E-commerce, electronic commerce (EC) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet. These business transactions occur either as business-to-business, business-to-consumer, consumer-to-consumer or consumer-to-business.
- And traditional retail stores are as we know refers to these thousands of small, mostly family-owned retail businesses. They are also referred to as the “unorganized” retail sector, or the neighbourhood store. The “organized” sector refers to large, modern regional and national retail stores.
- The lines are blurring between online (e-commerce) and offline retail through a network of stores. The difference lies in the means of end distribution.
For: The future of retail is bright and holds unexplored arenas
- Trust in real time purchase: People are afraid to buy online no matter how convenient th online purchases are. The old and middle aged people People still have a penchant for products in physical stores than in online stores. The benefit of being able to talk out all absurd concerns in real time is the USP of the retail world.
- Assurance of product quality: The biggest struggle is of the difference in product specification post delivery such as the size or quality. But, online stores have been trying to bridge this gap by bringing in features like try and buy, cash on delivery, easy returns, size charts, colour option to make it feel like neighbourhood store but the efforts are all in vain as most of the online companies are on the verge of bankruptcy.
- Fast delivery: The conventional retail stores offer faster goods delivery than the online stores. The customers cannot depend upon for all groceries and daily needs on online stores for another 10 years.
- Instant customer feedback: While buying from a retail store you can give instant feedback at the time of purchase and the seller can keep the right product in stock.
Against: E-commerce will overpower the conventional retail business soon
- Variety: While visiting a conventional retail store you can only look at products one store at a time and have to switch to another store for different needs, whereas in online stores you can not only choose from widest range of products, price range and product categories, brands etc.
- Convenience: The products in online stores saves you time and money to travel to ten different stores for all your daily needs.
- Huge discounts: Discounts and flash sales offers offered by different online stores which consumers can’t deny leading the firms making earning profits in huge numbers, at the same time such hefty discounts are hard to find in physical stores.
- Viable in long term Long term: Online stores are the only idea in the age of globalisation. Working hours of the working population are tiring, and we tend to find easy alternatives to our struggles.
- Few people buy luxury goods online: Goods that come in range of luxury such as cars , jewellery, designer clothes cannot be sold online , when a consumer spend so much money on a good then the product should match the expectations of the consumer and therefore these kind of goods are not suitable to be sold online.
In conclusion, the future of e-commerce store seems to be bright but the retail market is not losing its appeal long time in near future.
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