E-Commerce Vs. Traditional Retail in the time of COVID-19
The pandemic has changed e-commerce as we once know it. Tons of businesses have started to fuel their digital transformation during the height of the pandemic. Digital retail matters especially now that consumers are more into online shopping. E-commerce is an opportunity for every business to thrive and survive during these times.
What are the differences between e-commerce vs. traditional retail?
1.The difference between e-commerce and traditional retail is simple. Traditional commerce is when you are physically at the store, while e-commerce refers to buying and selling different items online.
2.E-commerce is the process of exchanging products or services digitally where there is a delivery involved and, payment happens in electronic form or cash-on-delivery. In the case of traditional retail, the process basically involves direct payment and getting the item upon payment.
3.In traditional commerce, the transactions are manual wherein e-commerce has different automatic processing of transactions using online banking.
4.In traditional commerce, the interaction between buyers and sellers is face to face making it easier to inspect and know that what you get is what you want, while with e-commerce quality of the product can only be inspected upon receipt – usually a couple of days after payment.
5.The scope of business in traditional commerce is limited to a specific area of their location. On the contrary, businesses have a worldwide reach in the case of e-commerce, due to accessibility.
6.Traditional retail is standard and there is only a regular mode of marketing. However, customization and personalization exists in e-commerce as digital marketing is highly targeted and reaches more consumers locally and even globally.
Will e-commerce save retail?
As the in-store experiences might still seem indistinct, the new and exciting possibility of digital retail is the best way to explore. A lot of businesses experienced a prolonged time of uncertainty, some had to temporarily stop operations, cut expenses, take on debts, and some traditional stores have already declared bankruptcy.
On this note and in this day and age, it is absolutely necessary to start an e-commerce store. Gone are the days wherein people would prefer shopping in brick and mortar stores especially when you have your health and social distancing protocols to adhere to.
The rise of digital connectivity means that consumers are no longer bound by location and they are utilizing what’s more convenient and safer when it comes to how they shop.
To stay in the business, you have to meet the demand of your customer, and re-evaluate all of your digital offerings. Embark on a digital transformation and open doors to online shopping as it’s the most effective way of retail to this day.
E-commerce now offers the more popular way to shop and even if brick and mortar stores start to reopen, e-commerce continues to grow as more and more shoppers experience the convenience that the digital world can offer. It’s now the retailers and vendors’ responsibility to keep up with the latest trends and provide the best quality customer experience online and in-store.
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