The search for convenience has led the world to innovate and even make a once impossible future a reality. One concrete example is how the Internet made it easy for everyone on the planet to connect and interact even from miles away with just a click of a button.
In order to take advantage of this limitless connectivity, business managers and entrepreneurs have found a need to conceptualize new and updated business models that would satisfy a new generation of customers in their constant demand for products and services—from the comforts of their home.
Finding economic refuge in a digital environment
E-commerce has increased the ability of an organization, big or small, to claim a vast outreach and attract millions of customers around the globe. Since it is still in its early stages, old companies may try to integrate their old business methods with new marketing strategies suited for an online marketplace.
The opposite applies to startups who can just start from scratch and figure out more effective ways of introducing their products and services by abandoning traditional marketing methods and taking risks in trying out new and more updated business styles.
E-commerce’s single most lucrative segment is the online retail sector, which is dominated by the sale of consumer electronics, apparel, and personal accessories. As reported by the U.S. Commerce Department, U.S. online retail sales during 2013 totaled roughly $262 billion. By 2016, this figure had grown to $395 billion, an increase of 15.6 percent over the prior year.
On meeting quotas and staying competitive
However, electronic commerce may have led to more effective ways of providing goods and services but the challenges that businesses face have also become more complex especially when it comes to reaching quotas and managing competition. Nowadays, one’s failure or success will always depend on how one is able to actively respond to customers’ demands and consistently keep positive reviews in order to build a credible online reputation.
Product-oriented businesses are now a thing in the past as customer-centric practices have been proven to fare well in this new environment. For instance, managers have to understand the needs of the customers as well as their buying behavior by utilizing data from online platforms such as social networking sites.
Perhaps, as a business owner, the most important question that you should ask yourself is: are you ready?