With the growing use of media appliances like a Smartphone, laptop, computer with internet access, the horizon of eCommerce business development is expanding day-by-day.Due to the availability of gadgets and easy internet access has lead people to online shopping. Among many, increasing the tech-aware population, internet speed and connectivity mediums are the most influential factors for eCommerce business development in the world.
Following is the chart that shows how the global eCommerce business is skyrocketing every year:
“Although global eCommerce growth decelerated a bit, online share of total retail sales has steadily been on the rise—with penetration increasing from 11.3% in 2016 to 13.3% in 2017, Internet Retailer estimates. Last year, Internet Retailer forecasts it hit 15.2%. Similarly, the study shows that Global as result eCommerce grew at a faster clip last year -18% consumers worldwide purchased $2.86 trillion on the web 2018, up from $2.43 trillion the previous year, according to our early projections”.
Source: Internet Retailer
“According to estimates, there was a very small uptick in total retail sales across the world in 2018. As a result, it helped to give e-commerce penetration a boost. Overall retail sales climbed only 3.3% last year to $18.84 trillion from $18.25 trillion in 2017. Total retail sales growth registered 3.5% in 2017, up from $17.63 trillion the year prior”.
Source: 2018 E-Retailer Global Expansion Report.
The scope of eCommerce business development:
There are two basic processes for managing eCommerce business development: Internal and External. Internal process includes human resource, financial transactions, and administration. Similarly, external process includes sales and marketing, supplying goods and services, and customer relationship The basics of eCommerce business development comprise of website marketing, email communication with customers, online training for staff, use of the internet for conducting research and managing daily business activities. Providing after sales through online also comes under eCommerce business development.
Given are the basic scopes of eCommerce business development:
Selling can be focused on the Global customer
Pre-sales, subcontracts, and supply
Financing and insurance
Commercial transactions, ordering, delivery payment
Product service and maintenance
Cooperative product development
Distributive co-operative working
Use of public and private services
Business to administration (customer)
Transport and logistics
Automatic trading of digital goods
As discussed, the eCommerce business development always focuses to offer a highly customized and user-friendly experience for both the entrepreneur and the consumer. The idea to have eCommerce business development will enable the dealers to sell more and consumers to shop online for the best products across the globe. Although the eCommerce business development seems to be lucrative, it has got many risks and challenges that should be addressed properly before we proceed.