With the modern era upon us and advancements in IT, businesses have adapted accordingly. Over the past few years, E-commerce has acquired mainstream status.
Capturing the focus of existing and new firms, E-commerce is the new method of conducting business.
Roughly defined, E-commerce or electronic commerce is the realm of all business transactions that take place on the internet.
This includes everything from online shopping to auction sites and appears to have no limits.
As all transactions take place over the internet, there are no limits except those defined by you. Location, time, target markets, type of product or services—everything is established by the business when they are setting up. Your capital, expertise and determination will influence how successful you become and what market you capture.
As this field is explored further, uncharted territories emerge, creating avenues for anyone willing to seize the opportunities at hand.
Because this industry has an extremely low barrier to entry, anyone with internet access has the capability to dip their toes into the E-commerce waters.
Currently, two of the world’s richest people are living examples of how fruitful and rewarding this industry can be. Jack Ma and Jeff Bezos built their empires by foreseeing trends and grabbing the digital market before the rest of the world understood its potential.
By launching AliExpress and Amazon.com, Ma and Bezos showed that shopping at malls and stores is increasingly unnecessary. Leading the way in online shopping, both of these behemoths possess the capability to devour or eliminate any competition they come across.
This is just the beginning. E-commerce is here to stay, and the key is not biting off more than you can chew. The AFL can’t be won simply by being drafted into a school football team. To make it to the big leagues, you must pace yourself accordingly.
With the technology and tools available today, anything is possible and all ideas can come to life. Start small, build a strong foothold, and despite any failures, keep working to provide the best product or service to your customers.
As is the case with business in general, once you have successfully created a strong customer base, the rest of the path becomes much clearer.
The low barrier to entry in this industry also means the switching cost is low. Unlike traditional business, customers can be lost instantly. This ensures that quality must remain consistent and a customer-centric mindset maintained at all times.
Have an idea that could change the way we live? What are you waiting for? This is the perfect time to turn your ideas into reality. The world is your oyster, especially with today’s IT developments.