Electronic commerce or ecommerce is so popular today that it seems traditional brick & mortar stores are non-existent. Many people are so hooked up with online shopping or any other kind of electronic retail shops/stores that they can get their hands on through a push of a button or some weird gestures on their tablet screens, that it has become an enduring trend since the turn of the millennium. This gradually changes the whole concept of personal one on one dialogue in the buying and selling methodology (i.e. stores and store clerks) as the written product descriptions now does the marketing for the product and there’s only you (the customer), the goods (products for sale) and the cashier (which is also an automated machine) that’s left in the loop – no more middle men.
Online shopping has made buying products more efficient and quick, gave consumers a broader option on brands to choose and reduced costs as well as improved product quality as a result of strong competition among manufacturers.
Convenience Anytime Anywhere
Traditional brick & mortar department stores, malls and boutiques will rob you of your time and energy as most of the time you’ll have to be physically present at their place of business in order to purchase goods. Online shopping has a 24-hour availability that allows you to do transactions anytime of the day. Since almost anyone in any place has access to the web, they can engage online shopping at their pleasure. If you’ll encounter product defects or are just simply unsatisfied with your purchase, you can just ask for a replacement or a full refund of your money. Other stores even have free return shipping options and uncharged restocking fees for those canceled orders.
Good Quality Products and Services
Manufacturers partner up with big online stores like Amazon, eBay, Alibaba, Overstock and others in order to proliferate their products and boost sales in ways they’ve never achieved before. The 3.2 billion people that use the web on a daily basis also makes profits soar, but thanks to good market competition, consumer goods are sold at a much much lower price. It is estimated that price costs has gone down to 500% for products sold online than those products that are not listed in online stores. This include discounts, year-end sales, freebies, free shipping costs and other things that manufacturers and online stores add on top of the SRP (suggested retail price) for the products being sold.
Better Price means more Customer Engagement
One thing that traditional businesses have trouble dealing with is customer engagement. You see before products are mass produced, they must go through research & development and other stages and the cost of that could well over tens of millions of dollars (not counting cost-overruns). If they put the products out with very little marketing and promotion, chances are they will have spent too much and profit too little from the get-go. That’s why they need extremely convincing salesmen to market the products and media ads to broadcast the same message across the country or even overseas.
Did you know marketing, product promotion and TV, radio and other media advertisement cost over tens of millions also? The combined resources needed just to sell one specific product is staggering that if you don’t have the guts to get into the production business, then you had better quit before the initial planning stages!
The internet has revolutionize all of that and by creating the environment needed for manufacturers and consumers to equally gain in this free trade, it had brought down the cost to acceptable levels of risks. Now companies have greater customer engagement and profits while consumers are ever so satisfied with what they get for their money’s worth.