The letter “E” in the term E-commerce stands for “Electronic”, which in full form gives out “Electronic –commerce”. E-commerce also known as electronic commerce or internet commerce is the process of buying and selling of goods and services by electronic means such as by mobile applications and the Internet. E-commerce talks of both online retail as well as electronic transactions.
Ecommerce can be broadly categorized into two parts, which is B2B, B2C and C2C, let’s understand these terms
1) Business to Business Ecommerce (B2B) refers to the marketing, selling, and distribution of products from one business to another online. This includes software as a service (SaaS) companies, web hosting, wholesalers, and so on. It also includes buying and selling between companies.
2) Business to the Consumer eCommerce (B2C) refers to a transaction between a consumer and business conducted through online mode. It can also refer to paid online services or content that directly services consumers.
3) Consumer to Consumer eCommerce (C2C) refers to the markets that provide an innovative way which allows customers to interact with each other, it is a business model, whereby customers can trade with each other, typically, in an online environs.
How your business will be benefitted from the eCommerce website ?
1) To Expand the Market Share
In today’s competitive market E-commerce is the most effective and efficient way to expand and earn the maximum market share, with consumers increasingly relying on online shopping and services it is estimated that 95% of purchases will be made online by 2040.
2) Helps to save time and cost
One of the most important advantages of the eCommerce is the efficiency of time and money; you don’t need any physical store set up to run the business, All what you need is a good eCommerce website to handle your business as consumers are increasingly relying on online shopping it is estimated that 95% of purchases will be made online by 2040.
3) Improve brand image of the Business
E-commerce plays an important role in the branding of the business; eCommerce takes your business at a global level, connecting to more people every second, providing greater sales and revenues.
4) 24*7 Availability
No customer visiting a store likes to see a “CLOSED” board, only eCommerce allows a business to carry its operations with no time limit for 365days.
5) Convenient for the Customers
In today’s fast-moving world, everyone wants everything at their fingertips, similarly, the customers are no different, and eCommerce allows a customer to experience this convenience by providing any type of information to them at any point of time.
6) Helps to understand the consumer buying Pattern
Ecommerce helps a business to keep a close track on consumer’s spending habits and maintaining a record of his purchases over the period, this helps to remarket the products and services.
7) Increased customer service and Loyalty
Customers always feel delighted when they are provided with best in class services, and with eCommerce, it becomes easy for the business to provide best in class services to the customers and can easily achieve the customer loyalty for long term business relations.
E-commerce has already surpassed the invention of railways and airlines in terms of social impact, Railways and flights might have successfully gained control over distances, but E-commerce has gone more advanced by eliminating the distance altogether. In this eCommerce generation, it has become commonplace for any Business or customer to be located even if they are worlds apart and yet makes it possible to complete the business transactions smoothly. E-commerce is managing a significant part of retail growth in many countries and the pace of growth is
showing no signs of diminishing, and all the credit goes to emerging technological trends.
Following are some of the emerging technological trends in eCommerce !
chatbots are highly effective and are proven to offer excellent customer service,they are swift, sociable, provide answers to the questions and are available 24/7, Users find chatbot helpful as they get instant support for their queries, many eCommerce platforms have incorporated chatbots to their websites, they have proven to reduce the customer service workload. According to the prediction made by the experts by 2020, 80% of businesses will be using chatbots.
E-wallets are the latest entry in the technological trends of eCommerce, The entry of Apple Pay, Samsung Pay, Google Wallet and Amazon pay is set to make online buying a simpler and more secure option in the future and currently there are no transaction charges which are imposed for transferring money anywhere, anytime, thus making eWallets a more preferable option.
3) Artificial Intelligence (AI)
AI-aided Voice assistants have gained immense popularity in e-commerce as confirmed by the spread of Amazon Alexa and Google Cortana. Amazon’s Echo Alexa has already begun to push consumers to order a pizza from a local delivery company with the help of a simple voice command, it’s also estimated that there
will be 21.4 million smart speakers by 2020. Using AI, you will be able to make product recommendations, send targeted emails, set prices, deliver personalized ads and create or recommend content for the customers.
4) Virtual reality / Augmented Reality
The difference created by the Retail stores in comparison to eCommerce platforms is the traditional approach of physical touch, smell and feel of the goods and services. But due to the onset of virtual and augmented reality in E-commerce the businesses will be able to offer the same retail store experience of touching, seeing and smelling to the users, many online businesses have already started investing in this technology, For e.g.- Lenskart is already using this technology for their users, to choose the right frame from them.
What if I tell you that soon your consignments might be delivered through the drones, yes this is no more a dream now, Drones are among the most powerful developments in the e-commerce space, The day is not very far when drones will be delivering the shipments quickly efficiently and significantly at much lower costs compared to the traditional logistics companies. The retail giant Wal-Mart is already testing drones for a variety of purposes to serve the customers
Ecommerce has appeared as a pioneer, which has further opened up various windows of opportunities for a variety of other companies and investors. Ecommerce has proved to be much more cost-effective as compared to traditional commerce methods, E-commerce is now getting more and more attention from entrepreneur and consumers whether it is local or international.
And if you are in search of an E-Commerce Development Company to be your E-commerce Development partner, you have come to the right place, Our dedicated team Of E-Commerce developers will provide you the best in class services, At APPWRK IT SOLUTIONS we provide the full stacked range of integrations and customizations so that you can have an E-commerce store that has all the things you require, if you still have some queries or want to discuss about the development process, get in touch with us at our mail address or call us directly!