Scope and Future of Ecommerce

Ecommerce is a form of transaction, where you can buy or sell a product over internet. E-commerce has gained a broad significance in past few years and it rapidly increasing its influence.

Ecommerce is the future of retail and will take a huge part in shaping the world economy. The most important significance is people find it easier to shop online rather than purchasing from local time. This saves the most precious time of buyers with option of reviewing and buying from a broad range of products.


Benefits and Challenges of Ecommerce:


People find it very easier and cost effective to shop online rather than traditionally purchasing from local store. The market is wide spread in almost all categories of products. Due to omission of multi layer marketing channels, online shoppers can purchase their desired product at a very cheaper rate in comparison to traditional marketing.


Ease of doing shopping which doesn’t need physical presence also leads to growth of ecommerce in worldide. Due to competition among ecommerce players, consumers can avail higher rate of discount rate by various choices and offers. Time and mobility of purchasing a product through ecommerce is also very less, which leads to popularity of ecommerce.


The sector in travel, food order, ticket booking, and online retailing, digital download, financial services are most popular categories of market evolving worldwide.


 Key Challenges: Ecommerce companies still have to address many issues:


Improving and strengthening the logistics infrastructure and service levels in ecommerce market as warehousing management will increase in coming years with popularity in ecommerce. In the case of cross border ecommerce there exist problem of reverse logistics for those whom trade internationally.


Data Security, privacy breaches and fictitious fraudulent transaction issues need to be improved as ecommerce is moving to mobile platform.


Rules and regulations for taxation and pricing of product for international and local Companies need to be regulated by tax authorities of countries. There should be transparency regarding complexities of tax evasion, FDI, and loopholes in ecommerce between government and various ecommerce companies.


Ecommerce payment transaction happens in the means of cards, internet banking, or cash on delivery methods. Buyers are concerned about security when it comes to use of credit and debit cards. Still consumers are hesitant about doing online transactions and cash on delivery is preferred mode of payment to avoid risk.


After sales service and transparency about online reviews, product videos, return policy, product comparison should be improved for better user experience. Due to technology shift from laptop to mobile, ecommerce companies need to improve fast browsing experience for enhanced customer appeal.


User design and user experience on e-Commerce websites also needs to be improved with user friendly mobile apps. Major providers like Amazon, Ebay also need to focus on improving their financial intermediaries, call centers, logistics support, technical support, order/return policies among few to list.


Conclusion: In our view, there is huge potential for Ecommerce companies worldwide owing to increasing internet user base and improvement of technological infrastructure in coming years. A key outcome of ecommerce trend in India will be very bright and revolutionary.

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