Commerce is fundamental to the success of any business. To streamline trading operations and maintain profits, the industry must focus on commerce, which deals with a lot more than just selling and buying. As the world is digitizing, eCommerce solutions are increasingly becoming common. The advent of machine learning and AI has further enhanced the effectiveness of eCommerce.
As it directly or indirectly impacts a large section of the world population, e-commerce is a notable topic of discussion amongst graduate and post-graduate students of commerce. Working on projects to find solutions to trade-related issues, and explore operational challenges, among others is an important part of their curriculum.
Given the vast pool of trending commerce project ideas, it may be difficult to choose a topic for your project. Commerce encompasses various business domains, with trade and selling being the pertinent ones. You require deep analysis and understanding to pick a topic that serves your interests and career goals.
In this article, we have compiled a list of interesting and innovative commerce project ideas to help you with your project. Irrespective of the topic you choose for your final project, you stand to gain immense knowledge and expertise to leverage exciting career opportunities.
So let’s get started with the list!
Interesting Commerce Projects & Ideas
In any field, the end consumers are given top priority. Their choices, preferences, and demands are factors that form the basis of marketing strategies and manufacturing operations. It is evident that we are dependent on commerce to ensure this chain of processes runs smoothly.
If you are wondering what kind of commerce projects could bring you closer to your goals, here is a thought-out list of 8 projects that will not just familiarize you with the existing problems in commerce but also provide solutions. Furthermore, they will be a glowing addition to your resume and increase your chances of success in this all-encompassing field of commerce.
Topic 1: Impact of Outsourcing Material Availability Decision-Making
Objective: To determine the criteria used while deciding to outsource material availability along with strategizing the outsourcing process.
Outsourcing is a beneficial practice but at the same time, it poses a variety of challenges. Every industry seeks low labour cost, however, numerous other aspects require attention when outsourcing.
Although outsourcing is done at various levels, if you have a clear set of goals and strategies, more often than not, it will prove to be advantageous. It is important to understand that the performance of a company and its outsourced aspects do not have a connection because it does not impact the material availability directly.
Usually, two challenges are seen: the first one being, the time challenge, where the production process is slowed down due to unavailability of material and the second, more pressing financial challenge. Through this project, you can find solutions to both challenges.
Topic 2: Enhancing Employee Performance Through Monetary Incentives
Objective: To perceive the relationship between monetary incentive and employee performance.
It is observed that bonuses ate fixed according to the employee’s performance, however, hard work being intangible is not considered. Therefore, it can be deduced that monetary incentives are independent of the performance, since the bonus and allowances are fixed according to a specific performance parameter. Moreover, the failure of a company’s promise to release the bonus on time also leads to dissatisfaction and demotivation among its employees.
On the other hand, companies can attain their target by quoting the performance bonus in advance, thereby, stimulating employees to perform more efficiently and proactively. This project will help you comprehend how effective monetary incentives are imperative to employee satisfaction and alleviating the attrition rate in the company.
Topic 3: Outsourcing Human Resource in Beverage and Food Firms
Objective: To understand the implications of outsourcing human resource functions on organizational performance. This includes finding potential benefits and analyzing how it directly impacts employee performance and thought process.
Not allocating the budget for the Human Resource department leaves companies with one option — outsourcing. This may have decreased the company’s liability for its employees, but it has not been very beneficial for those who seek a long term and focused career. Outsourcing of human resources is usually undertaken to reduce costs for a company as well as bring productive resources onboard. However, neither of these parameters remain fulfilled in the long run.
It is often observed that this leads to a disconnect in employees, which reflects in their attitudes as they then carry out assigned tasks irresponsibly. Outsourcing has also observed a high attrition rate among employees. This is especially common in the food and beverage industries, where the time-sensitive nature of commerce takes a toll on human resource professionals.
Topic 4: Role of E-Commerce in Reducing Operational Cost
Objective: To evaluate how e-commerce aids the reduction of functional costs by making a comparative analysis.
This project emphasizes the benefits of eCommerce in today’s world. It is clear from the recent pandemic as well that electronic transactions have grown exponentially. An organization that will operate through a physical office will have significant costs to bear as compared to organizations that can function remotely.
These costs include logistics, administration, salesperson salary, the lease on storefront, electricity, telephone, heating/cooling, taxes, displays, repairs and maintenance of the building. On the contrary, for a virtual office, the entailing costs include web hosting charges, shopping cart software, and distribution rates.
This accounts for much less than the expense involved with physical offices. Both functional and operational costs are affected by eCommerce. Furthermore, e-commerce also has many other unmatched benefits when compared with offline commerce methods.
