The rise of e-commerce has several benefits to society as we know it, and adds to an overall increase in prosperity.
Here are some of the key benefits:
E-commerce greatly reduces the start-up costs associated with having your own business. With an online store, all you need is a functioning website or social media as opposed to constructing or renting a physical store location. This makes the process of starting your own business much less daunting for new entrepreneurs. Additionally, since it’s easier now than ever for anyone to start a business online, there’s a lot more competition out there which encourages innovation in the digital store world.
Online Competition Makes Things More Affordable
Since online stores have lower operating costs, the mark-up on their product prices are usually much lower since they can sell things cheaper and still breakeven. Further, it’s easy for customers to browse similar products from different online stores to find the best bargain, which leads to fair pricing.
Operating an online store can help reduce pollution as there’s less wastage than at a physical store.
24 Hour Access
E-commerce gives people 24 hour access to the goods and services they need, which makes society run more efficiently and productively.
Through e-commerce, small businesses are able to connect with a greater reach of customers than with a physical store. E-commerce can even allow for you to sell to people outside of your country, or even outside of the Caribbean region.