Is E-commerce Overtaking Traditional Retail?

With e-commerce overtaking retail, people are more likely to make a purchase over Amazon or similar sites, rather than from a basic or local store. With the outbreak of Covid-19 the buying behavior of the customers and consumers has changed. People are drifting towards facilities that are just a click away.

One click and your product is at your doorstep! No rocket science and nothing complicated. With a spike of evolution in technology, the traditional way of commerce and trading is changing while e-commerce is becoming more of a popular thing.

With the developing technology the digital transformation has left a substantial impact on our industries, including the commerce industry.

To be honest if you think about it, online shopping is integrated into our lives. The feasibility of delivery at our doorstep is something we would not want to give up.

E-commerce is a combination of advancement and convenience and with millennials growing into the new generation and boomers turning into oldies, we’ve really started to prefer fast deliveries. Time is such a valuable asset and with the pandemic it is most of a safety priority to order and let the product get delivered at your doorstep.

Apps like airlift and food panda really cracked this one initiative to capitalize during the lockdown by turning everything into e-commerce. If you remember, food panda introduced pandamart and oh my God what an experience. It is fast, convenient and you get your order in no time.

Likewise Airlift realized that they won’t make a living out of rides hence they turned their ride services into home delivery. In times where people prioritized social distancing, this was a genius idea to evolve into something ecommerce to capitalize even during a pandemic.

Before 2020 I could not even imagine having snacks at my door step until munchies was introduced. And then apps like humart etc, they really save your time as well as the travelling cost. 

E-commerce has become an indispensable part of the global retail framework.

From the advent of the internet there has been an ongoing digitalization, which is now called the modern era right after globalization. With technology evolving throughout the centuries people and their preferences have transposed to more of a virtual lifestyle. With times changing and the transformation of the digital landscape people have adapted to new ways.

Over the past few years we’ve seen how the retail landscape has undergone a substantial transformation and hands down to the ongoing digitalization of modern life, consumers around the globe now profit from the perks of online transactions.

With the internet becoming accessible and its usage increasing rapidly, we can see a raise in the stats of digital buyers. According to an internet based stats research:

In 2020, over two billion people purchased goods or services online, and during the same year, e-retail sales surpassed 4.2 trillion U.S. dollars worldwide.

The number of dollars spent on e-Commerce sites is growing every year. In the last year only, it reached $3.45 billion. By 2021, that number will hit $4.88 billion. According to a global survey across 11 markets by Shopify, 84% of consumers shopped online during the pandemic.

So based on the analysis is it true that e-commerce is overtaking traditional retail?

Well there is no need for an explanation on that. It is undebatable! It is a visible as well as a very understandable fact that e-commerce is taking over the traditional retail and local markets and it is climbing up really fast.

Especially with the situation at hand which is the pandemic, e-commerce is a people’s preference. The shopping trends among the customers have radically transformed.

The platform of e-commerce overcomes geographical limitations as well as you can gain new customers with search engine visibility. Lowered cost is also one of the most tangible positives of e-commerce.

Why do today's customers prefer e-commerce?

The answer to this would be the seamless customer experience that they have via online stores. With everything digitalizing the customers of both present and future have adapted to a ‘shop at home’ buying behavior.

At the end of the day the customer expects a seamless experience from their time spent on ordering via online platforms. Obviously that is a great amount of trust too! Reason why customers opt for online apps is because it promises them a quick delivery and plus they can easily choose and buy and just wait for the order to arrive.

In all this process the customers require quick response to their queries which is why from the seller’s end no matter if you run your ecommerce business via phone or a big setup, make sure to respond to the customer query asap. Be there for your customer.

Note for e-commerce sellers: Be it a follow-up phone call, quick response via chat on your website, or responding/reacting to a comment on social media, you should be present when they click the ‘I’m interested in your product’ button.

Work hard and maintain your brand identity and work consistently on your brand tone of voice. Your brand should be both quick to recognize and consistent towards your customers, no matter the device or platform. Also keep your loyal customers in a loop.

This will take a lot of practice and refinement. But, this bread is sweet at the end. You will get your reward and climb up the ladder of steady growth towards plenty of more.

If you are interested in starting your own ecommerce business via any platform, join our community and get mentored by our Extreme Commerce experts. Extreme Commerce has a pool for every young entrepreneur where you can acquire skills from platforms like Video Boot Camp, Case study based hands on learning and you can also become a part of our incubator and network with fellow entrepreneurs.  

For more info, join our group; Sunnyali.com/group