Topic 5: Reducing Unemployment Through a Co-Operative Movement
Objective: To establish a co-operative movement in a working society and analyze its benefits on society members. It also evaluates various aspects of the co-operative movement that provide support to team members.
This project helps us gain an understanding of the benefits of a co-operative movement in reducing unemployment. The analysis concludes that co-operative movements support employees and their well-being in terms of education and growth, thus, every organization must adopt one.
It is recommended that since a co-operative movement encourages and supports existing employees to study further and take up training to scale their skill sets, it must be made compulsory for every establishment. To facilitate the set up of the cooperatives, the project recommends aiding organisations financially in the form of loans from the co-operative banks. Consequently, establishing co-operative banks is also deemed significantly beneficial.
Also Read: Top 10 Highest Paying Jobs in Commerce Field
Topic 6: An Analysis of the Downside of Co-Operative Thrift and Credit Society
Objective: To shine a light on the futility of establishing a co-operative and credit society.
This kind of society is set up in organizations to help employees save a certain percentage of their salaries. These savings will support them after their retirement and can be used as an investment. However, it is noticed that such a society does not form a consensus as the goals are not attained. With a disparity in the financials and personal contexts, this society has not been able to satisfy its members.
This is due to poor inspection, and the irresponsible attitudes of authoritative people that have marred the interests of its members. Another important aspect that this project highlight is that when members take a loan from a credit society, they are often not in a position to return it, indicating a loss of money. The bad debts increase and the vested member’s interest is exploited unfairly.
Checkout: Career Options for Commerce Students
Topic 7: Analysis of the Role of Insurance Companies in Driving Growth of SMEs
Objective: To understand the relationship between SMEs and insurance companies. The project also aims to understand how insurance companies contribute to the growth of SMEs. This involves studying factors that are responsible for growth and failure alike. One major aspect that this project covers is the reason that SMEs do not get their businesses insured.
This project highlights what SMEs are and how l insurance companies can prevent them from being shut down. SMEs are small and medium scale enterprises with about 5 to 10 employees in a small SME and a maximum of 50 to 100 employees in a medium-scale enterprise.
SMEs are vital for the growth of the economy as they are independent and can generate effective revenue, contributing to the country’s GDP. It is recommended that these SMEs must get business insurance. However, with the lack of awareness of insurance of businesses, most small to medium enterprises fail to function beyond two years.
The lack of sustenance due to a blend of financial difficulties and departmental challenges is the cause of the shutdown. Therefore, insurance can step this up. If the employees feel secure, they will be motivated to work irrespective of the un-segregated organizational structure of the SMEs. The resolution for running SMEs for the long term is insurance.
Topic 8: Implications of Globalization on National Security
Objective: To examine the frequency of transnational threats and the method by which the security is breached. Furthermore, it highlights the effects of globalisation on increased national security.
A deep analysis of this project highlights two aspects of globalization. Firstly, where there is an increased threat due to breach of security, a significant increase in business is noticed. The to and fro of trade and ease of communication, facilitated by transportation are anticipated as threats to National Security.
At the same time, this has also elevated the business to a large extent. It causes businesses to amp their security measures and streamline their services. When the pros and cons are weighed, globalization has proved to be beneficial for most sectors.
It has also brought an upsurge in the National Income of many underdeveloped countries. Secondly, globalization has also brought about a lot of awareness, stimulating consumers to buy needful products. The positive impacts on the national income of a country have significantly increased.
Topic 9: Exploring the Significance of Commerce in Today’s World
Objective: To understand the various benefits of commerce.
The project highlights the following aspects:
- Helps accomplish human wants: Commerce has facilitated trade between states, and across the borders. In turn, human wants are fulfilled because of this movement of goods. This also contributes to social welfare. The distribution of products through e-commerce has further enabled many small businesses to survive.
- Enhances the standard of living: The increased flow of money has also increased consumerism. It encourages and financially supports people to make required purchases, subsequently, increasing the standard of living. Also, the pliability of a product’s delivery to diverse locations m, as well as flexibility of ordering from any location has facilitated streamlined services, further, enhancing consumerism and elevating the standard of living.
- Empowering consumers and producers: If manufacturing continues to produce, but ceases to sell, the economy of a country is bound to plummet. It is due to commerce that trade persists. The chain of retailers, and wholesalers who purchase the products from manufacturers and market them appropriately, facilitates the movement of goods. The absence of these channels will stagnate the market. In addition to this, digital platforms have made e-commerce the most convenient link between consumers and producers.
