E-commerce plays an important role in shaping business domain. This has become a preferred choice for many due to the fact that it ensures seamless shopping experience. Ecommerce acts as a bridge that connects business and consumers around the world.
E-commerce
E-commerce that stands for electronic commerce is the buying and selling of goods and services over internet. The transactions of e-commerce are mainly of 4 kinds, they are
- B2B or Business to Business
- B2C or Business to Consumer
- C2C or Consumer to Consumer
- C2B Consumer to Business
Let us dive into these
- B2B or Business to Business
This refers to the transaction of goods/services from one business to another. For example, a marketing agency enters to B2B transaction with a chocolate factory, by managing their marketing wing.
- B2C or Business to Consumer
This refers to the transaction of goods/services from business to consumer. For example, an online clothing store engages in B2C transaction by selling clothes to individuals.
- C2C or Consumer to Consumer
This refers to the transaction of goods/services from one consumer to another. For example, an individual sells his used printer on an online marketplace and another individual buys this.
- C2B Consumer to Business
This refers to the transaction of goods/services from consumer to business. For example, a videographer licenses his photo on an online stock video website and businesses buy these videos.
Advantages of E-commerce
- Wider Reach
There is no use for your innovative products and services, if they are not reaching to the right audience. By leveraging the power digital platforms, you can connect to a large section of customer base. So if your business has an online store, you can sell your products/services to customers worldwide. That is, without much effort you can reach broader and diverse audience in less time. People who are present in rural areas can buy products without making a visit to physical stores.
- 24/7 Business
Before the coming of e-commerce there was a limitation in matter of time. That is, shops must be closed after particular time/they won’t get sales after a point of time in a day. But with the launch of e-commerce, these time constraints have gone. People can buy products from your stores during night, weekends or even holidays.
Round-the-Clock service actually facilitates for the increase in sales. Eventually, the seamless business service will help you to maintain a competitive edge in the e-commerce domain.
- Personalization
Harnessing the power of artificial intelligence and machine learning, you can provide personalized recommendation and top-customer service. To be in detail, you can improve the customer experience with e-commerce. For example, a jewelry shop with an online store can facilitate to try jewelry virtually.
- Affordable Advertising
Unlike traditional brick-and-mortar stores, online stores can grow on affordable advertising. That is by employing
- Search engine optimization
- Online campaigns
- Email marketing
You can create a strong customer base. With budget-friendly marketing you can also build a solid market place for your business.
- Cost Reduction
If you are keeping an offline store, you need to spend on many things like
- Rent
- Repairs
- Inventory
But if you are maintaining an online store, you can save on these things and spend your expense on growing your business.
- Quick Response to Customer Demands
Faster response to varied customer demands is an integral element that contributes a lot for growing a business. In e-commerce business world, people can order things with much ease and you deliver efficiently. Also, if your customers got a feeling to change the product after the delivery, they can report it to the ecommerce business website and you can give the replacement.
Furthermore, in cases like when the item is “out of stock” , you can respond to your customer demands by giving an option of “notify me”.
- Customer Insights
Understanding customer behaviors, preference and needs can take your business to the next level. To be in detail, by engaging ecommerce business it easy to know the customer insights and make decisions based on that. On knowing about your customer, you can create marketing strategies that will keep you ahead of your competitors. For example, if a cake factory is able to get some customer insights
- They can create personalized campaigns
- Then can create new products based on the taste and preference of their customers.
The benefit of the above elements is that you can create more customers and you can retain your old customers. Eventually this will bring more sales for your business.
- Flexibility and Scalability
Flexibility and Scalability are crucial elements for businesses. If you are running a brick and mortar store it will much difficult for you to respond to the changing market demands. But if you are maintaining an online store, this process is much simpler. To be in detail, you can add product during the peak season of your business. And, you can remove products during the off period of business. This kind of process, helps you to stay ahead of your rivals and maintain a sustainable business.
Bottom Line
From the above points, you may have got clear understanding about the role of ecommerce in the current era. That is the prime motive of most of the businesses is to make profit. Managing an on-line store is great decision for you to double up your sales and finally the profits. Not only the business organization can benefit from online stores, it also offers a lot of perks to the customers. The customers can buy their favorite products from favorite marketplace at any time. That is ecommerce takes away the barrier of time and place.
Allianze Technologies is a leading company that engages in the development of E-commerce Apps and E-commerce Websites. So if you want to create attractive E-commerce Apps or E-commerce Websites,send your requirements to s[email protected]