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If there is anything that the world is gawking at apart from the pandemic, then it is the increased use of the digital space in every sector possible. This, however, is no coincidence but a rather obvious paradigm shift. With the growing use of smartphones and diminishing geographical boundaries, the internet is making it possible for businesses to grow alike.
E-commerce is the buying and selling of goods and services or the transmitting of funds or data over an electronic network, primarily the internet. The terms e-commerce and e-business are often used interchangeably. E-Commerce, however, isn’t a very new concept, but it is a growing concept. There is nothing you cannot buy and sell online. And that is exactly what is helping small businesses and entrepreneurs find a place in the dynamic business world.
E-commerce has made it accessible for businesses to make their presence felt and find customers who want the products they manufacture, abolishing the need for a traditional office set-up and compulsory face-to-face interaction. It also helps the businesses to better understand what their customer needs are, the changing market trends and tastes while also being able to market their products easily. E-commerce helps a business grow but it needs to be used smartly to reap the most benefits.
E-commerce for small businesses is a much more important move as this would change the trajectory of the business completely if used along with a proper marketing strategy. Small businesses which are coming up are now making it a point to make their presence in the virtual space too. This is the result of the digital transformation of the marketplace with the advent of technology. Earlier, having an internet presence for a business was a great deal; however, now it is necessary to make a deal, talk about changing times.
Although e-commerce seems like a simple word but has a host of activities under its purview. To gain maximum out of this process, businesses need to make sure efficient customer interaction, display of product range, proper sales promotion, and, most importantly provide safe online and offline transaction modes while also providing after-sales service.
There are many big players within the e-commerce world, each with its own pros and cons. These overviews can assist to evaluate the state of the market and select the right platform for your small business.
· BigCommerce is an e-commerce platform that boasts a comprehensive suite of tools from marketing to analytics, high calibre design options, and many other support tools. It is considered a top choice for companies of all sizes, and lots of small businesses can enjoy what BigCommerce has got to offer.
· Shopify is another choice for small businesses, offering a convenient SaaS(Software-as-a-Service) platform ideal for companies with 100 SKUs(Stock-keeping unit) or less.
· Volusion is an e-commerce solution ideal for small companies, with a simple onboarding process and affordable pricing.
· Shift4Shop is one of the smaller players in e-commerce, making it a good choice for small businesses with limited needs. As a SaaS(Software-as-a-Service) platform, Shift4Shop is easy to access and use.
· WooCommerce utilizes an open-source code in conjunction with WordPress compatibility, providing a simple way for companies to get started.
· Prestashop is an open-source e-commerce model that operates on a “freemium” basis, indicating that basic functions are free while more advanced features require payment.
· Squarespace is a SaaS(Software-as-a-Service) provider that focuses primarily on the creative community. Many of their templates display art, video, or music products.
Taking into consideration small businesses and their limited amount of investments, e-commerce is a boon to them because it eliminates the unnecessary costs of establishment, maintenance of a physical setup. But that is if only invested rightly in technology and digital infrastructure. It’s the year 2021 and although there are still challenges to online business, there is also no dearth of resources for small businesses to make well-informed decisions about e-commerce and how to make profits from it.
Increased technological advancements help small businesses to understand their target audience, show them customer-specific ads and cater to their need. With social media marketing, sponsored ads and a well-designed user interface e-commerce can work wonders for small businesses though it takes time for people to come around. It is a time-consuming process, yes but if compared to the kind of revenue one can receive if the idea clicks (literally too!) is very promising.
Small businesses are only small until they find their place in the market. Thanks to the internet, the hard path has become slightly easy and has enabled more entrepreneurs to come up. E-commerce is surely a boon for small businesses. As lockdowns became the new normal, businesses and consumers increasingly “went digital”, providing and purchasing more goods and services online, raising e-commerce’s share of global retail trade from 14% in 2019 to about 17% in 2020.
With most of the world's online and physical mode of business on hold to prevent transmission of the virus, the digital arena provided an almost level playing field for all businesses big, medium, or small, thus increasing the profitability for small businesses. Despite there being expected delays in transportation and a general fear among people about the virus being on the goods they purchase, a survey by Engine found that people are spending on average 10-30% more online. More small businesses have stepped into the online space and collaborated with e-commerce giants. Government initiatives to help local businesses and increased awareness among people to support small businesses in the pandemic is a move to their benefit.
With Covid-19 jumping on the road and the world hitting a sudden break, e-commerce has proved to be not just profitable but also a lifeline for businesses especially small ones, customers, and the world as a whole. With the pandemic still making its way into our lives in 2021, people are now more accustomed to the ways of online buying and thus reducing the barriers e-commerce previously had.
--- Yashvi Nahata
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