E-Commerce In 2020: Trends And Expansion During Uncertain Times
Without a doubt, the coronavirus has completely transformed the world. Society has changed in different aspects as a result of the pandemic, and companies and businesses are not exempt from this transformation.
The way we do business today has been one of the most significant changes seen in the wake of the coronavirus. While many companies in their day-to-day business were concerned with innovation, it has become necessary to continue operating.
In this context, e-commerce has been the protagonist. Although its existence around the world is well known, I believe it is in the midst of the current critical situation that it has taken on real value in the business environment.
As the CEO of an urban jewelry company, I definitely feel that leveraging e-commerce has been a very useful strategy throughout our business history. The benefits of this practice, described in more detail in this article, are countless, and if you decide to join this trend, I’ve found you can save time and money because the concept and marketing process is often simpler and faster than creating a traditional brick-and-mortar store.MORE FOR YOUThe Human Side Of Digital Business TransformationWhat Future-Proofing Your Business Means In 2021The Future Of Digital Marketing Agencies In A Post-Covid World
E-Commerce: What is it?
E-commerce can be defined as commercial transactions carried out through the internet. With this in mind, you can refer to a large number of economic activities that take place over the web, including business-to-consumer or business-to-business sales.
E-commerce has had remarkable growth in recent years for a number of reasons. First, it allows entrepreneurs to get a start in the business world. E-commerce has also presented an opportunity to established companies because having an online presence allows greater access to an audience more interested in shopping in the digital environment.
Opportunity In Crisis
All these details have allowed e-commerce to gain great importance over the years. However, it has been in the current scenario where I’ve observed many entrepreneurs have given more importance to this element. Staying at home and taking social distancing measures have been the steps recommended in much of the world to prevent the spread of the virus. This has caused technology to become an elemental resource in different aspects of life, including education and work.
In this sense, consumers have turned to online channels to purchase products and services. From my perspective, this has led entrepreneurs and consolidated companies to focus their sales on e-commerce and creating strategies that allow them to stand out from the competition.
Traditional Commerce Versus E-Commerce
Whether you’re operating a consolidated company or just starting a business, e-commerce represents a challenge. The first challenge is its broad scope; the second is the competition that can be found. However, knowing how to take advantage of resources can help you reap many advantages of e-commerce that you might not see in traditional commerce. A few of the advantages to e-commerce include:
Saving money and time: In critical times like the present, saving money is an elementary factor for any business. E-commerce makes it easy to save money by using different digital platforms to promote your products or services. Creating an e-commerce business can also be a relatively quick process for the entrepreneur. For consumers, the online purchase process itself can simplify procedures, which customers often find attractive.
Fewer limitations: Maintaining a business in e-commerce represents the possibility of crossing borders. E-commerce allows any business to offer its products and services in different geographical areas, so the possibility of expansion is much more accessible.
Convenience for the customer: The alternative of making purchases, comparing products and hiring services from your mobile device or computer (and from the comfort and security of your home) makes e-commerce a valuable tool in the current context. This favors society’s inclination toward this marketing method.
Prioritizing the customer experience: Within e-commerce, customer experience is a key element. From the service and attention given to the user, several details emerge, including reviews, which contribute to maintaining an adequate reputation and attracting a larger audience.
Constant innovation: As technology advances, so does e-commerce. This means that it is constantly innovating, and there are more and more digital marketing strategies aimed at improving the operation of online stores, focused mainly on providing a good customer experience.
Due to the benefits that e-commerce allows, both for the consumer and the businesses, there’s potential for many entrepreneurs to find success online. I firmly believe that e-commerce is an excellent option for entrepreneurs seeking to enter the business world with lower initial capital, as well as established brands and companies already operating physically with little digital presence.
I must, however, make it clear that while e-commerce can have positive results, success will ultimately depend on you, your knowledge and the strategies you apply when launching your business. For this reason, my first piece of advice is always to learn a lot about the subject by feeding yourself with information from articles, e-commerce courses and online videos. Take advantage of this digital era where almost all the information you need is publicly available for free online.
Furthermore, avoid perfectionism. A mistake that I often see in many people, which can be applicable to any type of project including an e-commerce business, is that many entrepreneurs are perfectionists. This can cause delays and result in your missing out on experimenting with designs, functions and so on.
So start right now. Don’t waste any more time: Get a domain name, and design a website for your business. Get a payment processor, and upload your products so you can launch your virtual store. In the beginning, it will not be perfect, but with time, you will improve.