With the unstoppable development and growth of electronic commerce or as we simply known as eCommerce, many companies and even regular folks have started to join the bandwagon. Now, they are beginning to reap all the benefits that this industry has to offer. However, it will require proper training and knowledge to get the results you were expecting. This is exactly what you will get when you check out Hustle Life.
The Life and Blood of an Economy
The most basic and common transactions in any country’s economy is none other than the buy and sell of goods. Believe it or not, it keeps on undergoing changes which serves a massive impact on various companies and the way they are doing business.
Quite simply, eCommerce has changed the timing, practice and technology of B2B and B2C commerce.
In reality, it has impacted how products are priced, its availability, transport patterns as well as consumer behaviors, especially in well-developed economies.
Steady growth in B2B eCommerce has also altered the profit and cost scene for companies in a global scale. At a microscopic level, the growth of various B2B eCommerce brought significant reduction in transaction cost while improving supply chain management and reducing costs both for domestic and global sourcing. On a macro level on the other hand, the continuous growth of B2B eCommerce puts a downward pressure on the economy’s inflation while being able to increase profit margins, business competitiveness and productivity.
2x Growth for Business to Consumers
Using eCommerce for retail, it is undoubtedly become the quickest growing trade sector. Additionally, it has outpaced virtually every other manufacturing and trade sector since 1999. This is when the US Census Bureau began to collect and publish data on eCommerce.
Few years later, that figure grows to more or less 2% and by 2008, it had grown to 3.6%. By the end of 4th quarter of 2010, it takes another step in the ladder and reached 4.4% of the total retail sales in the US. In dollars, retail revenue from eCommerce stands at around 165 billion dollars.
eCommerce is Setting its own Demand Patterns
As world’s technology is constantly innovated, it made eCommerce and globalization more intertwined. The sellers and buyers increase their connectivity and speed to which they do sales transactions. And this plays a great influence especially in recent turmoil in supply chain networks and financial markets. It’s because of the simple reason that as the sales transaction is sped up, it delivers positive effect in correcting the market and economy as a whole.