For several hundreds of years, we humans were buying and selling through the traditional channels. To start with we had brick-and-mortar stores and later the stores became bigger and bigger and better and better. But the store is a store whether it is large or small. We always felt that the product can be appreciated by the customer only when they touch and feel. And the customers will buy if and only if they touch and feel the product. Things started changing drastically with the arrival of Amazon and the birth of ecommerce.
eMarketer estimates that by 2020 the total retail sales will be USD 27 Trillion and 15% out of that will be through ecommerce. That means out of every six products sold, one will be sold through online. Currently the growth rate of ecommerce is 25% year-over-year. And this percentage is constantly increasing and going to increase in the coming years with advancements in technologies and easing of ecommerce regulatory framework. Ecommerce is not a fad, but it is going to stay here for ever for the following three reasons:
1. As the years are passing we have more and more activities that are squeezed within the same 24 hours, so we need to cut down the time spent on some of the activities and one such activity is the things we buy for us and for home. If an ecommerce company design a process to covey the touch-and-feel (may be through reviews, return policy etc.) they definitely you are going to sway to the ecommerce side as this will save your precious time. The value for each minute is going to constantly rise over the coming years.
2. Most of the cities are getting congested and the quality of air is on constant decline. So many people prefer less travelling to a physical store, if they are able to get those things online.
3. As the volume handled by some of the ecommerce are huge they enjoy the scale of economy not imaginable for a brick-and-mortar store. Hence these ecommerce companies are able to offer the product at a lower rate. The typical customers are price sensitive as they are getting the same brand at a lower rate through online.
Fhyzics helped numerous companies in setting up their ecommerce portals or stores. The support from Fhyzics is end-to-end that covers areas such as setting up ecommerce portal, product images, product specifications, payment gateways etc. Even if you are a pure brick-and-mortar business, coming out with your ecommerce store does two magic. You increase your geographical coverage and get more customers with out any huge efforts.
For more details about Fhyzics’ ecommerce services, please click here or email us at cs@fhyzics.net.
About Author
Venkadesh Narayanan is the Principal Consultant at Fhyzics Business Consultants Pvt. Ltd. with over 25 years’ experience in business consulting, business analysis, process improvement, supply chain and new product development. He is a mechanical engineer and an MBA worked for several organizations in India, USA and Canada prior to joining Fhyzics. He is a former Indian Civil Servant [IRAS 2000 Batch] and served in Ministry of Railways, Government of India. You can find some of the videos of Venkadesh Narayanan on various topics in our YouTube Channel Business Analysis Digest and also feel free to connect with him through LinkedIn.
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