How the market works?

How the market works?
E-Commerce Weathi Logo
May 25, 2020

Shopping online was once considered as convenience and luxury, but now it is a necessity. Especially during the Covid-19 pandemic, many companies are forced to sell their products online. The small businesses and start-up companies are now severely suffering due to the pandemic. As more cities are going under lockdowns, nonessential brick and mortar stores are being ordered to close, and customers are generally avoiding public places.

 

The Corona pandemic has caught the world and global economy by surprise. What comes as no surprise is the continuing decline of traditional brick-and-mortar retail, which has been ongoing for years now. The wide-ranging remedies in many countries help slow the virus, particularly by closing down all but essential retail outlets (supermarkets, pharmacies, post-offices, and banks). However, as mentioned above, the problems faced by traditional retailers are not new. Despite the many professionals in the industrial sector that demand digitalization, innovative business models, and new approaches to improve customer sales, many, if not most, retailers have been slow on the uptake. They are therefore unprepared to face the current crisis.

 

We humans respond to crises in different ways. When faced with an uncertain, risky situation over which we have no control, we tend to try whatever we can to feel like we have some control. So why not opt for e-commerce?



 

What is e-commerce?

 

E-commerce is the buying and selling of goods/services on the internet. From mobile shopping to online payment encryption and beyond, e-commerce encompasses a wide variety of data, systems, and tools for both online buyers and sellers. Every time individuals and companies are buying or selling products and services online they’re engaging in e-commerce.


 

E-commerce as a solution:

 

In the digital age, it is absolutely essential for your business to have an online presence. The impact of e-commerce is far and wide with a ripple effect on everything from small businesses to global enterprise and beyond. E-commerce can open doors to new opportunities that were never possible before. In e-commerce, it gives extra points for brand image and traffic and helps win sales in the end. It helps you launch e-commerce stores and diversify your offerings, reach more customers, and better accommodate customers who prefer online/mobile shopping. If you expect to grow your business this year, you need to give customers exceptional shopping experience by opting to go online. If you need those big fat numbers at the end of the year you need to start thinking out of the box and figure out a way on how to position yourself on the top through the online platform. 


 

In shopping, there is one constant- shoppers will go where they see the value. Or in the case of high fashion, where they can get their needs met instantly. If your site is professional, innovative, edgy, classic, simple to navigate, people would rush in to utilize the service you provide, and you could even see happy customers returning not having enough of your website. Happy customers are the key to your business. They are the source of your income. So identifying what your customers want, you could provide world-class service to them. When they visit your website make them feel secure and relaxing. 

 

As you can see in this generation mobile phones and electronic gadgets are used widely. As per global stats, 53.81% uses mobile, and 43.27% use desktop. According to researches, it is said that the numbers of online shopping are much higher than the numbers of in-store people. Revenue in the UAE e-commerce market amounts to US$5,321m in 2020. Revenue is expected to show an annual growth rate (CAGR 2020-2024) of 16.2%, resulting in a market volume of US$9,700m by 2024. 

 




Your brick-and-mortar is under lockdown because of Coronavirus and you need to launch or scale up an e-commerce site fast. Is it too late to do something?

You are like most businesses in this fast-growing and highly competitive market segment, looking for an edge to capture the largest possible share of this revenue. It is not too late still, but if you just keep planning on shifting to e-commerce and not execute it, then let us just say your business is doomed especially with the rising competition in the business world today. So, consider an accelerated commerce solution to get your business running quickly with a fully functional, branded digital storefront.

You are like most businesses in this fast-growing and highly competitive market segment, looking for an edge to capture the largest possible share of this revenue. With e-commerce you can gain that competitive advantage and thrive well in the market.


How the market works?
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