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The Advancement of Digitalization and Its Impact on the E-Commerce Trade Aayushi International Interdisciplinary Research Journal (AIIRJ) PEER REVIEW IMPACT FACTOR ISSN VOL- VIII ISSUE- II FEBRUARY 2021 e-JOURNAL 7.149 2349-638x The Advancement of Digitalization and Its Impact on The E-Commerce Trade Arun A.S. HOD of Commerce Bhandarkars’ Arts & Science College, Kundapura-576201 Udupi district, Karnataka, India Abstract: John Keats says that “Imagination is more powerful than reality” hence the e-commerce sites were first introduced, many buyer and shoppers were hesitant to use them as they could not personally see or touch the products they were buying. They had to pay in advance or cash on delivery and go through a long and tedious process of online payment.Now, with the digital transformation, the e-commerce industry has drastically changed for good and offers quick checkouts and safer online transactions.It is estimated that there will be about 2.14 billion global digital buyers in 2021. Digital technology continues to be the core of the e-commerce industry and has employed its astounding capabilities to allow sellers to connect with their customers through the web and mobile platforms. Keywords: E-Commerce, Buyers, Shoppers, Online, Digital Technology and Mobile platforms. The Traditional Concept of Digitalization wants as long as there is the drive and will to obtain it. Here I would like to set and state few examples Indeed, “the American dream” was not used by Truslow until 1931, the concept has always been of future concept of trade and life. These two an integral part within the consciousness of concepts are the main key to lead life and to move Americans. In the 1776 Declaration of Independence from place to place ultimately human beings on the Thomas Jefferson laid out what may be the most earth have started to live in a certain place by important and well-known reference to the American exchanging their goods and sharing their belongings dream. The Declaration maintains that “We hold gradually they have started to think to do for these truths to be self-evident, that all men are themselves in different ways.Here I quote the dream created equal, that they are endowed by their Creator of America and the concept of Wallmart Company. with certain unalienable rights; that among these are In 1931 “The Epic of America” a book written by life, liberty, and the pursuit of happiness.” Along James Truslow Adams, he coined the phrase the with the other Founding Fathers, Jefferson believed American dream, which is “that dream of a land in that the United States could and should be a nation which life should be better and richer and fuller for giving every opportunity to individual progress and everyone, with opportunity for each according to achievement. In contrast to Great Britain and its ability or achievement. It is a dream of social order strict class structure, the United States represented to in which each man and each woman shall be able to Jefferson the chance for all Americans, even those attain to the fullest stature of which they are innately with poor economic backgrounds, to become pillars capable, and be recognized by others for what they of their communities. In India in many state people are, regardless of the fortuitous circumstances of think and are planning to work once in America or birth or position”. Within the whole of the American that is their ultimate goal to serve once in America as psyche, there lies an eternal hope that the nation’s of thought it’s their final conviction to have a chance citizens will be afforded the opportunity for both to visit that country once in a life time period. monetary growth and social advancement. Of course, The one more example of Digitalization or hard work and industriousness are embedded within before to this which kind of idea has been diffused to this concept: In the traditional American mindset, the modern world, the corporate giant or business any man or woman can achieve whatever he or she tycoon oriented people of Walmart founder, in full Email id’s:- [email protected] Or [email protected] Page No. Chief Editor: - Pramod P. Tandale (Mob.08999250451) website :- www.aiirjournal.com 49 Aayushi International Interdisciplinary Research Journal (AIIRJ) PEER REVIEW IMPACT FACTOR ISSN VOL- VIII ISSUE- II FEBRUARY 2021 e-JOURNAL 7.149 2349-638x form of Walmart is Walmart, Inc., formerly Wal- for perpetuating low wages; its workers make Mart Stores, Inc., American operator of discount significantly less than the average retail worker, in stores that was one of the world’s biggest retailers large part because of the company’s anti-union and among the world’s largest corporations. stance. Its merchandising practices are nonetheless Company headquarters are in Bentonville, Arkansas. emulated by other retailers. Wal-Mart was founded by Sam Walton in Rogers, The major