Introduction
The eCommerce sector has experienced a significant growth spurt, with sales increasing by 27.6% in 2020, and it’s projected to reach $7.4 trillion by 2025. From 2019 to 2022, the number of eCommerce websites surged from 9.2 million to over 26 million, reflecting the sector’s expansive growth.
In this article, we’ll explore how eCommerce is reshaping business practices and how E-Startups Kenya is poised to help you stay ahead in this competitive market.
eCommerce Industry Boom
Originally booming in 1995, the eCommerce industry expanded rapidly, hitting $150 billion by 1999. After a period of slower growth, the sector surged anew in 2005 with the launch of Amazon Prime in the U.S. By 2017, revenues had reached over $29 trillion. The COVID-19 pandemic further accelerated growth, with a 43% increase in 2020, and retail eCommerce is expected to grow by 1.3% annually post-2020.
10 Ways How eCommerce is Changing the Ways of the Business
1. Easier to Setup
eCommerce simplifies the process of starting an online business, enabling sales worldwide, anytime.
2. Market Monopoly
While starting up is straightforward, the competition is fierce. Dominant brands have cornered the market with innovative marketing strategies, but learning digital marketing can help new businesses compete effectively.
3. 24/7 Operation
Unlike physical stores with set hours, eCommerce operates non-stop, increasing sales opportunities as customers can shop anytime.
4. Figuring Out the Best Business Practice
eCommerce platforms allow businesses to adopt best practices more efficiently, saving on trial and error costs.
5. Affiliation
Advancements in eCommerce have opened new revenue avenues for small business owners through partnerships with larger internet companies.
6. Personalized Experience
Technological advancements have enabled online businesses to offer personalized shopping experiences, significantly enhancing customer satisfaction.
7. Global Reach
eCommerce breaks geographical barriers, allowing businesses to reach customers worldwide effortlessly.
8. One Man Show
eCommerce platforms enable small to medium business owners to compete against larger enterprises by ensuring visibility and conversion rates are equitable.
9. Unmatched Reach
With eCommerce, your potential market is not confined to local geographic boundaries but is instead global.
10. Low Product Prices
The competitive nature of eCommerce helps drive down prices, benefiting consumers with high-quality products at lower costs.
How to Rise in the Competitive eCommerce World?
With the ongoing expansion of eCommerce, staying competitive can be challenging. Here are five strategies to help you thrive:
1. Using eCommerce to Your Advantage
An eCommerce site reduces the need for physical stores and inventory, allowing you to manage a broader product range and cater to a larger area.
2. Rational Product Costing
eCommerce cuts out many middleman costs, allowing businesses to offer products at reduced rates.
3. Opportunity to Increase B2B Presence
eCommerce facilitates easier interactions between businesses, enhancing B2B opportunities.
4. Buying Pattern Transformation
Consumer behavior is shifting towards independent research and online purchases, requiring businesses to adapt their sales strategies accordingly.
5. Revolutionizing the Logistics
eCommerce has transformed logistics practices, emphasizing the importance of efficient, fast delivery services to meet customer expectations.
How Can E-Startups Kenya Help You Compete in the Changing eCommerce Scenario?
As a leader in the eCommerce space in Nairobi, E-Startups Kenya leverages cutting-edge technology and expert strategies to enhance your online business operations. From seamless integration with major eCommerce platforms to advanced tools for sales promotion and customer engagement, we empower your business to reach a broader audience effectively.
Conclusion
The scope of eCommerce is vast and continues to expand with technological advancements. To stay competitive in this evolving market, businesses must continually adapt and innovate. E-Startups Kenya is your partner in navigating these changes, offering the tools and insights needed to excel.
