The advent and rise of E-Commerce has led to a great transformation in the process of executing business activities. Its impact is not restricted to the economic sphere. Rather, it has a social impact as well. For example, the relative importance of time has been redefined. Similarly, dissemination of instant information plays a positive role in informing the consumers and protecting their rights. In other words, E-commerce has evolved drastically since its invention and it continues to do so.
To start with, there was the question for acceptance of E-commerce as a reliable mode of doing business. In 1979. Michael Aldrich, the English entrepreneur, innovator, and inventor, made a comprehensive demonstration of the pioneer shopping system. This laid the foundation for future advancement in E-commerce.
Second, E-commerce started gaining popularity in Business-to-Business marketing. This was mainly significant in sourcing goods that are used in the production process. In addition to that, outsourcing become a cost efficient way of running business operations and E-commerce came in handy in the outsourcing process.
For example, manufacturers started seeking the services of accounting firms for the purpose of auditing their finances. In other words, E-commerce became part and parcel of the supply chain and a great determinant of a product life cycle. By the end of 2001, B2B business model was already a $ 700 billion industry.
Another great example is clothing retailers. Boutique options, such as Plus Size Lingerie from Angelique, are now giving us the convenience of many different styles, as well as the ability to have these items delivered directly to our door.
Third, doing business locally and nationally is a commendable thing. However, it may translate to more competition and concentration of risk. E-commerce enabled online businesses to seek expansion opportunities abroad. It should be noted that the development of security protocols played a critical role in promoting the use of online platforms in entrepreneurship. This is because the protocols ensured faster connection and more rapid access to the internet connection.
Fourth, the retail industry had to adapt to the rapid changes provided by E-commerce. In particular, it has been able to reach the next generation shoppers- the young demographic group that uses the web to search for almost everything. The video and music industry has taken the greatest prominence in this with young people making a more pronounced supply order through online platforms. Similarly, all generations have used downloadable media to access books.
Fifth, the use of the smart phones was another crucial step in E-commerce. The desktop have been popular for many years, and they are still popular. But the fact that they are cumbersome is eroding their popularity. Furthermore, the use of mobile phone websites and apps has increased the use of smartphones.
Lastly, the use of the social media took E-commerce by storm. The social media was originally a place of “hanging out” without serious business going on. Online entrepreneurs moved away from tradition and started going to where the consumers are- on the social media. Today, it is unthinkable to exclude a marketing strategy without using the social media in at least part of the strategy.
E-commerce is not restricted to shopping. Rather, it now includes fixing the doctor’s appointment, banking, retirement planning, and planning for holidays. The good thing is that E-commerce has a lot of potential fore growth. Overall, entrepreneurs should renew their commitment to E-commerce in order to achieve high traffic and realize optimal profits.