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The Value of E-commerce

 

 Read Time: 5 Minutes 

In the article, E-commerce and Web Design for Small Businesses,  it states "E-Commerce has opened up new opportunities for old business models. Brands that can create a unified and consistent experience, regardless of where the consumer is, will succeed in driving retention and conversion rates" (Tomlin, 2020).

Also, mentioned in the article is that consumers are not driven by price and convenience alone. Tomlin (2020), explains from, E-Commerce: History and Impact on the Business and Consumers  that "as E-commerce and globalization have become more intertwined, buyers and sellers are increasing their connectivity and the speed with which they conduct sales transactions, therefore E-commerce can influence demand patterns of the global economy.

Furthermore, "E-commerce has shown a great impact on consumer buying patterns. With the development of E-commerce, consumers can easily purchase anything online with the click of a button. E-commerce makes it easier for businesses to reach a much wider audience at less expense than would be required if the traditional retail method was to be applied" (Tomlin, 2020). 

Finally, in regards to the value of  e-commerce, "it makes it easier for businesses to reach a much wider audience at less expense than would be required if the traditional retail method was to be applied. The effects of E-commerce includes: wide variety of products, lower cost than traditional shopping and selling, less time consuming and faster consumer consumption, transparent business system, transparent business system, faster business expansion, more employment  opportunities, enhancement in digital products and services production, low maintenance cost, and a personalized customer experience" (Tomlin, 2020). 

According to Statista, "Revenue in the eCommerce Market is projected to reach $4.45 trillion dollars in 2024. Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.48%, resulting in a projected market volume in the US  of $7 trillion dollars  by 2029. In the eCommerce Market, the number of users is expected to amount to 3.5 billion users by 2029" (Statista, 2024).

Tip: To get into the ecommerce industry, design your business website for $1 for the first month, use the following link: https://shopify.pxf.io/Vm52oR

Nadine Muhammad has a Master of Science in Economic Development and Entrepreneurship. She is the owner of an online bookstore Nation's Products.

Reference 

Statista. (2024).  Ecommerce  Worldwide.   https://www.statista.com/outlook/emo/ecommerce/worldwide

Tomlin, E. N. (2020). E-commerce and Web Design for Small Businesses: Using Blogs to Build Engaging Consumer Marketing. https://digitalcommons.calpoly.edu/cgi/viewcontent.cgi?article=1167&context=joursp

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