concepts of e-Commerce Arkansas, in 1962 and focused its early growth in E-Commerce made easy with Digital rural areas, thereby avoiding direct competition with Technology, Digital transformation implies the retailing giants such as Sears and Kmart. As it grew, adoption of digital tools and processes in your the company developed new retail formats, including business to achieve strategic business goals. It is a Sam’s Club discount warehouses (1983) and Wal- multifaceted process that has the capability to bring a Mart Supercenters (1988). Within a decade of substantial cultural and organizational shift in the opening the combination grocery and merchandise business. The e-Commerce industry is not untouched Supercenters, Wal-Mart had become one of the by this digital tide. largest grocers in the United States. An emphasis on Innovations in digital technology have customer attention (e.g., direct mail advertising), cost helped in reducing the relevance of distance, whether controls (e.g., low-cost imports), and efficiencies in geographical or linguistic. This has eased searching its distribution networks (e.g., regional warehousing) products, matching the preferences of consumers to helped Wal-Mart become the largest retailer in the products and verifying quality and reputation. It is United States in 1990. because of this connection that the e-commerce It moved into international markets one year stores have gained their importance in consumer’s later with the opening of a store in Mexico, and life.Research studies predict that worldwide online growth continued, either through new stores or the retail sales will go beyond $4 trillion by the end of acquisition of established retailers, in countries such 2020. as Canada, China, Germany, and the United Without the help of advanced and Kingdom. The company experienced a decline in sophisticated digital technology, such results would sales immediately following Walton’s death in 1992 not be achieved. Let us discuss how digital but rebounded with the introduction of the technology impacts global e-Commerce. company’s house brand Great Value in 1993. In the 21st Century is new era of Digitalized e- years after Walton’s death, the company was less Commerce fiscally frugal, quickly accumulating corporate debt 21st century has seen many changes like ups in order to finance such new strategies as a group of and downs in the process of digital payment additional Wal-Mart Supercenters. The financial risk advanced Payment Service or prepaid payment is paid off: by 1995 Wal-Mart’s sales had doubled, by new type of shopping or a way to buy products it 1999 the company had become the world’s largest means before we touch the goods physically by hand private employer, and by 2001 its total sales or to receive we have to make a payment through surpassed those of Exxon Mobil, ranking Wal-Mart online by providing our credit or debit card, related as the largest corporation in the world. account details while purchasing the goods. In India Wal-Mart remained a global leader in the is it bit difficult to make online transaction or ensuing years, and in the 2010s it began to acquire payment, the first thing is India is highly or more numerous e-commerce businesses, including Jet.com populated country moreover people are not adequate (2016) and Moosejaw (2017). In 2018 the company with digital transactions now gradually people have changed its name to Walmart.Its extreme growth did started to do digital payment but its takes time to set not occur without controversy. Walmart has been with it in that many people are not using this mode criticized for contributing to urban sprawl by forcing why because they do not have any faith in that they out of business local merchandisers, many of whom believe in the traditional method of payment or were unable to compete with the company’s purchase, one more thing this people are not economy of scale. Walmart has also been criticized compatible or competent to use technology for their Email id’s:- [email protected] Or [email protected] Page No. Chief Editor: - Pramod P. Tandale (Mob.08999250451) website :- www.aiirjournal.com 50 Aayushi International Interdisciplinary Research Journal (AIIRJ) PEER REVIEW IMPACT FACTOR ISSN VOL- VIII ISSUE- II FEBRUARY 2021 e-JOURNAL 7.149 2349-638x purchase, of course for the unparalleled growth of smartphones has increased, they have become a the e-commerce market, fast, secure, and effective crucial part of a business’s day to day operations. payment options are essential. Studies say that about Research says that over 90% of mobile device users 69% of shopping carts are abandoned on an e- keep them within their reach every time. Hence, commerce platform by the customers. A tedious and targeting these mobile devices paves the way for the complicated payment procedure is one of the reasons growth of the e-commerce industry.
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