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With perks such as free shipping and free returns in its online store, Nordstrom's showed a 35% gain in online sales over the last three-quarters. It can also be noted that the company plans to invest $1 billion into its online ventures over the next five years. The online trends and approach of such huge, well-established traditional commerce concerns validates the acceleration in e-commerce's growth. Simply put, if they don't become current, they will not survive.
Upon the purchase of a product in traditional ways, what the consumer does not know is that the item has been marked up at least three times. It has been marked up once when it changed hands from the factory to the brand, again as it passed from the brand to retailer and again as it goes from the retailer into the shopping bag of the consumer. Companies that are exclusively online essentially cut-out the last mark-up by selling directly to the consumer. By doing this they are able to be much more competitive. They don't have the costs of maintaining large networks of physical retail stores. It is good to keep in mind that the staff requirements of an online site are far fewer than those of retail outlets.There are numerous advantages to e-commerce that have traditional commerce buckling under its competitive presence.
1. Geographical limitations are not necessarily taken into account. With e-commerce the world is your oyster. 2. Consumers can be reached by making use of internet and search engine visibility. 3. Lower Costs 4. Fewer Personnel 5. Traditional commerce relies on physical store space that needs to be rented. With e-commerce there is no cost for real estate. 4. Locate the Product Quicker 5. Travel Time and Cost eradicated 6. Shopping by Comparison 7. Easy and Plentiful Information 8. Communication is targeted 9. Open 24/7 10. Create Niche MarketsE-commerce is not only the future, it is the now. The bottom line is that traditional commerce business will need to take a long hard look at how they conduct business to be able remain relevant and competitive in the huge commerce reality of today.
One of the major changes that the internet has introduced to the world is the way people conduct business. Gone are the old traditions of selling, buying and marketing products through old fashioned advertisements and business practices. It started in 1994 with the first banner ad being placed on a website, since then E-Commerce or Electronic Commerce have since took off and forever changing the way we do business again.E-Commerce covers everything from buying, selling, marketing, services of products over the electronic systems like the internet. As internet usage grows and reaches far ending corners of our world, more and more people will rely on looking for and selling stuffs on the internet.From the simple purchasing of books, making a bid at an online auction site, posting and marketing products online, money transfers online, credits card transactions to buying tickets and making flight and hotel reservations through the internet, e-commerce is making this all a huge reality.
Expect more business to be conducted through the internet and more companies to follow the trend that was started by the e-commerce boom.E-Commerce trivia:Biggest Five Online E-Commerce Sites of 2006o Ebay.como Yahoo.como Amazon.como Google.como Buy.com Commerce Online Banking Login