Entrepreneurs need smart digital retail practices to address e-commerce challenges in this highly competitive world. Read about 10 such e-commerce challenges that must be overcome to become an e-commerce leader.
The e-commerce store is a key driver of retail growth for any business, and e-commerce is expected to account for 17% of the entire industry by 2022. The growth seen in digital commerce over the past decade has also created a number of challenges for e-commerce.
Getting caught up in the digital commerce wave is not easy with the growing scale and demand for online businesses.
E-commerce or electronic commerce is the trading of products and services through the internet. You can think of it as the internet superhighway's version of your busy city center or physical store in zeroes and ones.
There are six main business models in e-Commerce:
- Business to Consumer (B2C)
- Business to Business (B2B)
- Business to Government (B2G)
- Business to Business to Consumer (B2B2C)
- Consumer to Consumer (C2C)
- Consumer to Business (C2B)
The 5 C’s are context, customers, competitors, partners, and the company. Recognizing what each stands for and how it may benefit the marketing of your company is the first step. A business can better comprehend its role in the market by using the 5C marketing framework.
- It has low costs and eliminates running expenses.
- It facilitates communication with people all over the world.
- In e-commerce, the clients are retargeted.
- Customers worry about their security and privacy.
- Lack of consumer interaction in-store and personal touch.
- The option to try an item before purchasing it is not available.
- Prolonged delivery time.
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