16/07/2021 21:43
E-commerce is everywhere. From small online stalls offering local handmade items and off-brand. Name-brand swimwear to major retailers that offer basic clothing and household items.
It goes as far as large fashion brands that cater to very specific budgets. Each store is different, though, and so is the way it models its business model.
E-commerce has come a long way in the last ten years. Sites like Amazon and eBay have transformed the retail landscape. They are at an advantage because of their advanced technology and marketplace capabilities.
Today, millions of people shop online. Every week, hundreds of millions more visit websites that sell products. It is no surprise, then, that e-commerce has become one of the fastest-growing segments. This happens across many companies and industries.
Countless businesses have come to rely on e-commerce as a core operating system. From small craft businesses to large corporations. But, knowing how to grow an e-commerce business can be difficult and time-consuming.
This is due to the many steps involved in getting your products and/or services into the hands of customers.
How can you ensure that your next marketing strategy is successful?
What is Ecommerce?
Ecommerce is where you buy stuff online from stores and individuals. It can be motor parts, electronics, fast food, or software. Sometimes it's very difficult to understand how it works so here is a brief introduction.
Each store has a unique identifier called a “digital footprint” (often abbreviated as d.f.). This tells Google and other websites that a site has a certain number of unique visitors each month. The number of d.f.'s each store receives is called “organic traffic” (or U.T.).
Ecommerce has been growing rapidly for the past 5 years and it's expected to continue for another 5 years. In 2021, there is an expected growth of the global eCommerce market. It's estimated to reach USD 243.2 billion with an average growth rate of 9.7% per year. This meets or exceeds the expectations of many market observers.
This growth is largely owing to the growing influence of social media. Additionally, the growing mobile presence of consumers around the world contributes to this.
The evolution of technology is transforming the way we live, and shop. Because the way we interact has changed, it's now easier to find things to buy online.
What is an eCommerce store?
In simple words, an e-commerce store is a store that is either online or offline.
When online, stores sell only to customers who have entered their personal information. Where customers can browse items and make purchases from a physical store. STORE1 is an online store, which means it generates revenue from selling products.
If you want to make money online, just focus on selling the right products. The key to e-commerce success comes down to understanding your audience. Find out what kind of products they prefer, where they buy from, and how often.
E-commerce doesn’t have to mean just physical stores with physical products. It can also mean online stores with software and data available to anyone. E-commerce is where the majority of online purchases occur these days.
It makes sense why it's thriving. It also makes sense that as more businesses turn to e-commerce to meet the growing demand. They can meet more diverse needs, regulations will need reviewing and adapted as time goes on.
E-commerce is a growing industry
E-commerce is a constantly growing industry. Alongside individual stores, there are now e-commerce platforms, such as Amazon and eBay. These allow businesses and individuals to sell their products online.
These platforms are usually comprised of small businesses or startups. It's a way they use marketing or technology to better market their products to customers.
When in eCommerce, you need to pay attention to the following
- Product development
- Designing marketing campaigns
- Loading, and managing servers
- Maintaining customer databases and relationships
Types of eCommerce
Business-to-business (B2B)
B2B e-commerce is the electronic exchange of products, services, or information between businesses.
B2B e-commerce has grown to become a multi-billion dollar industry. It is a significant player in every industry. These include retail, banking, transportation, food services, talent management services, and government.
B2B e-commerce growth is through consumers looking for personal services or business-related information. Because of this, they can fulfill the needs of their specific business online.
Business-to-Consumer (B2C)
This is an online business that involves an agreement between two or more businesses. This can include a retailer establishing a direct sale relationship with a consumer. Also, a manufacturer or retailer working with a third-party retailer to fulfill orders.
In B2C e-commerce all the stakeholders involved in the transaction are customers.
B2C eCommerce is different from traditional retailers. A business establishes an electronic contract with a customer at the point of sale. Under this contract, both parties agree that if there is an offer or sale, it will be subject to certain conditions. If those conditions are not met, then there will be on sale.
The marketplace allows businesses to reach customers who might not have an interest. This is possible through the means of electronic communication. The retailer does not have to expose their product to someone who might not want to buy it.
With the increased use of the internet and mobile technology. B2C has emerged as one of the fastest-growing segments in global e-commerce. Since 2005, the number of B2C customers has increased by 150%.
In 2018, 92% of the USA households had at least one type of computer and 85% had a broadband internet subscription. Nearly half of all online purchases are now made through mobile devices.
B2C is also growing faster than traditional B2B sales. In fact, it is growing at a faster rate (3% a year vs 2.5% a year). Also, it is becoming an older market. (mainly because of increased penetration)
Consumer-to-Consumer (C2C)
The term “consumer-to-consumer" refers to the process by which companies produce, market, sell, and services products or services to users, clients, or others.
In essence, it means selling anything and everything to anyone regardless of geographical location, age, or income level. C2C e-commerce is a fast-growing sector of the global economy generating huge profits for businesses and providing many good jobs for people around the world.
The term “consumer-to-consumer” refers to the process by which an individual purchases a product or service from a business, after taking some action (such as indicating interest or request) through an online marketplace. In simpler terms, C2C is a model for how businesses interact with their customers through digital channels like social media and search engines.
Consumer-to-Business (C2B)
In consumer-to-business eCommerce the player is a business itself and not just an agent of a business. In this type of e-commerce, the consumer has initiated contact through online advertisement or through other means of personal communication.
The business is then able to decide whether or not it wishes to engage the services or products offered by the consumer. In other words, the customer is at the center of everything that happens here.
Consumer-to-business eCommerce is a sector of the ecommerce market emerging from the mass-consumer side. Instead of just offering products or an online e-commerce platform, C2Bs offer services such as channel activation, channel retention or channel optimization across multiple steps of the supply chain and across multiple geographic locations.
In other words, it's about improving relationships with your target customers through information and networking rather than just selling to them.
Advantages of eCommerce
E-commerce has allowed customers to find products instantly and from multiple sources without having to go through multiple stages of selection and verification.
Not only does this make shopping online very efficient, but also allows companies to reach consumers on a global level. From tiny businesses to large chains, there are now options for everyone.
Traditional business models are being disrupted by newer models that offer better prices and customer service - without sacrificing quality or quantity. In this article, I will discuss 8 emerging models of e-commerce, from niche markets to premium services.
These companies are all creating innovative solutions that solve specific consumer issues while keeping costs down.
Disadvantages of Ecommerce
Of the five areas that can affect site performance, copywriting ranks among the most essential. If you want your business to succeed, your website needs to be helpful, persuasive, and user-friendly.
That means making sure that the copy you publish builds a strong emotional connection with your potential customers.
1 in 5 visitors will click through to your site just because of an ad. That's why you need to make sure that your writing delivers value without visitors.
Visitors typically view a website in one session. Each time they visit a website they check the primary content, secondary content, and any links pointing to other sites.