Four Ways Online Shopping is Going to Change the Global Marketplace in 2017

The introduction of online shopping a couple decades ago has made a huge impact with how businesses are done on a global scale, and there are no signs that it’s going to stop any time soon.

That said, allow us to discuss about how online shopping would change the global marketplace by 2017.

1. Global Market Becomes More Popular
Through online shopping, consumers can purchase different products internationally, through different platforms, such as Amazon. That means traders in different parts of the globe would be able to easily reach their prospective customers and enjoy an increase in sale as they won’t be limited in their country anymore.

2. More Choices at an Affordable Price
Instead of having to settle to the distributors within the country, consumers have the privilege of buying directly from the supplier– as long as they have an online shop. This is a good example of how the customers would be able to source the items they want at a more affordable price. Likewise, because of the reduced cost of not having to rent a physical store, companies can also offer their items at a cheaper rate.

Another way on how consumers would be able to enjoy lower prices is by ordering regularly on the same e-commerce site. A lot of them offer loyalty programs where you can get discounts as long as you’ll buy frequently from them. This encourages the customer to stay updated with the latest deals the company has.

3. Greater Competition
Even though an online business may see a number of benefits and opportunities through this medium, there can also be some drawbacks. For one, a business that’s competing in a global marketplace should be ready to think of ways on how to attract customers– they should be able to convince these people to trust their shop and not their competitor.

Likewise, for those who are living in the US, ordering overseas has gotten more convenient. Thanks to a variety of shipping companies, such as— a logistics company in the UK. Through this, they’d have more reasons to buy items from this country, as they’d have the assurance that it would be delivered right in front of their doorstep no matter where they live– even if they’re living in Asia!

Although there may be some delivery and trust issues at first, rest assured that a lot of Internet users have gotten used to purchasing online, that they can easily know if the shop they’re going to purchase from is someone they can really trust.

That said, the competition for e-commerce business is definitely healthy, but companies are now challenged to make sure that their products would stand out.

4. Challenge to Monopoly Power
Those with an online business doesn’t only experience an increase in market share on a national level, but even on the global scale as well. Basically, the Internet gives you the privilege to promote your shop all throughout the world, where more people will be able to find your website.

This makes you a good player in your business, and by doing so, you’re also monopolizing your power— the products and services you offer.