- Providing employment opportunities: Commerce is the harbinger of growth in manufacturing, warehousing, transporting, banking, advertising and so on. To ensure the efficiency of these operations, we need human resources. Commerce proffers employment to skilled and unskilled labour, along with numerous white-collar professionals.
- Enabling income generation for a country on the whole: When trade increases, production and consumption follows. This creates work opportunities for the citizens of a country. This in turn impacts the national Income of a country. The average gross income of citizens contributes to the development of a country.
- Driving growth in auxiliary sectors: Commerce leads to increased growth in auxiliary sectors such as banking, insurance, publicity, marketing, and advertising, among others.
- Driving industrial development: One of the major outcomes of the commerce sector is the development of industries. Commerce aids in streamlining the division of labour, as well as providing raw materials to the industries. A meticulous division of every sector in the industry leads to its growth and development.
- Driving international trade: The emergence of e-commerce has allowed businesses to think beyond the periphery of their country. This has facilitated streamlined trade between countries. Besides, commerce has opened doors for the exchange of commodities, and surplus produces of the country. Better transport and communication systems have resulted in increased international trade, which again is a result of commerce.
- Benefitting underdeveloped countries: Commerce has created avenues for underdeveloped countries to export surplus raw material to other countries. This process has enhanced trade and the flow of money into underdeveloped countries.
- Supporting exigencies: Whatever trade and exchange of food, medicines, relief packets, etc, is done, is highly dependent on the smooth functioning of the supply chain and commerce industry. During exigencies like earthquakes, floods, and other natural calamities, commerce proves its worth.
Topic 10: The Significance of E-Commerce in Emerging Markets
Objective: To explore the benefits of e-commerce, upcoming trends, and provide solutions to existing challenges.
Needless to mention, the significance of the internet and its usage in today’s world is skyrocketing. The increasing usage of mobile devices has enabled customers to purchase anything from anywhere. Evidently, the future of commerce is headed online. As e-commerce is replacing other traditional commerce models to provide seamless services and consumer experience, there has been a significant reduction in operational costs. If customers are willing to bear the shipping and other costs, even cross-border shopping is possible through e-commerce.
This platform allows users to conduct a comparative analysis and purchase an item at the best available price. This doesn’t just inculcate awareness and transparency but also inculcates a sense of achievement among the consumers when they save a penny. The clarity in communication between portals and customers further streamlines the process.
Apart from the listed benefits, it also involves some threats. These threats usually involve a breach of customer trust and a volatile economy. The failure of e-commerce business is rare, but not absent. It also reflects on the reliability of a platform when cross-border trading is undertaken. Prioritizing customer satisfaction is the key to the success of an eCommerce business.
Upcoming trends in eCommerce will pave the path for successful business ventures and economic development. As more and ML more businesses adopt AI-driven technologies, augmented reality, and speech recognition techniques in enhancing customer experience, there will be a shift towards personalised solutions which is mostly possible thrift eCommerce. Ecommerce has an integral role to play in helping businesses enhance reach and scalability.
Checkout: Top Career Options After B.Com
Additional Commerce Project Topics
- How does advertising affect sales and conversions?
- The effectiveness of online shopping.
- The role of supply chain management in improving customer service.
- AI implementation in e-commerce.
- Green consumerism in the coming years.
- The role of technologies in enhancing eCommerce.
With a country’s economic and cultural development hinging on commerce, it is one of the most sought-after fields today. As a skilled commerce professional, you can devise focused strategies to drive conversions and sales. You can also develop profitable relationships with manufacturers and enhance the customer experience. This also involves retailers and wholesalers, who directly deal with the consumers.
Therefore, professionals in commerce are required to up-skill themselves to gain a comprehensive understanding of how commerce deals with problems. This is possible through experience gleaned from solving real-life problems which can be sought from working on commerce projects. Commerce involves a lot of moving parts which demands that you possess strong leadership skills, communication skills, problem-solving abilities, strategizing skills, and analytical decision-making abilities.
The listed commerce project topics in this article will help you enhance your job-relevant skills which can serve as catalysts to landing your preferred job. When you select one of these topics, you are exercising the decision making skill, which is an efficacious commerce skill! So, we wish you the best of luck!
If you would like to learn more about commerce, we are here to help you at upGrad.
After completing your bachelor’s, you can pursue higher studies and get more specialized roles. As commerce with maths student, you can get an MBA in Finance to get lucrative positions in the finance sector. On the other hand, you can take a digital marketing course and become a marketing expert. It would allow you to pursue digital marketing careers.