How E-Commerce Revolutionized the Global Industry

Neeraj Chopra, Managing Director, Joltme Electrovision

Neeraj Chopra, Managing Director, Joltme Electrovision

Who Will Be Left Untouched By E-comm Blast. It would be correctly known as the fourth industrial revolution globally

In today’s world, if we speak business, it means ECOMMERCE. No doubt e-commerce has revolutionized the global industry by hurricane, it was a rampant start and growing stronger on day today basis. It is an upsetting force throughout the industrial world and creating apparent upsurges too.When we further segment the e-commerce evolution, we see that the key attributes in the e-commerce are the social media that creates hype about a particular product or service.

From typical to peculiar
The world is small and reachable on the social media, one can touch Switzerland on Google Maps, so why not buy a service or a thing? They say "I have got bling in my pocket and let’s buy that thing”.The mindset of every individual on the social media is the attaining scalability:

If you go for an offline market, maybe one cannot scale that much, but if you Tweet the same you will be able to reach to millions. Really remarkable! I would be sitting right with desktop, going nowhere and penetrating through masses digitally. This is also known as the epitome of the reaching customers.

More Productive and less cost:
In the offline market, the marketing cost is always on the higher side. It is basically costing a dollar and creating a dime. Awareness cost a hefty amount in the offline market but in online market is less pricey and more prospective.

Threats of this evolution
Each evolution carries its drawbacks and here is the major drawback:

Security concern: Suppose, I am a customer and I posted my details on any particular e-commerce portal? Will it be secure and safe?

Security of the bank account details, personal identity and mobile numbers are paramount of the fraud. Deprives you of tangibility: If you buy stuff from any online portal, then you can’t touch it before you buy it. Infact, we simply buy images.

How To Differentiate Between Original and Copied Product:
From the retailer point of view also it is not at all a happy story. While most of the retailers, sellers keep on accusing the marketplace, for the bias in the prices. It has left some of the retailers as the poor farmers of Maharashtra and there are forced to shut down their e-shops. The nexus of larger players and the government is quite evident and it seems that the money is flowing in the certain direction. The pricing is regulated. But in one of the positive move during launch of Note 3 mobile, the government has optioned for the FDI regulation. It has been hailed as the positive move and it will also have a positive impact on the transparency of the e-commerce in future.

Types of frauds which are prevalent in the e-commerce industry
Despite being the biggest industry in India, but it is magnetic to the fraud segment also. Three common types of frauds are:

Buyer side fraud: Fake cards are created by the buyers for the creation of the payments. So many fake accounts are created on the daily basis from the buyer side and it also impacts the sellers. In the recent news, two youngsters purchased expensive mobiles form online and they claimed to receive empty boxes. This went on happening and the total estimated amount of the fraud was whooping 1.25 crore.

Selling fake product online:
These are the most common fraud which is prevailing in the world. These are known as the first copy and fake product. Suppose you ordered a product from a particular marketplace, and you are astonished to see the prices slash on that particular product. The merchant promised to deliver the product in the estimated time but when you receive the product, it is fake. You are astonished. By this fake product distribution, fraud and scams are evolved, and by this fraudulent practices many small merchants are making big bucks. This modus operandi is not for the longerperiod of time and soon it will be diminished. You will be astonished that many customers have received the products like phone cover and the service centre doesn’t exist. With the ease of transaction, so many cases of money laundering and other malicious practices will be surfaced.

I believe, that we exist in the digital world, but this world should have some parameters and regulations. It is quite imperative that the ecommerce is no doubt scaling to daily new high, but in accordance it should be regulated, so that the scams are not created and it is should be fruitful to both vendors and customers.