The rise of eCommerce comes as no surprise to most, as the online world grows in importance, reach and influence. However, knowing why eCommerce is increasing still allows you to tap into this growing market more meaningfully. eCommerce is short for Electronic Commerce. It refers to buying and selling products/services over the internet. With the help of internet, people can easily buy and sell virtually everything, like books, electronics, apparel, software, and furniture. E-commerce provides a platform for people to buy or sell whatever they want and whenever they want.
This shift in consumer behavior has opened the door to limitless possibilities and opportunities for aspiring entrepreneurs. E-commerce is probably the most lucrative investment option for angel investors and venture capitalists.
From the rise of social media to brand ambassadors that have gain more reach than in the past, there are some reasons for this exponential growth. Nowadays, almost everyone with buying power has access to a mobile phone. Therefore, eCommerce is an excellent opportunity to target those who can afford to buy your products or services. A phone gives one universal access to everything on the internet, leading to eCommerce industry growth. With the advent of channels like Facebook Marketplace, Instagram Shop, TikTok product tagging, and much more, social media is now integrated into eCommerce. Since social media is so powerful and people spend a lot of their time on these channels, expanding your store to include these platforms is extremely valuable. When it comes to online shopping, the buyer cannot interact with the sellers in person. So, online marketplaces have created ways to provide personalized customer experiences. For instance, many brands offer special discounts and rewards on your birthday or any other occasion. This is their way of making you feel special eCommerce dramatically reduced the cost of operations for retailers as well. They can easily outsource their administrative and backend processes to experts from around the world. It also encourages retailers to add more variety of products on their website as the location of the warehouse is no more an issue for the retailers. They can quickly deliver the products from one corner to another corner of the world due to advancements in logistic.