In 1994, eCommerce (as we know it today) emerged with the birth of commerce giants Amazon.com, Dell.com and eBay. Despite the recession, online market were able to exhibit increase (sometimes slowly) not apparent in the "storefront" sell stores. The stepping back opened the gate to new marketing and buying trends that eCommerce businesses were left with having to either adapt to in order to grow or lay by the wayside. Ecommerce pioneers, Amazon.com, Dell.com and eBay, still remain heavy online competitors forcing Smb [small business(es)] to eventually compete with them on some level to coexist.
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I have to briefly mention that this stepping back was totally avoidable. Red flags and cause for concern were issued directly to government agencies beginning as early as 2005 by reputable economists and financial analysts. Warnings were based on unstructured policies of deregulation that all began with Reaganomics. Reaganomics was a disaster waiting to happen as it allowed financial investors and mortgage brokers to be unaccountable. They simply "passed the buck" which ended at Aig's doorstep. We all remember what happened with that, they were bailed out. Friction of interest and the presence of the very firms involved with creating the "balloon", like Goldman Sachs, were represented by individuals who held key economic adviser positions in the Obama administration. One of countless examples of individuals that held a financial position under the current administration is Larry Summers, Obama's previous chief economic adviser and head of the National Economic Council. He worked under Robert Rubin at Goldman Sachs as Vice Chairman (1987-90). Goldman Sachs raised more money for Obama than any other enterprise in 2008, do you see a pattern here?
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Many believe the current stepping back started in 2008, but in fact it began much earlier in 2006 when housing prices started to fall. The actual date on report varies, yet most agree that the end of 2007 was the beginning of the end as reported by Chris Isidore, Cnnmoney.com senior writer, in the Cnnmoney.com December 1st, 2008 report titled, It's official: stepping back since Dec. '07. In that report he stated, "The National Bureau of Economic investigate said Monday that the U.S. Has been in a stepping back since December 2007, development official what most Americans have already believed about the state of the economy."
As with politics, in eCommerce if you want to find out an reply to a query "follow the money". Where did consumers continue to spend post 2008 and what methods did they most consistently use to do their online shopping? The reply to these two questions has changed steadily since then as well as net profits of online stores.
Amazon.com, the prominent of the giants, is an example of "being too big to fail" with respect to eCommerce. In 2009 their total sales increased by 28% while many other Smbs experienced a slowdown in sales and profits following 2008. 2010 ended with total sales for Amazon.com up by 40% followed by 2011 when profits fell even though revenues were up. Amazon's profits fell in 2011 due to high debt incurred by a new expansion project with the allembracing goal being to additional improve the "customer experience". Amazon, like many of its smaller competitors, is investing in the hereafter which today is all about not simply selling goods, but the "customer experience" your enterprise provides.
Although obvious products and services were affected more than others, eCommerce as a whole has bared the brunt of the stepping back and continues to grow as more and more consumers buy online each day. Brick and mortar market without a web presence felt the hit of the stepping back much harder. Population avoided market due to fear of spending, but still went online to surf the web and visit group networking sites development them more open to online purchases with market that had capitalized on these primary group media marketing tools.
In order to stay with the times, eCommerce associates must embrace new trends and integrate them into their marketing campaigns if they hope to stay viable in this quickly evolving market. Population are now development more and more purchases online on their mobile phones or tablets rather than the former laptop. As online sales continued to grow in 2011 so did mobile sales as more and more potential customers were searching businesses on the go. Ecommerce sites that make their presence known and for real accessible to these consumers will reap the benefits. As the number of associates with mobile kindly websites continues to rise, some have implemented the next step by developing smartphone apps for their online store; additional nearing their end goal of enriching the customer experience.
Several years ago, having a Facebook page or a Twitter account was an innovative way to improve you web presence. Today, to fully maximize increase of your company's profits, you must tap into the free and virtually unlimited reserved supply of group networking. Speaking of new trends, Pinterest, a group networking site, is beginning to get a lot of concentration from some big names in retail. It focuses on group photo sharing. To way Pinterest you simply add the "pin it" button to the desktop bookmark bar. The "follow me" and "pin it" button can be added to a personal or enterprise website. With billions of Internet users visiting group networking sites on a daily basis, and even more searching out new and unique sites, online market need to take full advantage of this way of communicating, interacting and connecting with an substantial number of potential consumers. So, if your enterprise is not deeply embedded with the group networking media, you're losing tons of potential customers daily and free exposure for your business.
Bottom line, the stepping back affected many Population and companies, both within and outside the U.S. Ecommerce emerged without any long-term damage and any losses suffered were quickly recovered as online sales began to grow within a short period. Amazon, the giant of all things online, didn't even notice. In fact, they experienced net gains the year following the declared start of the recession. This taught us that eCommerce businesses must learn to reply quickly to the current situation of the economy. They must be constantly aware of new trends, where their potential consumers are located on the Internet, and how they are doing their online shopping (i.e. mobile phones, tablets. Etc.). Then, they must use this information to adapt new marketing techniques and methods to reach their target consumers.
The state of the economy will always change, Population in today's store will always buy online; however, their methods and how they are best able to be reached may change. If you can take notice and turn with the flow of the current trends, your online enterprise will always be ahead of the next guy who is still focused on yesterday.
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