What is E-commerce?
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January 27, 2023
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E-commerce or electronic commerce is the trading of goods and services on the internet. The first online purchase was made in 1994 by Phil Brandenberger, who paid $12.48 for Sting’s Ten Summoners’ Tales using his Mastercard.
E-commerce can be done on computers, tablets, cellphones, and other smart devices, and it operates in a variety of market categories. E-Commerce transactions make almost every good or service conceivable accessible, including books, music, airline tickets, and financial services like stock trading and online banking.
Everything you do revolves around a transaction—the fundamental bartering of money for products or services—whether you’re purchasing something offline or online.
This creates two additional issues for the store in addition to making online shopping a little more challenging for the customer.
E-commerce, then, is essentially the fusion of three distinct systems: a Web server that can oversee an online storefront and process transactions, a database system that can keep track of the products the store has in stock, and a dispatch system connected to a warehouse where the products can be instantly located and sent to the buyer as quickly as possible.
Due to the cheaper and more effective distribution methods provided by e-commerce, businesses have been able to enter new markets and expand their market presence.
Providing goods and services is more difficult than it first appears. It necessitates extensive study about the goods and services you want to sell, the market, target market, competitors, and anticipated company costs.
Types Of Ecommerce
- Business to consumers(B2C) – Businesses offer products to lone customers (end-users). the model with the greatest number of variations.
- Business to Business – Businesses sell to other businesses. Often the buyer resells products to the consumer.
- Business to Government – Businesses sell to governments or government agencies.
- Consumer to Consumer – Other consumers are sold to by consumers. Companies build online marketplaces that link customers.
- Consumer to Business – Consumers sell to businesses. C2B businesses allow customers to sell to other companies.
- Consumer to Government – Consumers sell to governments or government agencies.
The E-commerce market is giving a lot of options to be a certified online seller. There are a few important factors to keep in mind while setting up online store: –
- Brand name: – Name of the product is the most important thing because this name will set the standards for your product. No matter how fantastic your product is, a name that people will forget runs the danger of becoming lost in the crowd.
- Marketing: – Utilizing numerous sales channels to build a consistent brand experience across all touchpoints is one of the greatest marketing strategies. For example, using social media to sell your brand ought to be obvious. Publish connections to your online store on your Facebook Business Page or Instagram profile while highlighting new product listings or users of your products.
- Shipping and Fulfilling: – You must have a strategy in place for estimating shipping expenses and delivering goods to clients on schedule. Find out how much it will cost to ship your merchandise to different locations in India by visiting the closest courier or shipping business.
- Easier to get repeated customers: – Making your previous clients stick with you and make additional purchases is the simplest and most affordable strategy to increase revenue. Getting clients to buy from you again when you sell on online marketplaces like Amazon is incredibly difficult.
- Enables you to crack the competition: – A major challenge in the E-commerce industry is to tackle competitors. A majority of small sellers can’t stand against the stiff competition of large sellers.
- Selling in Bulks: – Selling on an internet marketplace opens up a world of deals and discounts for you. Customers can purchase items in bulk thanks to these discounts. This is every company’s ultimate objective.