The importance of e-commerce for businesses

E-commerce – a very long but extremely fast step of modern business processes. In this article, readers will learn about the importance that e-commerce brings.

E-commerce is growing strongly,The importance of e-commerce for businesses Articles which is an indispensable part of business activities worldwide. With such a fast and stable growth, combined with the trend of shifting consumer shopping habits, it can be affirmed. E-commerce will increasingly dominate the more important position for businesses. The article outlines the benefits of businesses when participating in the e-commerce market and the outstanding trends of businesses when developing the current e-commerce model.

Set the problem
Since the advent of the internet, the world has been undeniably important in all areas of social life. It can be said that today the world of e-commerce is growing strongly, it is an integral part of the operation of the business.

With such a fast and stable growth, combined with the trend of shifting consumer shopping habits, it can be confirmed that e-commerce will increasingly occupy more important positions for businesses.

Benefits for businesses when participating in e-commerce market
Facing the great benefits and popularity of e-commerce, e-commerce has now become an important tool for every business in its business. Benefits that e-commerce brings to businesses include:

– Promote and market information to the global market at a low cost: with today’s internet connectivity, you can easily deliver advertising information to millions of people from all over the world. Depending on the needs and financial ability to pay for the promotion, businesses need to have an appropriate advertising plan.

– Better service for customers: With e-commerce, you can provide catalogs, information, detailed price lists to customers quickly and conveniently, and online shopping has become easily disseminate so much … In this day and age, digital life has pushed the pace of life up, customers increasingly require everything to be faster from product information, purchases, payments and the main. After-sales books, …

– Increase sales: With e-commerce, your customers now no longer limited by geographical distance or working time. Therefore, each business reaches a large number of customers, increasing its revenue and profit.

– Reduce costs: With e-commerce, it will not cost too much for renting stores, premises, waiters, … Especially for export businesses, the costs incurred due to the distance may significantly reduced.

– Competitive advantage: In the context that most businesses are now involved in e-commerce, businesses with innovative ideas, good marketing strategies will be advantageous to compete. Because e-commerce is a playground for creativity and innovation for all businesses.

In short, e-commerce market is really an opportunity for Vietnamese businesses. Businesses don’t think it’s too early to talk about e-commerce. The winners are often the pioneers, moreover, businesses have started to pay much attention to e-commerce, so to take advantage, your business cannot afford to take a walk and observe other people taking action, but your business must act quickly.

E-commerce – Things to keep in mind with your business
– No template for e-commerce model: There is no best way to apply e-commerce for all businesses. You must rely on the characteristics of your business, products and services to create an e-commerce model that’s right for you. And it is important to remember: the key to your e-commerce success lies in the phrase “creating your own identity”.

– Fierce competition: The cost to implement e-commerce is very low so almost anyone can apply e-commerce, leading to fierce competition in this field. Therefore, to succeed, you must know how to invest: pay attention to network marketing, utilities and quality of customer service, creating your own unique features. Do these 3 factors well, you will succeed.

– Rapid innovation speed: IT is an area where technological backwardness takes place very fast. e-commerce is a type of business based on the development of IT, so the pace of innovation also takes place very quickly, requiring businesses to participate in e-commerce to be always innovating: technological innovation. , innovate business methods, innovate thinking, innovate management … If you are slow in this innovation, you must review your ability to succeed when applying e-commerce.

The development of electronic commerce
The survey data of more than 4,300 enterprises of the Vietnam E-Commerce Association in 2018 showed that 44% of businesses surveyed said that they built a website, this rate is only 1% compared to the year. 2017 and hasn’t changed much in the last few years.

However, most businesses pay more attention to the care of their website: 47% of businesses said that they update their information daily and 23% said that they update their information weekly.

Social networks and search engines are still the two platforms rated by businesses as highly effective in online advertising activities, with 52% and 40% respectively, the other two tools are 22% of businesses surveyed rated the effectiveness as high, e-newspaper and mobile messaging / mobile applications.

