Wednesday, 3 February 2016

The significance of E-Commerce for Entrepreneurs in current era

To sustain longevity you have to Evolve. If you refuse to evolve or fail to see the change, then eventually you will dissolve. In today’s era businesses are evolving with rapidly emerging E-commerce.

The market is gradually changing. Technology and internet have become a daily necessity for people. Networking, researching, learning, gaining information and even shopping happens on the net. With this new growing technologies and easy access, Entrepreneurs are shifting towards online stores for tapping more market and enlarging their business.

A recent visit to Bandra Flea market left me amazed to find that even the home grown businesses, and smallest of startups have realised the potential of online market and have build their presence there through their Ecommerce stores. The Lil flea market had the most innovative pop up stores, consisting of bags, accessories, clothing, footwear, plants and experimental food. All these creative, out-of-the-ordinary stores were well equipped, with creative marketing on social media with high followers and a good Ecommerce website to attract and engage their customers to fulfill their  buying requirements through easy option.

To any visitor on the store asking for more options, all that they did was redirected them to their websites asking to buy that stuff online. This ensures us that how the market and buying behaviour of consumers have changed over the period of time.

Ecommerce have become so accessible that it is loved by consumers as well as the entrepreneurs. It brings them together and provides an open market. Online buying offers 24*7 consumer engagement through websites, emails, social media etc. leaving no opportunities/prospects unturned. Studies have shown that buying online have exponentially increased within last few years. In this hectic life, people find it comfortable to accomplish their task like shopping during night, or while travelling or just when they are bored. However, there are various reasons to buy online and the online shopping and motive differs from shoppers to shoppers.

According to Nielsen reports,

28 % of people shop online to stay informed and know the trends
27% of people shop online to find better deals for their products through variety of options
16% of people shop online only after going through online reviews
7 % of people compare on price shaving websites before making a purchase.
Understanding your users can immensely helps improve your customer relationship. Through various available online options for customer servicing and painless processes, entrepreneurs can easy identify the market demand and gap to satisfy their needs and thereby attain a satisfied customers. Shoppers prefer Ecommerce for various convenient reasons like avoiding physical trip to the store, carrying home heavy goods, anytime accessibility, availability of larger range of products, finding rare products and lastly to avail online competitive pricing benefits. This has definitely increased the online users and competition between Ecommerce portals.

As also for the entrepreneurs opening an Ecommerce store provides immense benefits. It has become easy for small and large business to buy a space on the web then the physical space. It is easy to handle and can work completely on demand basis. Storage cost reduces, effortlessly showcase the updates and communicate to your customers, economical for the start and certainly more effective than traditional business for small upscaling businesses.

These were some of the profound reasons why all those pop stores at lil flea market promoted their Ecommerce websites and emphasised on their online presents.

The market has changed greatly. Have you? Before your competitors eats your market share, take the next step and go online. First mover always have better opportunities. Realise your potentials and the power technology