With the modern era upon us and advancements in IT, businesses have adapted accordingly. Over the past few years, E-commerce has acquired mainstream status. Capturing the focus of existing and new firms, E-commerce is the new method of conducting business.
Roughly defined, E-commerce or electronic commerce is the realm of all business transactions that take place on the internet. This includes online shopping to auction sites, and appears to have no limits.
As all transactions take place over the internet, there are no limits except those defined by you!
Location, time, target markets, type of product or services, etc. Everything is established by the business when they are setting up. Your capital, expertise and will determines how successful you get and what market you capture.
As this field is explored further, unchartered territories emerge, creating avenues for anyone willing to seize the opportunity at hand.
As this industry has an extremely low barrier for entry, each and everyone with internet access has the capability to dip their toes in the E-commerce waters.
Currently, two of the world’s richest people are living examples of how fruitful and rewarding this industry is. Jack Ma and Jeff Bezos are entrepreneurs who have built their empires by foreseeing trends and grabbing the digital market by the scruff of the neck. Before any of us mere mortals could even think of how to go about it, these geniuses recognised a golden opportunity had presented itself.
Launching AliExpress and Amazon.com respectively, Ma and Bezos were able to convince the world that going to malls and stores is just a glorified waste of time. Leading the way in online shopping, both these behemoths possess the capability of eliminating and/or devouring any competition they come across.
This is just the beginning, E-commerce is here to stay and the key is not biting off more than you can chew. The AFL can’t be won by being drafted into the school football team. In order to make it to the big leagues, you have to pace yourself accordingly.
With the technology and tools available nowadays, anything is possible and all ideas can come to life. Start small, have a strong foothold and despite all the failures, keep working on your end to provide the best product/service to your customer.
As is the case with businesses in general, once you have successfully created a strong customer base, the rest of the path will be made itself.
The barrier for entry, in this case, is also the switching cost. Unlike traditional business, customers can be lost in an instant. This assures that quality is consistent and a customer-centric environment is maintained.
Have an idea that will change the way we live? What are you waiting for? This is the right time for you to convert your ideas into reality! The world is your oyster, especially given the current IT developments.
