The concept of commercialization and business has changed drastically in the last 20 years due to the rapid pace of development of technology. The world is becoming a smaller place due to the expanding electronic way of life that has encompassed the entire business community. Ecommerce has opened the doors for cross border business dealings in real time. This has benefitted the users most as they can enjoy the convenience of ordering stuff by sitting in front of their work stations. Be it receiving invoices, making payments, orders processing, filling the shopping cart or exchange of information; it can now be done online. There is no need for the housewife to travel to the closest store or go 10kms in to the city to get her household items. All that she requires to save herself from all these troubles is an internet connection and then, she can shop for more items than the ones available in the closest real physical market. This represents the shopping culture of the present day. The complete metrics of a store has changed. The tiny mismanaged retail store located at the corner of the street is now replaced by an online store, and the salespeople in the store are now replaced by the customer care people of the virtual shop.

Ecommerce is widely accepted by all people because of the following benefits:

  • Low cost for set up – The services provided by the online stores don’t require any huge investments. If you are clever then you may not even require any physical merchandise in the beginning. The products are just displayed on the site and they can be bought by you after the customer pays for it.
  • Free Market – The ecommerce market does not have any restrictions for entry. It has no limits and therefore, serves as an excellent platform for budding small players.
  • Global Access – Just like there is no restrictions for the number of sellers, there isn’t any restriction on the number of buyer’s too. Ecommerce has a large customer base because ecommerce is not limited by physical boundaries.
  • Technology – Since ecommerce is being used by more and more people each day, companies are developing newer and most user friendly technologies each day to make ecommerce more effective.
  • Real Time Transactions – Electronic transactions takes much less time and effort to complete.
  • Cost Effectiveness – Since the supply chains are shortened, there is a reduction in prices of the products.
  • Easy Payments – There are several services that help you make payments through the internet by just clicking your mouse a couple of times.
  • Personalization – The ecommerce systems keep a record of all the customers and their purchases, thereby personalizing his visit when he comes back for the second time.

Advanced technology, cut throat competition, shorter supply chains and globalization of economies are a few of the several factors that are fuelling the rise of ecommerce. The theory “Survival of the Fittest” by Darwin applies in the ecommerce world too. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.