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 Why is eCommerce so Important?

 

​Why is eCommerce such an important part of today's world? Simply put, because the world is moving more and more into the digital realm each and every day. According to marketing research firm Coleman Parkes, 21-40% of a business's contributions are a direct result of eCommerce and that number is expected to grow rapidly over the coming years. With the growing impact of the digital community affecting the way business is done, now is the time to start thinking about an eCommerce solution.

 

The study by Coleman Parkes identified key issues for organizations adopting e-commerce solutions including resources, implementation, and developing a business model.  Review the complete infographic here.

Market savvy companies who jump on the e-commerce bandwagon will not only retain a competitive edge, but will improve their revenue stream. According to Forrester Research, 48% of B2B e-commerce executives surveyed said that both their average order value and conversion rates are trending upward. With that being said, it should be no surprise that 67% of these executives stated their technology budgets will increase this year and 49% said they will upgrade their e-commerce platform within 18 months to expand their online offers.  Click here to read more key findings from the Forrester survey.

The Boston Consulting Group, the world's leading advisor on business strategy, has produced an excellent article titled Out in Front: Exploiting Digital Disruption in the B2B Value Chain. This report from their perspectives group, presents the group's  latest thinking on the topic of e-commerce. Through extensive surveys and rigorous analysis, the group concludes that just as e-commerce has transformed B2C retail, the digital revolution building in the B2B marketplace is fundamentally changing the way customers interact; ultimately shifting the business model. Today's buyers have very high expectations of the customer experience, and taking advantage of an e-commerce opportunity will require more than simply revamping dated storefronts and overhauling shopping-cart-only sites. Change comes quickly in the online world, and companies that move quickly to assess the changes under way and adjust their business models to meet shifting market dynamics and customer demands can establish significant leads over both traditional competitors and new entrants.  You'll want to read the full article here.