MBA in e-commerce: The right pick for online entrepreneurial success
COVID-19 has forever changed retailing. As the pandemic continues to reshape our world, more and more consumers began shopping online in greater numbers and frequency. If you are looking for a qualification that will help you keep up with the rapid growth of online sales, then an MBA in e-commerce might be your golden ticket.
New data from IBM’s U.S. Retail Index suggests the pandemic has accelerated the shift away from physical stores to digital shopping by roughly five years. Department stores, as a result, are seeing significant declines. In the first quarter of 2020, department store sales and those from other “non-essential” retailers declined by 25%. This grew to a 75% decline in the second quarter.
The internet has revolutionised the industry. Statista projects over 2.14 billion people worldwide are expected to buy goods and services online in 2021 and that retail e-commerce market sales worldwide will reach US$6.54 trillion in 2023. As more businesses begin to conduct sales online, backed by stellar marketing, the demand for professionals who specialise in the field will boom.
The rules have already been rewritten several times in their relatively short existence. Today, e-commerce has developed leaps and bounds, probably unrecognisable to those who made one-off purchases a decade ago. It only seems logical that in another 10 or 20 years from now, the industry will be even more different. Due to the unpredictability of this industry’s evolution, it may seem difficult to get ahead of the curve and preempt the next big thing.
An MBA in e-commerce is known to be the most thorough choice for aspiring online entrepreneurs. These programmes offer students with an interest in e-business the chance to acquire a specialised postgraduate degree.
An MBA itself does not just provide learners with skills that are useful now, but it also equips them with the tools to be adaptable for the future. This insight allows graduates to take on challenges as future-proof, agile business leaders.
The MBA in e-commerce is especially ideal for individuals determined to stay ahead as more businesses shift away from conducting business in a traditional, brick and mortar location. Upon completion, graduates are known to be well-versed in marketing and management, equipped to successfully manage e-commerce and online businesses.
Curriculums aim to provide an advanced understanding of e-commerce and its main concepts such as general management, finance, and marketing. However, the focus remains on leadership, responsibilities, and industry-specific knowledge within the field. Learners should expect to grasp the basics of strategically managing online business activity.
To apply, students must have a bachelor’s degree in business or a related field. Some schools require applicants to submit GMAT or GRE results. In some programmes, courses are offered online. A hybrid approach might also be available.
Jobs in the e-commerce field would require skills in big data analytics, logistics management, digital marketing, and technology management, along with the general management skills these graduates possess.
According to Payscale, some of the roles MBA in e-commerce graduates go on to assume include: Vice president of programme management with an average salary of US$184,000, chief marketing officer with an average salary of US$246,000, digital marketing manager with an average salary of US$87,000 and product marketing manager with an average salary of US$122,000.
Interested applicants could begin their journey with these programmes: MBA in Digital Business by EU Business School, MBA with Concentration in E-Business and Technology by Columbia Southern University, or the Master in E-Business and Digital Transformation by EDC Paris Business School.