e-Commerce can be explained in simple terms as the buying and selling process of products and services through internet using a market space which is virtual.
This has opened new horizons for many people and businesses worldwide by enabling them to find new revenue streams and also to diversify their businesses.
Many of the corporate giants in the world has adapted to use e-Commerce business models serving billions of people around the world while coordinating the marketing, warehousing, delivery and order fulfilment and logistic services across the globe with the help of dynamic emerging technologies.
In today’s world, e-commerce is carried out on different contexts. They can be stated as follows:
- Business to Business
- Business to Consumer
- Consumer to Consumer
With the emergence of Covid 19 pandemic crisis, it has largely affected to the global consumer behavior in the aspects of purchase intention and buying behavior. Similarly, businesses and individuals has to take counter measurements to threats and identify opportunities amidst of the Covid 19 pandemic to run their lives and businesses as well. E-commerce has also managed to adapt itself to this pandemic.
Some Individuals and Business owners have identified the opportunities brought by the pandemic and has adapted to e-commerce where some are still resilient to adapt due to the factors such as,
- How much will it cost to set up e-commerce platform to sell products/services?
- Will customers feel safe when purchasing products?
- Is my e-commerce website is secure enough?
- How to market my e-commerce store online?
- How can I find products to sell on my e-commerce store if I don’t have products? Etc.
Since most consumers are attracted to purchasing products online, e-commerce stores face high competition. Therefore, an ecommerce store needs to be unique and the store owner needs to find highly demanded products while optimizing the website to the best of their ability to cater the demand of the website visitors in order to convert them to profitable customers.
Businesses and individuals need to adapt to the new normal as well as think on grasping and investing on new technological investment aspects like e-commerce so that they can achieve their short term and long term goals by overcoming the challenges as far as the businesses are concerned.