Of the total businesses participating in the survey, 45% of businesses rated the effectiveness of sales through social networks (up from 39% in 2017), followed by 32% of businesses. Appreciate the sales channel through the business website (down slightly from 35% in 2017), the two mobile application channels and e-commerce trading floor hardly changed much compared to the year before.

Many businesses are racing to create the highest competitive advantage, while others simply try to catch up with their competitors with new e-commerce strategies. So where does e-commerce go? How will e-commerce grow? What is the future of e-commerce?

Can point out 5 main trends of e-commerce in the future:

Multi – channel Selling
The multi-channel sales trend allows businesses to reach their customers on different platforms and environments, from online to offline. As users increasingly demand higher experience and convenience of services, Multi – channel Selling will certainly be a prominent trend in the coming period.

The increasing trend of online shopping through social networking sites is unquestionable, because we spend a lot of time on social networks and are influenced by product information, advertising such as Facebook or Instagram. This trend has led to a sharp increase in transactions and online purchases via social networks.

2.Accelerate delivery and improve customer experience (Customer Experience)
It can be seen that consumers have never played a central role and have an important voice in the digital economy today. Every user experience, rating, positive or negative feedback has a strong influence on the business performance of e-commerce businesses, especially when the Vietnamese market is witnessing fierce competition. from many big brands.

Except for digitized products, items still have to be shipped directly. Clearly, as e-commerce thrives, delivery needs to be improved even faster.

With the eagerness to receive a new purchase, everyone wants to receive the goods soon. This is also a very important factor that helps e-commerce compete with traditional commerce: Improve delivery speed or lose sales. In the coming years, intraday delivery is probably the most awaited trend.

3.Virtual assistants (Chatbot, AI)
The technology market changes so quickly, Chatbot or AI has really penetrated and is used effectively by businesses. According to Chatbot Magazine, 25% of customer care services will be integrated with AI virtual assistant in 2020. While research conducted in 2018, 34% of customers feel comfortable communicating with Chatbot when buying.

Although still quite awkward, chatbots are continuously being improved and are expected to become a marketing trend in business and e-commerce websites next year. In fact, chatbots will be the first point of contact between customers and an automated system built with AI.

Customer care chatbots will become more and more “human”, leading customers through a smoother buying journey. However, if done not carefully, chatbots will harm the business.

4.Smartphone application software (Mobile Apps)
With the development of the Internet, 4G-5G and mobile devices, especially smartphones and electronic payment methods are widely used. Therefore, the trend of e-commerce on mobile platforms via application software is indispensable. This is also what happened in developed countries that came before.

Mobile Apps is a trend used to buy online from users. However, businesses are still confused and do not properly understand and make standards on mobile to meet customers, increase conversion rates of purchases.

The penetration of smartphones and the internet is gradually increasing. According to the “Future Consumer” Report of Thought Leadership, when asked what you cannot live without, up to 45% think that phones are secondary.

Reasons why e-commerce businesses need to consider Mobile Apps as an inevitable trend:

– 82% of users use a phone before buying something.

– 90% of mobile time spent on Apps.

– 2/3 Traffic of e-Commerce platforms comes from handheld smart devices (smart phones, tablets …) and Mobile Apps.

– In 2018, e-commerce revenue from Mobile Apps reached $ 206.53 billion, up 155%.

For businesses and customers, e-commerce has a very bright future. There are many challenges for businesses, but with the influence and the trend of becoming an important distribution channel, businesses cannot help but pay attention to the importance of e-commerce for businesses and devote adequate resources of business to e-commerce development.

In a market where users and competitors are only one click away, businesses involved in online business are forced to differentiate their services from their competitors. otherwise, they will be just like other normal commodity suppliers.

Today, The Best Powerful eCommerce Solutions will increasingly occupy important positions for businesses with fast and stable market growth combined with the trend of shifting consumer shopping habits.