The rise of digital commerce has drastically changed the way the world does business. Small businesses have taken the advantage of e-commerce to level the field with global-scale corporations. The increasing importance of global market is driven by the availability of the internet access and mobile devices. Today, a retailer can transact not only within the business premises but also at home and public places such as shopping malls and cafes. The availability of the internet and mobile devices has facilitated online transactions at almost any time and in any location. With less sophisticated website building tools, e-commerce is increasingly available even to small businesses.
Rise of Digital Commerce has Changed Business Practices
Creation of new opportunities
As e-commerce continues to advance and become established, it looks set to change how the world does business. The growth of e-commerce has created has enabled retailers to reach out to its prospects and clients. It has also helped businesses to uncover emerging challenges in the ever-evolving business environment. Online shopping facilitates safe payments through innovative payment platforms such as Pay Pal. Furthermore, it helps create attractive online stores and personalized shopping experience.
Today, businesses can use e-commerce to understand where the global market is headed. For example, small businesses identify new opportunities by looking at the ways in which the global market is developing and the kind of technology and research invested in. Online marketplaces such as Amazon, Alibaba, and eBay look set to take place at the front of global economy. Their growth is an indication of how online market is changing business practices. There is much that small businesses can learn from integrating e-commerce into their marketing mix.
As secure payment systems become more sophisticated, so do the methods of fraud. Security risks continue to be a threat to small and large businesses. As a result, online businesses continue to invest in security systems alongside their infrastructure options (and some are even choosing services like Mirantis that blend the two) to enhance customers’ shopping experience. World-class e-commerce technologies may be used to reduce the risk of fraud.
Growth of cloud computing
In today’s digital world, businesses use cloud computing technology for sharing information, storage, and internal and external communications. In the past, businesses could set up physical infrastructure to function, communicate, and monitor transactions. Today, these can be done through cloud computing technology. Communication and sharing information has become faster and more reliable.
Improved Research & Development
Business analysts and market researchers can now access modern software and tools. They use these tools to gain deeper insights to the purchasing pattern and competition.
Reduced cost of operation
The online market has created more options in terms of efficiency, value, and cost reduction. On the business management level, e-statement solutions have also streamlined payroll services and other facets of organizations across the world. The internet and new software have changed the state of retail such that small businesses compete with global companies through outsourcing. By outsourcing, businesses can now maximize their resources and remain focused.
Transition from traditional to online shopping
The online market has changed drastically over the last decade. Online market sales in the United States have increased from $256 billion in 2011 to $289 billion in 2012. Changes in the purchasing behavior are forcing businesses to adjust their plans accordingly. In fact, some retailers are ditching brick and mortar stores for e-stores. Online stores make it easier for a business to offer customer support, process online payments, and monitor product inventory. There are companies like, Lead generation , who specialise in finding a way to help build a relationship with customers, whether it is online or through your computer.
Digital commerce continues to spring up as technology evolves and demand for convenience remains steady. Adjusting to these changes remains the key to business success. E-commerce businesses can now even use 3d product photography so that the consumer can see what things look like in real life within their own live environment. So, if retailers do not keep up with the current trends, they will lose out on sales. Not only has e-commerce changed the way customers behave, but the state of retail and how they transact with customers and competitors.