Hello everyone. Today we will be talking about e commerce. Whether it is a boon or a. As usual, our discussion will have four parts the introduction advantages of e commerce, limitations of e commerce and the conclusion. Now, first, let's go to the introduction. What is ecommerce?
Actually e-commerce is a market where people can buy and sell goods on a digital platform. This enables the manufacturers to reach a huge customer base, the penetration of the internet has been a shop for which e commerce also has stepped up. Now what are the popular companies in the sector recently? There has been a spurt in the number of e-commerce companies that have come up in the retail market offering various concessions and discounts apart from the giants like Amazon flip card, snap deal and shop clothes. Overall, the ecommerce market has crossed a whooping $50000 cross in 2020, with both online travel as well as e tailing, contributing equally some of the prominent names in the Indian e-commerce industry are flip cart, jabong, mantra, snap deal, Amazon, Ebay, and homeshop. Can this be a start of a new era, of course. E commerce has been the changing point for many young entrepreneurs. It has been a beneficial factor for all those who have wanted to create a mark in the business world.
Thus we can say that has been a stepping stone for the success of many new trades. Now let's look at the advantages of e commerce, increasing job opportunities, a new dimension in business will create more jobs and more employment. A recent HSBC report pointed out that the e commerce alone could create more than 12 million jobs over a decade. E commerce provides jobs to the highly educated personnel like engineers and MDS, as well as it provides the surface level jobs for the less educated sector of the society in the form of. Globalization of stock globalization, which is the need of the hour. Walks hand in hand with e commerce. Finding things online in the stores is much easier than compared to the physical shops. We can buy any product from any corner of the world through the online stores. Even if we live in the remote area, there is a large amount of variety to choose from. E-commerce websites give you a better and cheaper option for almost everything.
Less time consuming online shopping is very convenient and time saving for the consumers because the products will be delivered at our homes. E commerce platforms are bringing in more and more features like delivering the daily users items for the month. Same day shipping and many more also the need to stand in the queue to pay the cash or the bills is eliminated here. Less investment, less capital investment and operation cost makes the online sites much more profitable. E commerce helps you to reduce the infrastructure cost and many other cost that mostly you incur when you have an offline business. It awards the interference of the third party agent and the product directly reaches the end user, thus giving a greater profit margin. Now let's see what are the limitations of e-commerce, though e-commerce is a multi-billion industry. Yet it has got its own limitations. Let's have a look. Greater offline sales. Though the growth of online stores is very fast, 90 percent of the sales of the retail items in India is being done by the physical stores only the biggest advantage of the physical stores is the facility to touch and try the products, which is very difficult in e commerce, unrealistic pricing recently. Many of the e commerce companies have unrealistic pricing recently many of the e commerce companies have adopted the unrealistic pricing to sell their goods into the market to attract a large customer base under this unrealistic pricing.
The retailers are selling goods at unexpected high discounts than any other retail store. This is definitely hurting the sale of the retailers who are investing and not meeting their sales target. The unrealistic pricing not only affects the small retailers, but also hinders the growth of the economy. Customer relations, e-commerce companies do not have physical stores as available with the normal retailers where the customers can go and ask for repairs or replacement. The customers sometimes have to face a loss in this process also, physical stores enable the owner to have a strong customer relation as compared to the online shopping. Cyber attacks as the e commerce websites are highly dependent on the internet, they are prone to cyber attacks. The payments can be done online, which are dangerous sometimes the amount of the bill also gets deducted and it takes a lot of time to bring about the refund.
Now let's go to the conclusion, observe trends more and more physical stores are integrating with the e-commerce sector. Physical stores are also called as the brick and the motor system consumers are preferring online shopping for some goods like furniture and office supplies and are preferring physical stores for some goods such as groceries and food items discounts offered many find the discounts offered on these sites harmful as they are offered on the slow moving parachute bill long time inventory holdings sometimes the discount is offered to compete and kill a good product. The loss due to the discount is born by the seller. Thus the ego massage should keep up with a good standards and provide a very quality service. This will benefit from the seller. Great competition the ecommerce companies are striving and competing against each other to give better experiences to the customers as well as the manufacturers. India has a high potential of sustaining the e commerce business. But this should be done in the umbrella of the norms and regulations. The control e-commerce market will be proved as a boon to the economy, but an uncontrolled market may prove to be a bane that will hinder the growth of the country. Thus we can say that the physical stores will not go away for sure. Instead, the present trend indicates that the physical stores and the sector. Will work together in a win-win situation.
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