Growth of E-commerce Industry and related careers in the World

Growth of E-commerce Industry and related careers in the World

by Shruti Garg 16/04/2020

Jack Ma, the founder of e-commerce giant Alibaba, waded into China’s anti-poverty campaign and considers the expansion of e-commerce as a strong step to eliminate poverty from the globe. Taobao, Alibaba’s platform, has helped more than 600 villages to become e-commerce hubs to improve the financial condition of the Chinese rural families. So, there must be a reason behind his actions and truly the rise of e-commerce has changed the global business scenario with a remarkable growth rate since the inception of e-commerce shopping platforms. 

Types of E-commerce

• Business-to-Business (B2B) – When a business sells its product to another business, it is called B2B transaction.
• Business-to-Consumer (B2C) – When a business sells its product directly to the customer through their website, it is called B2C transaction.
• Consumer-to-Consumer (C2C) – In the C2C transaction model, the platform itself does not own or sell any products. It simply serves as the bridge between the consumer that is selling their product and the consumer that is buying the product. It builds a buyer-seller relationship.
• Consumer-to-Business (C2B) – In the C2B model, Consumers act like contractors that will promote certain projects which allows them to bring value back to the business. An example can be made of social media They help businesses grow by promoting their products on their profiles.
• Consumer-to-Administration (C2A) – This transaction model allows access for consumers to acquire information, make payments, and establish a direct line of communication between the government or authoritative body and the consumers it represents. 

The Reasons Behind This Massive Success of E-commerce

1.  Technology and Data-Driven Approach

In the world of technology, it is pivotal to keep an eye on statistical data. Through a sound understanding of your customer’s needs and requirements, you will be able to take necessary steps in your e-store. Nowadays, with the help of analytics devices, you can track consumer behaviour when shopping through e-commerce stores. And, it is proven that right analytics can actually be beneficial for businesses that will drive sales crazily.

2.  Convenient and Mobilized Version of Shopping

Everything has become simpler with mobile phones. In today’s mobilized era, it has become a vital task to match the user requirements. Whether you are a start-up or an established entrepreneur, having a strong online presence is must to generate sales of your business. People love to shop online nowadays to avoid all that shopping hassles and E-Payments are also becoming a popular payment medium to buy products. Cross-border shopping is also a popular choice. Many online shopping websites in USA provide great deals on cross-border shopping.

3.  Rise of Subscription-Base Selling

Want to increase user interest in your e-store? Want to keep them engaged and updated with your e-store? Promoting a subscription-based selling process can be beneficial as consumers are always looking for some new offers or profits and modern options.  Providing subscription based services to consumers has proven to be a sound management and leadership skill and can definitely arouse excitement in the whole shopping experience.

4.  Videos Related to Shopping and Products

Don’t we all love to watch those shopping videos? Videos of products (product reviews, hauls, gadget reviews) on e-commerce sites are going viral. It is attracting more customers. Customers get a better idea and understanding of a product by seeing a video. Visual illustrations are always a better choice.

5.  Virtual-Reality Shopping

With the advent of technology, tools and skills, E-Commerce businesses are making giant investments in providing a Virtual Reality world for the customers for their shopping requirements. People are going crazy with the 3D world while checking a product on e-stores.

6.  Discounted and Convenient Products

Let’s be honest here. E-commerce websites provide huge and amazing discounts that no offline store can ever imagine providing. Along with discounted rates, they provide hassle free delivery and their return or exchange policies are extremely convenient.

Career in E-commerce

There has been a growing trend of youngsters seeking career advice and aspiring to build careers in the E-commerce industry. Working in the e-Commerce industry exposes you to all aspects of a business. These include: marketing, setting prices, customer support, team culture, supply chain management and customer acquisition among others. It  is a good way to learn managerial skills that you can use later in other fields of business.

Another silver lining that this industry provides is for the work from home new moms, who opt to start the second innings of their careers by setting up small yet high quality outlets like that for home crafts, cooking products or home decor tips etc. With the advent of global connectivity and sound digital marketing, a small venture can gather rave reviews and become an internet rage within no time. Innovation and quality is what matters in the end.   You move away from the tangles of complications like employer-employee, salary slip, unpaid leaves etc, and in a way become an enterprise of your own. You can scale up or down entirely based upon your own requirements and convenience.

The trend of online shopping is blossoming like wild flowers in today’s time.  This is simply because the usage of mobile devices is rising at an unstoppable rate and more than 3.4 billion people are internet users. Hence, online shopping is the first word that comes to any shopper’s mind when they hear “shopping”.

On the whole, e-commerce promises to change the way we show, hire and do business in the long run.

by Shruti Garg 16/04/2020

Shruti Shruti Garg is an MBA graduate from TAPMI (Manipal) and is the founder-Director of a successful startup called Translationlight.com, which has business links in 24 countries from Asia and beyond. She regularly writes in areas of her interest, like the growing market trends and advent of digital marketing in today’s world.