Emerging Online Markets
Introduction
In the 21st century, technology has had a significant impact on customer behavior. It is due to the convenience offered by online shopping platforms that more individuals are opting to adopt the use of online-based platforms to purchase their favorite products or services. From this ideological perspective, it becomes clear that as more customers are opting for products and services online, opportunities arise for businesses that adopt the sale of their products or services online. In consideration of this factor, it is realized that there are significant emerging online markets during the current 21st century. With this in mind, it becomes clear that business organizations ought to tap the current opportunities offered by emerging online markets for them to maintain or improve their overall profitability.
It is argued that E-commerce is well established in markets that are categorized to be developed. In this case, it becomes clear that from time to time, adults often make occasional purchases online. It is due to the increase in the rate at which individuals purchase products and services online that business organizations such as Amazon have managed to thrive by maintaining high levels of profitability. In this case, it is considered necessary for businesses seeking to improve their overall profitability to identify some of the untapped opportunities in online markets. According to Oxford Business Group (2020), E-commerce penetration in some regions such as Africa has been low, but despite this factor, Africa tends to have a big untapped online market. In addition to this, it is also noted that Covid-19 pandemic has significantly affected many businesses globally. With more than 306 million people being affected with the stay at home orders from the federal government in the United States, more and more individuals are opting to purchase products and services online, hence increasing the overall pool of online customers. Putting in mind that online devices are becoming popular tools for shopping, there is a significant need for businesses and organizations to adapt to the changing market trends by selling or advertising their products online.
Conclusion
In consideration of the concepts identified in this context, it is quite clear that customer behavior towards the purchase of products or services has significantly changed with the introduction of online-based shopping platforms. It is argued that companies such as Amazon have experienced significant growth in profit margins due to the growing online market. With the Covid-19 pandemic, it is expected that more people will change their shaping habits by adapting the use of their mobile devices as tools of shopping (Columbus, 2020). There is a significant need for businesses that are seeking to adjust to the changing business environment to adapt by taking advantage of the emerging online markets for different products and services. All in all, it is realized that with millions of customers changing by adapting the purchase of products and services online. Customers’ demand for quality online services is significantly rising hence determining the competitive nature of the emerging online market. It is quite clear that customers are opting for online shopping because of the time saving and convenience that is associated with it. For this reason, organizations opting to tap the emerging online markets need to put adequate infrastructure and practices that make sure that there is 100 percent customer satisfaction. With this, businesses will be able to remain profitable and grow in the evolving business environment (Columbus, 2020).
References
Columbus, L. (2020). How COVID-19 Is Transforming E-Commerce? Retrieved 22 June 2020, from https://www.forbes.com/sites/louiscolumbus/2020/04/28/how-covid-19-is-transforming-e-commerce/#96db03b3544f
Oxford Business Group. (2020). Online shopping continues to grow in emerging markets, despite challenges. Retrieved 22 June 2020, from https://oxfordbusinessgroup.com/overview/e-commerce-evolution-online-shopping-set-keep-growing-emerging-markets-despite-some-cultural-and