Economic Downturn Brings In A New Phase Of E-commerce Development

E-commerce websites have grown at an astonishing pace in recent years

. All kinds of e-commerce websites have leveraged on swift growth. Not so smart e-commerce entrepreneurs are feeling the heat of the economic downturn and leaving the turf to farsighted competitors. The drag in growth rate could bring a lot of online stores to their knees, bringing their tactics under the scanner.

Though the recession has slowed down the growth of e-commerce, it has not stopped it. This is noteworthy at a time many commercial enterprises are facing heavy losses. E-commerce businesses should not think all is lost. Rather, they should focus on effective strategies to boost their e-commerce website.

Growing market share of e-commerce businesses

E-commerce trends can be understood by examining the sales figures of e-commerce websites but a more reliable indicator could be the trend in internet advertisement expenditure by businesses.

Though internet advertising did not match the forecasts for 2009-10, the close to flat growth is still better than the sharp fall seen in traditional advertising on TV, radioand print publications. The Internet is gaining popularity amongst people of all ages and internet businesses are growing their customer base every day. E-commerce websites are not an attraction for the younger crowd alone as men in the 45-65 age group browse the Internet for numerous hours every day. And older women are catching up quickly.

The trends suggest some important implications for e-commerce website design and development.

Now is a good time to invest in an e-commerce site

E-commerce has shown resilience in spite of the prolonged economic downturn. E-commerce websites have maintained their profit margins in stark contrast to brick-and-mortar stores. The present time is good for launching an e-commerce website as costs of designing and setting up a site are very competitive.

Reconsider the budget for e-commerce development

In typical cases, businesses draw the new budget based on the previous year's budget with the necessary increments or decrements. As the recession has affected the market significantly, this policy falls wide off the mark. Traditional media is not as influential as up-and-coming media like the internet for marketing and advertising. New financial plans must consider these changes and distribute sufficient funds to internet businesses for exploiting online media to spread brand awareness and build brand image.

E-commerce website design should cater to all ages and genders

The internet is no longer just a means for entertainment. It is a business marketplace that transcends geographical and social boundaries. E-commerce websites are visited by a wide range of internet users and site design should make them all comfortable. The website should be user friendly, straightforward to use with relevant content.

Businesses that do not have an e-commerce website are losing out on improving sales and brand recognition. E-commerce websites are like online advertisements that boost revenue, and expand the customer base while cutting down on expenses. Without an e-commerce website, a business is incomplete. Businesses should acknowledge their value sooner than later.

by: Daljeet Sidhu

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