The impact of e-commerce in modern times has been a quantum leap for individuals and bodies across the different spheres, from the pandemic alone, COVID-19 restrictions and control measures had every individual and businesses review schemes to adjust from their conventional mode of processes while accepting the new norm. It was either one leverages on e-commerce or go hungry; since the latter was never an option, the world saw the re-invention of business practices employ the digital space as their tool to thrive and consistently provide service delivery.
In today’s article, I will be sharing with you the impact of e-commerce in this new age. We will review the acceptance of e-commerce and its effects respectively.
What is e-commerce?
E-commerce simply means the choice of completing business transactions via the internet. e-commerce, which is also regarded as online commerce is the business process of buying and selling products or services with the aid of the internet, as well as the movement of funds and data to complete the transactions.
The internet has afforded us the opportunity of easy access to information since from a click on your Smartphone or device, information is made available for review, research, and approval at your convenience without any possible hitch.
While we still have a few Baby-boomer generations who are yet to come to the acceptance of technology and the revelation of its ease and liberation from tasks that have been made simplified from the comfort of their smart devices, here are some significant impacts e-commerce has afforded us in totality.
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What is the impact of e-commerce?
1. TO THE ECONOMY
The Economy enjoys a major boost in revenue as the access to internet serviced businesses means there is around-the-clock business service, increase in circulation of funds. While this chain reaction ripples to having few people go to the physical retail stores but leveraging on the internet, you have a reduction in the release of carboniferous materials from car exhausts, reduction in mortality rate, cost-saving, and a higher chance of business growth.
2. TO THE CUSTOMERS/CLIENTS
The client enjoys access to information before engaging the business owner after going through your catalog of services amongst other business owners, the customer enjoys the convenience of completing transactions from the comfort of their space, customer/client gets push notifications, first-hand information on services from the business owner.
3. TO THE BUSINESS OWNER
To the business owner, they get to save the cost of rent, staff, utilities, taxes, and other miscellaneous bills. They tend to focus their energy on creativity, quality of service and increase visibility for their business.
What are the benefits of e-commerce?
Here are some of the benefits of e-commerce to the stakeholders.
1. Provision of round-the-clock services.
2. Provision of round-the-clock information to all stakeholders.
3. Avoidance of cost for multiple retail stores for business owners.
4. Reduction in running costs for staffing, tax, transportation, and others.
5. Ease of transaction for all stakeholders.
6. There is a place for easy review and comparison before a prospective client completes a transaction.
7. It provides ample time for the business owner to channel time to other creative ideas to thrive the business.
8. Increase chances of being heard or seen away from your demographic, especially when the business owner’s services are top-notch.
What are the disadvantages of e-commerce?
While innovation brings us easier and smarter ways of doing business, here are some things that make others dread e-commerce.
1. Free access to information could be manipulated for possible fraud.
2. Delay in receiving services/purchases.
3. No human interaction, therefore no empathy or emotional bond.
4. Chances of fraud on credit cards.
5. Quality of service cannot be confirmed until delivered.
6. Hidden charges.
7. No customer loyalty.
8. Internet services subscription.
9. Frequent updates on websites, hosting, and content creation for the business owner could be a task.
10. The worry of deliveries/logistics.
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