What is e-commerce?
E-Commerce or Electronic Commerce refers to buying and selling of goods, products, or services online or over the internet. It includes transactions of money, funds, and data are also considered as e-commerce. These business transactions can be done in four ways: Business to Business (B2B), Business to Customer (B2C), Customer to Customer (C2C), Customer to Business (C2B). Example of e-commerce websites include Amazon, AliExpress, Ebay, Shopify, Tonaton, Olx etc. Global retail e-commerce is expected to reach up to $27 Trillion in 2020.
E-commerce is one of the fastest growing industries in the global economy. E-commerce usually grows nearly 23% every year and it is projected to reach $27 trillion industry by the end of 2020.
Increase business reach
E-commerce is the ideal way to take your brand from a traditional brick and mortar store to an innovative global reach over the internet. They remove geographical barriers. Sellers and buyers can now meet in the virtual world, without the hindrance of location.
E-commerce has substantially lower transactions cost. It eliminates many fixed costs of maintaining brick and mortar shops, enabling small and larger companies to enjoy a much higher margin of profit.
Higher Marketing Opportunities
Your e-commerce website is one of the best marketing tools your business has, not only can the use of SEO when building your website lead to more chances of your business getting found in search engines, but a huge number of marketing techniques can also work alongside your website such as social media marketing, pay per click and email marketing, all of which generates traffic to your website.
An online store is available 24/7, meaning your customers can visit your store at all times, check for products and prices no matter the location. People don’t always have the time to physically go shopping, instead more and more people are choosing to shop online to find the items they want or need, so if your business provides such opportunity customers tends to choose such option.
As your business grows it’s likely you will want to grow your product range and your target audience, as well as develop your business for customer requirements and consumer demand. An e-commerce website enables you to scale your business accordingly, allowing you to add more lines, add more payment options and even grow when you choose to ship to, without having to worry about changing your location or moving to a larger premises like you might with a brick and mortar store.
E-commerce offers a business opportunities, from marketing opportunities to products increment to generating more sales, with optimized and well developed website you can not only achieve these goals but also offer customers convenient service, that can boost your business.