Although eCommerce is providing businesses with new options, it is also giving offline merchants cause for concern. Whether eCommerce will destroy the conventional manner of company behaviour is one of the most perplexing areas of discussion among offline firms.
You would undoubtedly believe that technology is harming conventional businesses if you look at the statistics showing the rise of the eCommerce sector over the past ten years. According to the study, 85% of Americans perform at least one electronic transaction every year. According to Logistic Industries, revenues increased by 15.5% in the third quarter of 2017 compared to the same period in 2016. These numbers demonstrate the intense challenge that eCommerce is posing for traditional offline businesses.
Why Are Businesses Turning to Online Shopping?
One of the main causes for businesses to start looking for new methods to meet client demands is altered buying patterns. Businesses have found e-commerce to be beneficial because of online transactions. There are therefore more opportunities for advancement.
Businesses discovered that using the pay-per-click (PPC) system made it easier to market and sell their just-founded store. In contrast to earlier times, you no longer need to wait years for success. It attracts customers by providing deals and coupons.
Solving consumer problems and completing the deal have gotten easier. Thanks to user evaluations and FAQs, businesses find it easier to persuade other customers to buy the products.
How Does E-Commerce Overcome The Obstacles Posed By Established Business Models?
The value of the human touch is the conventional business’ most important contribution. You can’t thrive by starting an eCommerce retail store if your company can’t close the gap between client demand and your supply chain.
The youth of today is tech-savvy. According to observations, 68% of shoppers below 35 said they prefer to purchase online over physically visiting businesses. Taking this into account, companies are implementing cutting-edge and popular technologies like live chat, 360-degree product views, and AR/VR to increase the percentage of customer satisfaction. Businesses hope to enhance client connection by implementing these technological advancements.
The popularity of mobile devices and the rise in the number of smartphone users have completely changed the eCommerce trend. In the M-commerce industry, the online marketplace is now thriving. Online shoppers are increasing in number every year. People developed the habit of skimming through eCommerce websites in the same way that they check the postings on social media sites. Customers around the globe are actively participating in this list of internet shoppers as well.
Businesses use social media sites as one of the best tools available to enhance customer connection, increase brand trust, and increase consumer conversion. In contrast to other platforms, social media allows you to take a more casual approach to understand client wants.
Conclusion
Finally, we may assert that the online marketplace is transforming the business world. However, traditional offline stores won’t vanish entirely. The likelihood that your physical store will remain in business entirely depends on your sector. Traditional retailers might gain a lot from an internet presence, which will expand their market.