E-commerce also known as electronic commerce or internet commerce, it is a process of buying and selling of products or service and transferring data over an electronic medium (Internet). The most important reason behind the growth of Internet users besides social media is e-commerce. Transaction of data, funds, and money are also considered as E-commerce. These all business transactions can be done in four ways: Business to Business (B2B), Business to Customer (B2C), Customer to Customer (C2C), Customer to Business(C2B).
E-commerce is an activity of doing business on the Internet. It refers to buying and selling products and services on the Internet through a website like Amazon, Flipkart.
Many people are moving from the offline store to buy goods and services on the Internet. Nowadays 60% of people in developed countries go to the Internet to buy goods and services. The online method of shopping is loved because it is convenient. People can easily shop from the comfort of their houses.
An E-commerce store stays up and running 24/7. Customers can get online at any time of the day and buy products and services.
Many features of an e-commerce platform which can help your business to grow in profits and credibility.
1. Analyze all demographic data through social media and web contacts.
2. Maximize marketing.
3. Customize the shopping experience.
4. Operate 24/7.
5. Expand your global reach.
6. Go Niche
7. Keep more of your profits.
E-Commerce is the fastest growing sector now and there is a huge workforce demand in the E-Commerce Industry, companies like Flipkart, Amazon, Snapdeal, Myntra, Jabong, etc.
Benefits of having an e-commerce business
It is very useful to increase Business Reach
We are living in an era where the internet is an integral part of our lives. Either it’s about choosing the right route for your destination, or, researching any product before purchasing, the internet has covered all the things. One of the most significant advantages of eCommerce is that it takes your business to the people where it’s not possible for you to be present physically but having an online store, you can sell your products/services from a single location to all over the globe.
Increased Business Revenue
A lot of suppliers choose to open a shop on e-commerce platforms. They operate there and make profits, and the platform can also make profits through their services before you build your online store you need to know what to sell and how to source it. Firstly you need to find a niche, for example, technology, fitness, bodycon/summer dresses, baby products, and pet products are very popular right now. E-commerce is the best way to earn money online.
Low Operational Cost
E-commerce app development range starts from $10,000 to $500,000 or more. It is very less and this much amount you will cover all global market. One of the great benefits of having an online business is that you don’t have to build a physical store at all the locations where you want to sell your products and services, a single Store would do that for you.
Online Reputation Building
In offline business, when your customers appreciate your services or products, it’s difficult for you to take advantages of those appreciations to influence new customers. But, having an online presence of the business, your customers can share their appreciation over social media profiles of your business. All reviews are publically available for everyone to see and these reviews help you to influence your new users to get converted to customers.
Online marketing is very flexible for the customers, availability of the products for 24*7/365. By this way, the seller can increase their product or services sale by boosting numbers of orders. However, this will be beneficial for the customer’s also, as they can purchase their products whenever they want, no matter whether it is early morning or mid-night and they can make the purchase from anywhere be it their office or their home.
E-commerce has changed the way of marketing, customers view and their purchasing power, e-commerce is a very innovative technology that gives the customer access to business and companies all over the world. Now e-commerce has become a key component of many organizations in the daily running of their business. E-commerce has very fast buying/selling procedure, as well as easy to find our own choice products. E-commerce is developing day by day and it became very important to business as technology continues to advance and is something that should be taken advantage of and implemented.