponentially. Therefore, we can only assume that ecommerce is here to stay for the foreseeable future. Taking into account the bright future that lies ahead for ecommerce, we must also fully understand the responsibilities that come along with the use of ecommerce. Consumer and business spending related to ecommerce will surely grow but the growth will vary from country to country, and region to region. One cannot expect the growth of ecommerce to be same in places like Africa and Asia. The availability of internet, literacy levels of the population, etc. also play a huge part in the sustainable development of ecommerce. Eventually, however, as the trend of globalization rises further, we can expect ecommerce to take the biggest share of world markets. The rise of ‘mcommerce’ is also being closely watched by the experts. By mcommerce, I mean online sales through smartphones. According to a blogpost on smartphones, sales between July and September of 2010 amounted to 4.7 million units, which is an increase of 270% when compared to the results between April and June 2010. Mobile commerce is still an emerging channel, however, with less than four in ten UK customers having tried it in September 2009, according to ATG. The future of ecommerce remains bright for several reasons. Visiting online websites is the most convenient way to shop for the tech savvy people today, especially the young generation. Ecommerce doesn’t involve lines or long drives, one can easily shop and explore an entire brand just by using his/her electronic device. Companies can offer typically larger selection than brick and mortar stores using ecommerce. Using ecommerce, companies can offer their customers a chance to be able to shop 24 hours a day, 7 days a week. Most ecommerce stores offer bigger discounts and savings on their products. Customers can also do comparison shopping online by comparing products from a vast selection of different brands at a single time. Ecommerce just doesn’t benefit the average consumer, ecommerce makes doing business easier and more economical for merchants and retailers. Further advancements in online technology have provided a fast and a cheap way to sell and market products. Due to the mass appeal and visibility of the internet all over the world, marketing and online advertising has become much easier and an integral part of the ecommerce business model. There is also less overhead cost and no need for physical labor to market products. The savings from these lowered costs allow companies to offer discounts to customers on different products. In short, prices will be lower, if the cost is lower as well. One very important benefit of ecommerce is that, it allows a business to go expand globally without having a physical presence in any region. A company doesn’t necessarily have to have a store in any region to be able to sell its products...
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