Since its inception E-commerce has transformed both the shopping and commerce behavior.
The previous model of limited shopping or running a time and space bound business is now bigger, wider and certainly better.
Opportunities of the transaction of buying or selling online coupled with adequate technologies and digital literacy are the force behind E-commerce surge.
Massive Growth of E-commerce
Today E-commerce has stamped the authority across the industries cornering the age-old brick and mortar business model.
Be it the selling of retail goods and service or catering multiple products through marketplaces, e-commerce has added bountiful values to the existing models.
From business to business (B2B) to business to consumer (B2C), e-commerce is now the first option to kick start business.
The flexibility and the convenience of e-commerce model haves also revolutionized the peer to peer commerce.
E-commerce Growth in Numbers:
Today, the market experts have estimated that retail e-commerce sale will top $4 trillion in 2020.
Asia Pacific is leading the e-commerce hegemony with a massive contribution from two e-commerce powerhouse China and India. As per the study, “a fifth of total retail sales will take place online by 2021 across the Asia Pacific.
With $681 billion in online retail sales in 2016, China is the largest market for e-commerce globally, followed by the US.
The fastest growing e-commerce market, the Indian market is expected to reach $64 billion by 2021, growing at a five-year CAGR of 31.2 percent”.
The reason behind E-commerce Supremacy:
Within two decades, e-commerce has become a phenomenon and “The Next Big Thing”. How this becomes feasible? Let’s introspect-
No barrier of Time and Space: The internet platform operates the digital or e-commerce shop/store in an automated mode. There is no need for a physical presence at the store. With proper set-up, one can shop or sell from an e-commerce store anytime and anywhere.
Greater Reach: Unlike the traditional brick and mortar store, the e-commerce store draws a number of prospects. Anyone equipped with the online access can start the business or shop their preferred products. Even the cross-country commerce is possible with the e-commerce.
Cost-effective: A traditional brick and mortar store needs to maintain an inventory, requires a set-up to display products and manpower for multiple operations E-commerce stores with their digital displaying of products and technology-enabled automated process (e.g.- sending invoice over email after shopping) often slash the set-up cost and bids adieu to manpower.