Did you know that 75% of people shop online at least once a month? This showcases the vast majority of people who have shifted to e Commerce, from brick and mortar businesses. The trend of e Commerce has increased especially with the rise of a pandemic. Technology has advanced with everything at our fingertips we have become too dependent on technology to make our life easy. Want to buy chicken? Install an app. Want to get a haircut? Call a barber at home. Life has become too easy, but are we forgetting someone? Think about it, what about all the businesses who couldn’t go online. Are they doing good or are they just struggling to survive? We all know the answer. One cannot blame oneself if you can get a product on discount at your home, why would you choose otherwise.
As per the statistics, there is a 276.9% increase in eCommerce sales globally, highlighting the shift from brick and mortar business to online. Although the shift is good for economic growth, it is disrupting the brick and mortar businesses that couldn’t go online due to some reason. We as Indians might have a demographic advantage but it won’t take time to turn it into a demographic disaster. We need something to save small businesses. Businesses that couldn’t go online are struggling with existential challenges. With changing times and constant lives we need to go digital this time.
IMPACT OF E-COMMERCE
The impact of e Commerce growth might show economic growth but at the root level, it shows the damage which is caused to small businesses who in spite of trying couldn’t reach online. The world is running, if we don’t run fast enough we might be left behind. Asia- Pacific region alone in itself represents over 70% of global eCommerce. With all the statistics in the hand, we need to look out for the brick and mortar businesses. Not only will it help the small businesses but will enhance the consumer experience, and lower the cost used for infrastructure and maintenance. With the Internet algorithm one, we can reach more customers and create a marketing workforce to make people aware of domestic brands.
Our employment rate is already high, with the literacy rate saying otherwise. We need a workforce to take care of the delivery chain which will give employment to the uneducated sector. We need managers, professionals to look at the high-end work. With digital India, we can provide a livelihood to a lot of people. It’s high time, it’s the age where from a professional to a rickshaw puller everyone keeps a phone. We need to use this technological advancement to our advantage and use it in the right direction. The larger market is waiting for small businesses, we need to find the right solution. With e-commerce, we can provide global reach and effective costing. E-commerce platforms provide shopping comparisons which will give small businesses an edge.
GEOGRAPHY NO MORE A BOUNDARY
With the rise in online stores, there will be double-digit growth in all locations, making it a demographic advantage. We already have Amazon in 58 countries, Alibaba in 15, and Walmart in 27, now we need something to cover the remaining brick and mortar businesses. One also needs to keep in mind that we are doing it to help the brick and mortar business thus our main focus should be enhancing their experience. We already know people who check a product online even if they end up buying from a physical store. As per the studies, 87 percent of shoppers begin online, highlighting the influence the online market has.
Shoppers search online for a variety of reasons ranging from time to economy. With the generation which considers time as money, we need to change our motto too. We need a system, we need digital and we need a marketplace. A marketplace for all should be our motivation. Once the business gets online, it will not make everyone’s life easier but also give small businesses exposure to the open market. With the right exposure, they can grow in the right direction. It will also give them competition and they will also get value for their efforts. Our efforts right now aren’t kept into consideration, we are just like wild sheep running from one place to another.
When we put everyone in the same boat then only we can realize who is the better one. As of now, the multi-national companies have an edge over the small businesses only because small businesses don’t have a platform as of now. Multinational companies are earning not for the product but for the brand name and the class status is portrayed. With the right efforts, we can provide the framework for a better future for many companies and can provide employment to many.