The exchange of goods and services went through several phases earlier trading was in the form of the Bata system where goods were exchanged with goods without the use of money
The emergence of globalization helped India to open its economy to the world and connect at a macro level. Trading posts and ports were established by the British East India Company
The flow of goods and capital became feasible as the British East India Company focus was on infrastructure that can connect India with the world
India is currently an IT hub of technology. We have stepped into the digital era where everything is one click away from human reach. Breaking technology barriers another advanced form of commerce has been introduced which is known as E-commerce.
E-commerce is trading around the globe in electronic form which is powered by the internet. It offers access to flexibility and convenience, leaving behind traditional ways of selling and purchasing goods or services. E-commerce is a game changer as you carry the whole world in your pocket with one click and you can have a service or product at your doorstep. E-commerce has become a vital source of marketing.
The rise of e-commerce has affected small businesses that are run by the small-scale industry or a small number of people in both negative and positive ways
E-commerce has provided job opportunities to people running small businesses, especially during covid-19 as access to the internet and its services increased. large numbers of small businesses or homegrown brands got a platform to grow their brand and increase their sales, purchase, and supplier-to-consumer communication seen growing to build strong relationships with consumers.
According to reports by DUN & BRADSTREET SURVEY 82% of surveyed Small Businesses digitized their daily operations during this pandemic reduction in Cost (54%), enhancing competitiveness (51%), and Better Understanding of Customer Behaviour (45%), More focus on Customer Base (62%), Data Security(43%), Evolution of Products and Services (40%).
Additionally with the support of e-commerce cost-effectiveness can be traced as it eliminates the middleman and makes it easy for consumers to directly connect with the seller and also it has increased the revenue streams.
In the traditional model of commerce, consumers need to go to the seller and buy the product which requires proper infrastructure, maintaining a storefront, and an ideal management team to manage their work which requires a lot of financial investment since e-commerce has come into the reach of small business it has helped them to reduce these expenses as a consumer doesn't come at your door instead you provide the product to them their door which increases the convenience of both consumer and seller
Beyond these advantages, there is a layer of challenges that small business faces
Due to the coming of e-business on one side where r commerce provides space for small businesses to grow it also poses confrontation with increased competition there are so many existing small businesses around us but the race between 'being better" and "being different " goes on between e-commerce and small business as it is a challenge for small business to grab eyeballs of the public.
E-commerce does support cost effectiveness but to maintain small business investment in technology is important to attract customers they need to maintain a website with, a safe and secure payment system to safeguard consumers from any online inconvenience adoption of technology like usage of computer and skills to command on logistics software a person with lack of technical knowledge cant ace the e-commerce
e-commerce continues to provide a space for small businesses to grow as society is moving towards advancement. Small businesses need to adopt new strategies, and products they are offering, and improve their social networks to build a position In the existing business sphere and continue to work out the challenges as they are becoming popular among the public
Share This Post On
1 comment
3 months, 1 week ago by
eastonh548
Read the article with interest! Indeed, e-commerce is becoming a real catalyst for small business growth these days. But how to make sure that shipping is not a bottleneck? Very easy – use special platforms to organize shipping for e-commerce. An example of such a platform is Shipstage https://shipstage.com , a great solution for entrepreneurs. Now even small businesses can offer their customers prompt and convenient shipping. What do you think, how important do you think good logistics is in the success of online shopping? Share your opinions!
Leave a comment
You need to login to leave a comment. Log-in
