Ever since the onset of internet communication among the masses, the ways of doing business has transformed significantly over the years. With the increase in data transmission speeds and network accessibility, commercial interaction too has been made possible in the nick of a second. The days of lining up in queues to get your work done or make a purchase have almost finished in many developed countries.
As the old saying goes, ‘Time is Money’, hence humans have always invested in finding solutions to minimize the time gap in providing a service. The next important factor is the distance or accessibility of a product or service. The third is the demand and supply management as it is the basic principle which drives economics.
With the digitalization of world economies there began an increased demand for serving the consumer without the hassles of manual intervention or physical effort from the end of the latter. The margin of error has also reduced considerably and so has the time taken in processing and delivering the end product.
The phenomenal aspect of shortening the lead time has led to a surge in profits for businesses making entrepreneurship a profitable venture in many economies. The companies which have grown and profited from the sport in information and technology are endless. Since the late 90’s most of the top companies in the world have either been IT firms or the ones which were directly or indirectly related to the sector. The year 2018 recorded 2208 billionaires up from 2043 in 2017 according to Forbes. The average wealth of billionaires has been a record high of 4.1 billion dollars.
The enormous growth in the wealth of entrepreneurs has been possible because of the ease of business in many developed and developing economies. To even imagine such growth and transformation in business could have been easily written off back in the pre-internet era. The times when it would take hours or sometimes days of efforts to conduct a successful business interaction or transaction with a consumer.
With the accessibility of the web reaching every corner of the world, business transactions no more require any physical or manual efforts. This ease of doing business has led to the growth of an IT-oriented sector known as E-Commerce. Such indomitable has been its growth in the recent years that the largest e-commerce company in the world- Amazon is among the most valued top 5 retail companies making its owner Jeff Bezos the richest man on the planet. The success of an e-commerce company lies in the user interface and customer-oriented approach from order registering to process to delivery along with a customer friendly returns and exchange policy. A successful payment gateway and SEO also plays a major role in the purchase decisions of a customer and 4G revolution only added to the shopping blitz with online transactions reaching record highs every year.
The year 2019 has been predicted to be the launch year of 5G internet spectacle which will take e-commerce transactions to achieve even more milestones. Also, the data storing and processing abilities of devices will be enhanced extensively. We are already witnessing smartphones with more than 128GB memory space and longer lasting batteries. Recent research has been successful in discovering Carbon-Graphene based alternative to Lithium batteries which have a lifespan of more than 20 years.
With such groundbreaking advancements in technology, it is predestined that this revolution is going to get bigger. Future e-commerce will use AI technologies to further shorten the lead time of logistics and warehouses will be managed by robots and drones. We are entering into a world of endless possibilities and captivating innovations where just a mere thought will be converted into business. We already have algorithms in search engines which can customize purchases and services for you, get you what you desire and manage your payments all with a touch. With the increase in internet speeds, the next big thing will be the voice interaction tool and wow you will only need to say it to get it right at your doorstep. The future of e-commerce is going to unravel soon right in front of your eyes!
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