Nowadays, every business is moving at fast pace, that too eCommerce business tops the list in the race. Adding the idea of online shopping option has put the eCommerce segment to a big breakthrough.
Before it’s being an eCommerce, it's actually a brick and mortar era where shoppers are solely rely on these stores to get the things they’re looking for. Back in days, physical stores are in the mission of making huge revenue, but now the story is entirely different.
In 2021 consumers spent $601.75 billion online in the United States. That’s a 14.9% jump compared with 2020. Retail sales in brick and mortar stores increased by 3.8%. This means eCommerce accounts for 16.0% of total retail sales after deducting online purchases.
Traditional commerce
Traditional commerce are any business that exchanges the goods and money face-to-face in a physical store place. One of the most important characteristics of traditional commerce include providing more personalized service and giving the customer a chance to use all five senses before making a purchase.
Ecommerce
Unlike the traditional commerce, eCommerce is the place where the vendor or merchant list, manage and sell their niche products or brands of other businesses online with huge buyers potential to buy those stuffs.
In eCommerce, it has an ability to attract a larger audience of customers by providing an eCommerce option, and this can lead to increased sales for your business.
On comparing both segment, Ecommerce shows the better performance and steals the business show with the following benefits:
There is a huge market for eCommerce, to get into the trends, you need to build an eCommerce platform for guaranteed leads, sales and traffic.
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In traditional selling the focus is on the need to sell already existing products to customers while in consultative selling the seller tries to meet the needs of the customers.
In traditional marketing, the primary investment is money. In guerrilla marketing, the primary investment is time, effort, and creativity. Traditional marketing is designed for big companies with large budgets. Guerrilla marketing is designed for small businesses.
1. A traditional procurement process is a collection of many processes by interacting with other departments of a company or with the supplier. Whereas e-procurement means electronic procurement or online procurement. 2. Traditional procurement can be done by face-to-face, or via telephone. E- Procurement can only be done through online. 3. Traditional procurement is costly E-Procurement is cost effective.
Here is how Ecommerce creates competitive advantage for business:Crossing the geographical boundariesTraditional business stores were always limited due to their geographical location and the areas they served. Ecommerce crosses the geographical boundaries, which means the whole world can be your playground.Branding and Relationship managementThese two vital marketing elements are taken to a next level when it comes to ecommerce. Healthy traffic through search engine plays a much important role in building a strong brand presence and attract clients.Less costWith ecommerce, traditional business costs like that of advertisements and expenses on area for establishment of business are easily avoided.Other competitive advantages include availability of discounts, bargains and wide product lines to attract more clients.
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