Redefining Business: Is Ecommerce the Future for Entrepreneurship?
For many years, business experts and analysts have been trying to predict trends and behaviors within the market. Although perhaps an understatement, this has been rather tricky but is it now more clear-cut than ever before with the rise of ecommerce?
With many business owners, they believe ecommerce will soon take over many product-led industries. With facts and statistics like those below, it’s hard to deny the path ecommerce has already enjoyed.
- More than seven in ten believe better deals can be found online
- 70% of ecommerce traffic is generated from smartphones
- Nine in ten check online reviews before purchasing a product (online or otherwise)
Every year, smartphones and tablets become more advanced and more businesses are catering to this knowledge. For example, Amazon, one of the biggest online marketplaces, now offers ‘one-click’ and ‘one-day’ delivery services. As technology advances, ordering becomes easier, companies improve their service, and the whole process keep spiraling.
If we’re considering the notion that ecommerce is the future, we also have to assess the other side of the industry; traditional retail and physical stores. Over the past few years, many have stated that bricks and mortar businesses are now ‘obsolete’. While this isn’t exactly true (the industry is certainly evolving), it is now harder than ever for startups to find success with a physical store.
Why Ecommerce is Popular? – On the other hand, startups in ecommerce are thriving so long as the entrepreneurs have the passion and determination to make it work. With a lower initial investment required, we can discuss business ideas and gain an overview of any potential demand without even spending a penny. Furthermore, websites are cheaper than ever, social media is free, and sites like Etsy are allowing individuals to make money with just a tiny starting capital.
With the addition of great technology, we must also note that customers are closer than ever (and vice versa!). If a business wants ideas for their new product, they send out a tweet; meanwhile, a customer does the same if they ever need help with a product or with customer service. Before mobiles, tablets, and ‘live chat’ functions, shoppers missed the interaction with sellers but this is quickly returning.
Starting a Business – From an entrepreneurial perspective, you can’t blame new business owners from wanting a slice of the ecommerce pie. With physical stores, the risk is extremely high, the pressure to succeed quickly exists, and the potential customer base is relatively small. By moving online, the customer pool is much larger, marketing becomes easier (and cheaper!), the amount of data available makes it easier to optimize the business, and everything can be managed at the click of a button.
Cape Town based Ecommerce company - Comalytics have said multiple times that these days the ecommerce market is more forgiving and this is attracting thousands of entrepreneurs each year. As technology continues to evolve and buying/selling online remains simple, it’ll be interesting to see just how dominant ecommerce becomes.
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