eCommerce is the activity of buying or selling products over the Internet. eCommerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems.
Simply put, eCommerce is to commerce what email is to postal mail. It is an electronic enhancement and a modernized solution to an old-fashioned process. If commerce is a transaction of physically buying or selling goods, eCommerce is its electronic counterpart – selling and buying online.
Advantages of eCommerce
* Much faster transactions available 24/7.
* Products and services are easy to find.
* Easier time managing a business.
* Doesn’t require much (if at all) physical space.
* No geographical limitations translates as a bigger customer reach.
* Higher quality of services and lower operational costs.
eCommerce Vs. Retail
What a time to be alive. Pizza comes to our doorsteps and groceries carry themselves. Buy and sell, trade and barter; there are no limits to what you can do when your audience takes up a whole planet. eCommerce is not just a trend or a craze; it’s the future.
As a consumer, you get to pick what you want or need, in whichever colour, shape, or size you desire.
As a business, you get to target a global audience and to let your customers speak for your quality, honestly.
What is the Future of eCommerce in India!
A new study by Forrester Research has stated that approximately a 5th of total retail sales will take place online by 2021 in Asia Pacific, 78% from Smart Phones. The study adds that online retail via Mobile will grow at a CAGR of 15.6%, to reach $1 Trillion in 2020.
The study further says that Asia Pacific will be the largest region for online retail sales in the world, with China being the largest market for eCommerce with $681 Billion in sales. However, the FASTEST growing eCommerce market in the world, according to Forrester, is undoubtedly India.
The Indian Institute of eCommerce states that by 2020, India is expected to generate $100 Billion online retail revenue out of which $35 Billion will be through fashion eCommerce. Online apparel sales are set to grow four times in the coming years.
The Internet and mobile usage has increased tremendously over the last 5 years. Today, there are over 460 Million Internet users and this number is growing everyday, a number which immediately creates an easy reach for all e-commerce sites. So you can imagine the potential growth we are all going to witness in regards to eCommerce in India.
If you happen to be a business owner, an entrepreneur, a developer or even just some random person with big dreams and aspirations I would definitely recommend that you take a step towards eCommerce industry.
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