It is a pleasant and indeed a welcoming fact that a new wave named eCommerce has captured the world, revolutionizing the way people used to trade, affecting the lifestyle of the common man.
The nature of the eCommerce business itself is very vibrant, constant changes in consumer behavior and expectation levels, and rapid shifts in technology all together make it essential to have such dynamic leaders who are not only ready to face the challenge but at the same time able to steer the ship effectively when the need arises.
The retail world has changed considerably. Tables have turned 180 degrees as the balance of power has shifted from retailers to consumers, thanks to the enormous growth of e-commerce. Now it’s the consumers who are rich with the choices in their hands as to how they want to shop, where they want to shop, and what products they want to buy.
How big retail giants are reacting
The paradigm shift towards the ease of online shopping has impacted even a giant retailer like Walmart. Walmart is now trying to accelerate its e-commerce section rapidly. To gather pace to catch up with this online segment, it acquired Jet.com in 2016(August) and already invested in Modcloth.com, Moosejaw, and JD.com. With all this expansion, one thing is clear e-commerce has been here for a long to stay and grow.
According to a report coming from German news outlet Automobilwoche, there is a strong possibility, Amazon may soon become an online car dealer in the UK and many other countries of Europe. This US-based tech giant will probably expand its e-commerce operations by tallying cars in the product list available for sale. As per the reports coming in, the company is now believed to be hiring staff, although there is no official word from Amazon on this as yet.
Ted Baker is a British clothing retail company in London, UK. Ted Baker is a Top250 retailer in IRUK Top500 research. The company has reported an impressive growth of 35.9% in eCommerce sales in the initial 19 weeks of the current year, compared to last year’s same time. As a result of this hike, the overall group revenue has climbed up by 14.2%. As per the company, this rise in online sales reflected “continued growth across our eCommerce sites as well as the strength of our retail proposition.”
Best Buy is conducting studies and arrangements to increase its existence in the e-commerce market of the US, the market which is expected to reach a figure of almost $520 billion by the end of 2020. During the last quarter of 2016, the company managed to hike its domestic online revenue by 18.5% compared to 15.5% same time in the prior year. During the entire year, the company saw a growth of almost 20% y-o-y.
E-commerce in MENA
From the Arabian side of the world to the European side, this sector has taken the world by storm and is strengthening its root in every part of the world. The number of online shoppers in the MENA (the Middle East and North Africa) region has grown enormously, seeing an unprecedented expansion. The growth in the Middle East, in particular, has climbed up by 1500 % over the last decade, mainly credited to its young demographics with massive acceptance for the internet coupled with their high disposable income. Leading on this ladder is the GCC market, which according to AT Kearney, is expected to reach a value of $20 billion by 2020.
Fraud in e-commerce
As online shoppers are on a constant hunt for bargaining online, this has shown light to scammers who have started to lure them with attractive discounts and offers. Unfortunately, one only realizes this fraud upon being cheated for a fake product or not getting the delivery for the product at all.
eCommerce business is heavily dependent upon electronic transactions to charge customers for the goods and services ordered. Unfortunately, this increased volume of E transactions has also led to an increase in fraudulent activities.
Main types of fraud:
There are many methods of payment fraud. The most common are:
- Identity theft:
This type of fraud happens when cybercriminals steal personal and confidential information and then use it under pretense.
Websites or emails that ask for private information like a bank account, credit or debit card number, login details are susceptible to phishing.
This happens when hackers reroute the web traffic from a site (eCommerce) to a different site without visitors’ consent; the unwanted site can have potential malicious material, which hackers use to penetrate a network system.
Syed Adeel Ali Shah is a Banker by profession. Apart from this, He is a content writer and a blogger. He has done MBA in Marketing and Finance.
You can contact at [email protected]
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