Due to its accessibility, availability, cost-efficiency, and capacity to provide tons of opportunities, ECommerce has become the new face of traditional commerce in the digital age. With the potential that it displays, the ECommerce industry is expected to take over conventional methods of business transactions over the coming years. ECommerce has also grown enough not only to influence local businesses but also to shape the global economy.
Some studies of the current economy reveal a major global downturn fueled by unemployment and low spending rates. However, the forecast does not totally reflect on the present performance of ECommerce. In fact, it has steadily improved and withstood economic uncertainties over the past few years. It is still expected to grow in the future at an exponential rate. In other words, ECommerce is strongly resistant to world economic storms, making it a promising industry that will continue to remodel the future of businesses.
If you are wondering how online businesses are influencing the economy, here are 4 ways that selling online creates an impact on a much larger scale.
1. Multitude of Options
Since ECommerce relies on worldwide internet connectivity, the variety of products that you can shop for also diversifies into a global scale. Consumers nowadays look for new options outside their local retailers. With the help of ECommerce, shoppers now have a limitless range of products and services to choose from.
With a virtually unlimited range of choices that you have when you shop over the internet, more consumers opt to buy goods and avail of services online rather than go out to shops with limited products available. The increase in the volume of online transactions brought about by ECommerce greatly impacts the economy whilst being resistant to economic busts.
2. Comparison Shopping
Aside from the multitude of options, consumers would also want to grab the best deals out there. Fortunately, shopping for the best deals is not at all difficult to look up on the internet. Search engine recommendations related to shopping also affect purchase decisions by as much as 50%. So with the increased online presence of a brand along with customer reviews, it will be more likely that consumers will purchase a particular product.
A great ECommerce web design also affects purchases in a way that it satisfies a consumer’s desire to get a reliable deal. A well-invested design can affect a consumer’s purchase by up to 20% mainly due to its reliability and credibility.
3. Related Services
While related services are normally ignored as a contribution, these actually provide a major part of the contribution of ECommerce to the economy. Related services such as shipment and customer assistance play a vital role in a business. Without these services, online businesses would most likely fail.
4. Increased Employment
Putting up an online business directly contributes to the economy through employment of individuals required to maintain a shop. This does not only mean employment within your company, but it also opens opportunities for employment in companies that provide related services to ECommerce. The success of ECommerce is actually attributed to the rise of online businesses and the support of related services as well.
Last Updated on August 11, 2019.