What Is E-Commerce?
Electronic Commerce, also known as E-Commerce, refers to any business that is conducted over the internet. Specifically those interactions which involve the exchange of goods, services, and money.
The E-Commerce industry has seen a recent surge in online sales due to the affects of the COVID-19 Pandemic. Though highly visible in the digital age, e-commerce has actually existed since the 1960’s. Conducting business online has not only proved to be cost efficient, but also increases the global reach of sellers.
Prime example: Amazon CEO Jeff Bezos. By leveraging the phenomenal evolution of the internet, Bezos was able to reach consumers he otherwise never would’ve reached working remotely from his garage in Seattle. Today, the Amazon brand is synonymous with modern E-Commerce.
With online shopping at an all time high, the industry has grown exponentially. Each year, E-Commerce accounts for more than $1.3 trillion in sales globally. With these numbers increasing to a massive $3.7 trillion, more and more companies now revolve entirely around enabling other users to start their own online businesses.
Will E-Commerce end Brick and Mortar retail??
Some establishments fear it is very possible. eCommerce has been cited as the cause of the largest current disruption in the retail industry. While online sales can seriously affect traditional outlets, it carries with it other ventures of opportunity. It’s survival of the fittest in these ever evolving times.
Click-and-Collect eCommerce
Brick-and-mortar stores can always add Click-and-collect eCommerce to take advantage of eCommerce.
This process involves consumers placing an order online for in-store pickup. There’s no extra charge for this type of service with customers and it streamlines the shopping process. This practice has been very heavily implemented since the start of the COVID-19 Pandemic back in March 2020.
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