3 Interesting Factoids You Should Know What Is Ecommerce For Beginners
The Philosophy of Ecommerce That Can Change The World
Are you those of non-tech savvy business enthusiasts who avoid risks ONLINE? Don’t worry, this is going to be a bullet FAQs on starting a business. We won’t call it a business strategy to immediately generate money. To
tell you honestly, making
money as usual is considerably
more difficult than we
anticipated. There’s no tried or
tested formula to be successful in
business. However, you can ask yourself first three basic things.
- Am I ready to take the challenge?
- How should I start doing this?
- Where are my success occurring?
Indeed, there is no one-size-fits-all answer to these questions. Numerous individuals start a business that they’ll turn on their PCs or open their entryways and begin bring in cash. They’ve become instant millionaires because they’re willing to take risks. Customers want more enjoyable ways to buy things, and online shopping provides them with that. Users can buy whatever they want from the comfort of their own homes when they shop online.
E-commerce is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, such as the internet (Lutkevich et al., 2022). According to Michael Aldrich, he thinks of an idea while on a talk to his wife complaining about the inconvenience of paying groceries, making transactions, and understanding the description of the items and said, “Wouldn’t it be so much easier if you could just order what you needed through the TV? Shortly after wondering, he thought of inventing a system that can advertise goods and services in an online organization, giving the shoppers the ability to call into a processing center to transact, and place orders called “Teleshopping”.
Remember those silly and annoying infomercials with obnoxious hosts where they repetitively try to convince you to buy their product on TV? Have you ever seen yourself as an endorser of online websites like Foodpanda, Shopee, and Lazada? Or, do you feel a sign of starting a business that offer products from various categories such as clothing, electronics, optical, footwear, and so on?
Don’t sit still and starve!
Learn to earn!
If Ecommerce As Business Is So Bad, Why Don’t Statistics Show It?
In addition to the intrinsic financial brittleness of company, the prospect of additional business closures from COVID related disruptions depicts a grim forecast for many enterprises that are currently functioning. Or is this merely a conclusion drawn from a dearth of evidence?
Global eCommerce growth is expected to be 12.2 percent in 2022, bringing global eCommerce sales to $5.542 trillion. This growth rate, however, is lower than that of last year. Global e-commerce growth rates will reach 16.3 percent in 2021. This is a slowdown from the 26.4 percent growth rate in 2020, which was also the largest year-over-year increase analysts expect between 2020 and 2025, and can be attributed to the coronavirus pandemic (Gaubys, n.d.). Is there a small ray of hope for business from eCommerce amid the darkness of the COVID pandemic fallout?
YES. As you can see, eCommerce is big money. The graph above demonstrates a clear upward trend in total global retail sales from 2019 to 2020, which provides a significant boost to a steady 8% growth in retail e-commerce sales globally forecast through 2024. This demonstrates an increase in online retail sales as a result of the business paradigm shift that COVID disruptions have brought about. According to Kiniulis (2022), here are the most important statistics on ecommerce you need to know:
- There are over 26 million eCommerce sites across the entire globe, with more and more being created every single day.
- There are more than 5 million eCommerce sites in the US alone, with more and more being created every single day.
- In 2021, retail e-commerce sales amounted to approximately 9 trillion U.S. dollars worldwide.
- Mobile e-commerce sales reached $3.56 trillion in 2021, an increase of 2% over the previous year.
- In 2021, there were 14 billion digital buyers. That makes 27.6% of the 7.74 billion people in the world.
- The #1 reason people shop online is the free shipping option offered by eCommerce stores.
eCommerce Platforms in the World
I think you should formulate aside from the three basic questions. Actually, there are many formulas in order to have a successful business (whether it is online or a physical store). Instead of asking the questions:
Why don’t we consider the 4 P’s in Marketing Mix? Meaning: Product, Place, Price, Promotion
My takeaways are:
- Managing a business is not just about being a risk taker. You have to be knowledgeable too.
- You cannot start a business venture without a business plan. It is the only valid process to begin with, not the inner courage of a person.
- Your business success apparently occurs in its marketplace. That’s just it.
Your questions are answerable and the answers are bare minimum.