E-commerce is the activity of digitally buying or selling products on online services or over the Internet. Electronic commerce draws on mobile commerce, internet marketing, electronic funds transfer, supply chain management, online transaction processing, electronic data interchange (EDI), automated data collection systems, and inventory management systems.
- OPPORTUNITIES IN E-COMMERCE:
Marketing research stated that information technology and e-commerce are good opportunities for enterprises’ rapid development and growth for traditional businesses. Many companies have invested a huge investment in mobile applications. The DeLone and McLean Model reported three perspectives are a yardstick to run a successful e-business: information system quality, service quality, and user satisfaction.
- CHANCES OF GROWTH IN E-COMMERCE:
The online business is projected to grow by 56% in 2015–2020. In 2017, online retail sales worldwide amounted to 2.3 trillion U.S. dollars. Dollars. Traditional markets will only grow by 2% at the same time. Traditional Brick and mortar retailers are struggling because of the online retailer’s ability to offer lower prices and higher efficiency. Many larger retailers can maintain a presence offline and online by linking physical and online offerings.
Internationally, the International Consumer Protection and Enforcement Network (ICPEN) was formed in 1991 from an informal network of government customer fair trade organizations.
The Information Technology Act 2000 governs the fundamentals of e-commerce regulations in India.
- GLOBAL TRENDS IN E-COMMERCE:
The U.K. had the highest per capita e-commerce expenses in 2010. As of 2013, the Czech Republic was a European country where e-commerce delivered the biggest contribution to its total revenue.
E-commerce spending between China and other countries increased by 32% to 375.8 billion dollars. Alibaba had a market share of 80% in China. In 2014, there were 600 million 2014 Internet users in China, making it the world’s biggest online market along with the e-commerce market in the world by value of sales, with an estimated US$899 billion in 2016.
- GCC COUNTRIES :
Recent research indicates that electronic commerce, commonly referred to as e-commerce, presently shapes how people shop for products. GCC countries have become larger players in the electronic commerce market. Specifically, research shows that the e-commerce market is expected to grow to over $20 billion by 2020 among these GCC countries.
Internet penetration is low compared to markets like the United States, the United Kingdom, or France. Still, it is growing at a much faster rate, adding around 6 million new entrants every month. The Indian retail market is expected to rise from 2.5% in 2016 to 5% in 2020.
UAE has a huge smartphone penetration of 73.8 percent, and has 91.9 percent of its population has access to the Internet.
A significant portion of the Middle East’s e-commerce market comprises people in the 30–34 year age group. Egypt is the largest number of internet users in the region, followed by Saudi Arabia and Morocco; these constitute 3/4th of its share.
E-commerce is an important tool for small and large businesses worldwide, not only to selling to customers but also to engage them.
E-commerce sales crossed $1 trillion for the first time in history. So this new cutting-edge business in 10 years will overlap all the traditional business of 100 years soon.
