Thanks to Michael Aldrich, father of Ecommerce created this concept in 1979.
E-commerce as the name suggests has multi dimension and multi-faceted with ocean of opportunities in online commercial world.
In Today’s world, people around the world, irrespective of diversities, cultures, personal attributes, age, and background use online platforms in some way or the other in day-to-day life.
It gives more pleasure and comfort when compared to physical shopping at Commodity Stores. Time and energy saving and all at your fingertip. You can find anything you need in your from basic essentials to luxurious goods and services online and avail them through a Computer or a Tab or a mobile phone.
With advanced technologies and Artificial Intelligence, the consumer experience is seamless and very swift.
It creates tremendous competition on the supply side and choices / alternatives to the ultimate Customers.
This Industry is growing in an exponential rate and unbelievable pace.
As per emarketer, research firm – May 2019 | India stands second in the worldwide ecommerce sales growth next to Mexico.
Supply Chain Management
Supply chain management plays a key role in the success of this industry. It is the lifeblood of the ecommerce industry.
The commodity e-commerce segment is complete only with an efficient supply chain system.
Key Role of Technology in ecommerce
With technological advancement, today ecommerce portals / online stores can be built with enhanced customer convenience and security.
Today one can develop an ecommerce site at affordable costs that facilitates even a small and micro enterprise can afford and launch it.
It is easy to build e-stores with virtual reality / 3d visualization to give the customers real shopping experience. It also helps to educate the customer more about the product they desire to purchase and helps in better decision making with competitive advantage.
Thanks to the online shops, today anyone can shop anything from any corner of the world, provide he has the purchasing power.
Through Artificial Intelligence and Machine learning, an online portal is equipped in such a way that itself a complete cycle of transaction and other allied functions in business ( can make informed decisions, update products, make sales, customer interactions)
In business terms, there are so many advantages of ecommerce platform. But there are also disadvantages like security vulnerability in case of weak software setups, consumer data theft, etc.
Nonetheless, this industry sees a gigantic growth and potential with nothing to stop its pace. It creates opportunities in new ways to the business fraternity and also customers make tremendous benefits out of it.