The fifth industrial revolution is slowly pushing in with the arrival of the new pandemic condition. With the rising implementation of 4.0 technologies such as AI, big data, IoT, etc., it is understandable why the E-commerce network system is playing a critical role in strengthening the industrial economy.
What Are The Attractive Factors Of E-commerce?
The conventional economic wisdom is slowly replacing internet technology as it gives substantial effort in reforming the relationship between business and their customers, making the industries more profitable working in a network economy.
The rise of E-commerce can be seen with more advent, especially in 2019 with the staggering scale of $3.5 trillion across the globe.
Let’s get to know the major key factors for consumers to choose E-commerce over physical stores.
- Regulating Product Pricing
It’s’ a standard nature of a customer to compare pricing between various brands. E-commerce websites avail different tools for them to search and compare prices between products and versatility with product selection. Their pricing strategies are also very attractive as they are lower in price than physical stores. Based on which kind of product it is and how the market is working, they double the wholesale price, which is not too high or low, creating a win-win situation for businesses and customers.
- Convenient Payment options
Cash is not always an appropriate option when you want to buy something. Although most of the physical retailers are adapting to digital payments, E-commerce has the ball in court with availing convenient payment options, along with shopping all from one system, and all the customer has to do is receive their product if they have made payment earlier. Moreover, reliable entrepreneurs eliminate security issues by handling personal and financial information online. So, they make secure shipments.
Most new entrepreneurs invest in e-Commerce as it allows them to open doors to become a successful global store. Whether you are ready to make cross-country transactions or not, you can set up your e-commerce business on a global scale. Moreover, unlike physical retailers, e-commerce businesses can have increased customer insights to instantly take note of trends, profits and analyze the marketing campaign and knowledgeable customer demographics.
- 24*7 Hours Service
Another inarguable advantage of e-commerce sites is their availability and accessibility. Unlike physical stores, online retailers operate 24*7 and generate orders all day and night, convenient for both businesses and customers. Many e-commerce sites also have mobile sites and apps, so it makes it more beneficial for them to generate traffic through all their platforms.
Growing Adaptation Of E-commerce During The Covid-19 Pandemic
Pandemic guidelines were all about going contactless when it comes to shopping, whether it’s about purchasing anything or paying for anything. Customers find e-commerce shopping more convenient and fruitful when getting a contactless shopping experience, along with many aspects. All these beneficial aspects had pushed forward the growth of e-commerce marketing.
When you question which store had earned the most growth during the Covid-19 restriction phases, not surprisingly, it would be all the online stores, especially the food and groceries category. The 2020 market studies have shown that the revenue gained from the food and groceries categories have outperformed many other shopping categories, with a growth of over 500%.
As the implementation of technology and smart investments are growing with passing time, it can be predictable for the e-commerce volume to only increase. It’s reasonable enough for the physical stores to get concerned about the market shrinking. Since consumers only give importance to their buying satisfaction and getting value for a lower price, they are most likely to choose online marketing over real-time retailers to get benefited.