CHANGING DYNAMICS OF BUSINESS WORLD

Written by: J Shiruti 

Edited by: Yashi Shah

Stepping into a new world of 

e-commerce and business

“The e-commerce industry is a force that no investor can afford to ignore.” Corporate Communications, Credit-Suisse CUSHLA SHERLOCK

E-commerce is a wealth in the contemporary business era. E-commerce sites for electronic commerce. It refers to the purchasing and selling of goods and aids. It also encompasses the transmitting of reserves or data over an electronic configuration, principally the Internet.

 E-commerce is a paradigm transition affecting both marketers as well as consumers. Way extra than other liturgies, e-commerce is another path to facilitate the prevailing business exercises. It is organizing for modernisation, a complete change in the ancestral way of doing business. This significant alteration in the business prototype is glimpsing a terrific advancement around the sphere and India is not an exception. 

Enormous internet penetration has been multiplied to the development of E-commerce and more particularly, start-ups have been increasingly utilizing this alternative as a differentiating career model for promising businesses. Further, e-commerce has crucial influences on the environment. Although the criterion is highly wielded in the modern business system, the option needs to be investigated at its broadest. The existing analysis is an attempt to illustrate the past, current, and forthcoming scenario of E-Commerce, analyze the capability.

 Let us look at its effects on different aspects of businesses -

• On customers: e-commerce has lead to downward pressure on inflation through increased competition, cost savings, and changes in sellers' pricing behaviour. It has resulted in a convenient process of purchasing which saves time and energy. 

• On retailers: Due to e-commerce, the turnover of offline retailers has reduced which is an alarming situation for them. A variety of goods is offered by online stores, which offline merchants cannot play against because at the end of the year the scrap merchandise can result in a cumbersome loss to the retailer.

• Digital platforms: For the unprecedented expansion of the eCommerce market, fast, secure, and useful expenditure alternatives are necessary. The internet has enabled these to exist without any bodily form at all. The internet renovated digital commodities from a crossbred form to a solely digital structure.

A few facts about e-commerce:

1.  The online community is very responsive to e-commerce businesses of all kinds. In a survey conducted recently, 80% of the internet using population has bought something from an e-commerce store, and 50% of the internet using population as bought something online more than once.
2.  Pizza hut started offering to deliver pizzas to their customers on online order basis as early as in 1994! 
3. Online sales from social media platforms have grown like clockwork in the past four years showing an average growth of 93% every year.

It is suitably accepted that developing nations will attempt their best to get refurbished if they instruct e-commerce more effectively and efficiently. It will be a successful output and they will get a windfall of being robust and competitive. E-Commerce is a gift for any country if provided the right momentum, data, and good environmental bracket to flourish, it can considerably steer to the country’s evolution and improvement.

Reference:  FACTS ABOUT E-COMMERCE