It seems that E-commerce has popped out of nowhere to some of the older generations, but for younger ones, electronics are playing a bigger role in education and in their day to day activities than ever before. Therefore, they will play a bigger role in the later years as well as technology evolves exponentially.
Either way, the advantage of this transition is the amount of disruptive technology which provides niches, gaps for innovation and because of the exponential speed in which this is accelerating, it enables ordinary people like me and you to compete.
The disadvantage however is that there will have to be a transitional period where people need time to adjust to what’s relevant in the job market as artificial intelligence and automation make tedious job redundant.
Click here to read more on automation and how it will impact the workplace and society in general.
I bet you’re reading this because you want to learn how to stay ahead of the curve and learn, or if you think you’re too late and have missed the gold rush period than you couldn’t be further from the truth.
Elon Musk has said: “There will be fewer and fewer jobs that a robot cannot do better, These are not things I wish will happen.
These are things I think probably will happen. The output of goods and services will be extremely high. With automation, there will come abundance.
Almost everything will get very cheap. I think we’ll end up doing universal basic income.
A lot of people derive their meaning from their employment. So, if there’s no need for your labour, what’s your meaning? Do you feel useless? That’s a much harder problem to deal with.”
You need to learn the skills so you can still contribute, now you can with us!
Most business conducted in modern day society is electronic, this is why we have seen 19% growth on average in the last decade for E-commerce’s use.
That is only going to increase too, as everything continues to digitize and automate, soon E-commerce will be conducted through virtual and augmented reality. This will make it more accessible and convenient.
So, what exactly is E-commerce?
E-commerce is a transaction of buying or selling online. It draws on technologies such as mobile commerce, electronic funds transfer (EFT’s,) supply chain management, internet marketing, online transaction processing, electronic data interchange (EDI,) inventory management systems and automated data collection systems. Typically it used through the worldwide web although it may also use other technologies such as e-mail.
Basically, E-Commerce is doing business in some shape or form electronically over the internet, hence the title E-Commerce. There are various types as you can see in the definition above which we will discuss in more individual depth with the articles to come.
To succeed its vital to have a quality product or service whilst keeping up to date with what’s trending, niche and how to leverage that to the best to your ability.
If you can do the above and stay up to date with the latest disruptive technology, then you’re on to a winning ticket because that’s where we will have the best opportunities to innovate with less initial competition.
Remember E-Commerce is nothing without good marketing, if you need help with marketing and SEO (search engine optimisation,) click here.
It seems that the only efficient way to market these days, is online, especially through social media like Facebook ads.
Marketing on social media has a global reach and doesn’t usually have a high cost associated with it, depending on your needs. That’s why it’s so effective. Even New York Times Director of Audience Development, Mat Yurow, Stated about Facebook’s reach:
“Facebook’s website Custom Audiences have enabled us to better address our readers’ needs, be recommending a piece of content, a newsletter or a product that is tailored to each user’s individual interests.
We look forward to continuing to push the limits by marrying Facebook’s technology with our own data to better serve the right message to the right user at the right time.”
Facebook and google make their revenue through automated data collection systems, which means they collect your information and then sell your online data so you can be specifically marketed to.
This technique of E-commerce in comparison, is much more sophisticated and complex in terms of the systems used and legality with privacy, because of that, this technique is rarely used in comparison to the more common method, drop shipping.
Ray has predicted the future accurately over the last three decades in terms of technology and in one of his Ted talks, he discusses the thought process of thinking exponentially rather than linear which is inherently hardwired, if you prefer to reading to Ted talks then check out Singularity Hub’s article.
This type of thinking is hard to comprehend, but he’s been correct over the last three decades so there’s a good chance he’ll be right in terms of the upcoming technology again.
Why is knowing up and coming tech important?
Well, if you invested $100 into bitcoin in 2010, it would be worth $72.9 million now, so if you can predict patterns, you’re one step or more ahead of the competition which gives you more leverage and time to prepare.
Asides from being the way of the future, E-commerce also enables one to find a healthier lifestyle, don’t believe all the articles you read though, thinking you will be a millionaire in a week though. Very few will be.
The main advantages of E-Commerce are:
- If you have access to the internet there is no fixed hours or location, it can be as flexible as your lifestyle requires
- Marketing is cheaper than ever and has a wider reach which increases the capability to drive business (if done correctly)
- Decreasing cost of inventory management by using web based systems which can automated the process and with some methods you don’t have to even touch the product you’re selling
- Tailor your products or services to actual needs by observing consumers buying habits and searches
- Initial capital outlay required is usually minimal depending on your ambition, you may have to spend time learning how the processes work, which is why I’ve created this blog to condense it for you
- Selling your products or services internationally without having certain opening hours, marketing 24/7
- Define your service or product with more specificity, now you can have the relevant informative details without having to worry if staff will be able to remember the specific details
- Data analytics software makes it easier to know the core of your business, this is a link to mail chimp which is amazing and free!
The main disadvantages of E-Commerce are:
1. It can lack the personal touch
2. For some products there is a delay, usually only a day depending on what your ordering and where from
3. Some products cannot be purchased online (admittedly it’s very few)
4. You can’t try the item before purchasing it
5. The ease of setting up a store is so easy that it makes the quality and reliability more questionable and brings higher competition
As you can see, the positives outweigh the negatives and it’s going to keep growing. If done correctly, E-commerce can provide a healthier and more flexible lifestyle.
Emphasis on the “if done correctly.” A lot of articles will tell you it will take 30 minutes and you will be earning straight away, be wary of these articles.
It will take a week before you comprehend a specific use of E-commerce fully in terms of how it operates and the software involved.
You then need to find a quality product or service that isn’t saturated in the market, it needs to be niche or different, hopefully trending and after all of that you will need to learn how to market it effectively.
Don’t let that dishearten you though, if you’re willing to put the time and effort in to reap the rewards of financial freedom with a flexible lifestyle, then you’re in the right place.
Brendan and I are happy to keep condensing information for you to make it easier.
Give constructive criticism below and learn with us.