We e-commerce challenges and trends that online retailers
We live in evolving times particularly for a business, considering that there has been a lot of relevant changes in the way marketing is carried out. There are a lot of challenges facing companies in the 21st century in terms of reaching out to its customers and potential customers. One of the many challenges is the need for sustainability. Businesses that promote sustainable practices will benefit from operational point of view, as business can be conducted both effectively and efficiently with less resources and higher savings (Spector, 2012) First of all, if a business cares about the environment with substantial investments in sustainable practices will more likely appeal to a larger global consumer base, while concurrently increasing brand loyalty, enhancing brand image and PR. (Spector, 2012). Second of all is the need to acquire talented individuals who are ready to offer sustainable and social practices, especially with a lot of the generation x workforce leaving work, it is important to appeal to the largest generation of workers today (Spector, 2012). Evidence suggests that a company that is dedicated to sustainability has higher rate of work satisfaction and loyalty thereby leading to higher employee turnover (Haanaes, 2016). Furthermore, another reason why sustainability is important to companies is keeping up with its competitors, as a 2011 survey carried out by MIT Sloan management review showed that two thirds of its participants believed sustainability was necessary to being competitive and relevant in today’s market (Spector, 2012).
Another problem companies face is the constant growth in electronic commerce. There are many unique e-commerce challenges and trends that online retailers face every year stimulated by the pace and length at which the industry has innovated processes (Salacka, 2017). First of all, one of the problems companies face in terms of ecommerce growth is logistics/ geopolitical status. How does the company provide its good or services to customers in another geo location with different cultures? the organization will have to abide by import laws and other nuances which vary from country to country. Such things can be a menace to reliable e-commerce transactions and delivery. (Hutchins, 2015). In addition to this there is a risk of complication for European Union and British companies as especially with the threat of Brexit as there is a risk of complicated cross border e-commerce. The top concerns reported were the delayed speed of delivery, technical issues and damaged goods. (Keyes, 2017) Furthermore, payment options are also another problem companies should consider as a lot of organizations don’t understand that the payment methods they provide aren’t ubiquitous and when customers don’t see their preferred payment methods they would rather not transact than to risk it. (Hutchins, 2015).