E-commerce stands for electronic commerce and refers to digital platforms and business models where you can buy or sell products online. Whenever you buy a product from an online source, it means participating in the e-commerce economy. Electronic commerce is generally considered to be the sales side of e-business. It also involves the exchange of data to facilitate the financing and payment aspects of business transactions۔
Ecommerce After COVID-19
Thousands of stores were shut down as a result of COVID-19, yet e-commerce has a long history. In reality, Corona has made online commerce even faster. Since COVID-19, internet sales have grown from 16% of global sales to 19%, according to UNCTAD. Although the coronavirus compelled retailers to move their operations online, many businesses weren't nearly ready for full digitalization. They didn't apply cutting-edge CGI techniques or the most recent e-commerce trends. On the other hand, rivals of these brands that converted their operations to e-commerce surpassed other rivals in the market.
Nowadays, customers still use computers and mobile devices to conduct their online shopping. Moreover, mobile sales will increase to 54% by the end of 2022. Modern consumers anticipate personalization, responsive design, and a mobile shopping experience that is centered on them. Simply put, old-fashioned photos are insufficient nowadays.
Difference Between Ecommerce & E-Business
Ecommerce is a division of E-Business. While e-business encompasses all online business activities, such as sales calls, buying content, signing contracts, etc., it focuses on sales and purchases done through the Internet. A website is the only platform needed for an e-commerce company to operate. In contrast, managing an e-business may involve enterprise resource planning (ERP), a digital workplace, and customer relationship management (CRM) (ERP).
Ecommerce Business Models
Any very huge retail company can use an e-commerce business as a digital branch. Different sorts of sales are included in various e-commerce models. Here are a few examples of the various e-commerce business models:
- Business-to-Buisiness (B-2-B)
- Business-to-Consumer (B-2-C)
- Consumer-to-Consumer (C-2-C)
- Consumer-to-Business (C-2-B)
Business-to-business (B2B), sometimes known as B-to-B, is a type of transaction that takes place between companies, such as between a manufacturer and a wholesaler or between a wholesaler and a retailer. Business-to-business transactions are those that take place between corporations, not between a business and a specific client. In a supply chain, a B2B transaction happens when one firm purchases raw materials from another company to be used in the production process.
When we think about e-commerce, B2C straight away comes to our minds. Because it is the most established market. This market features numerous well-known brands, both online and off. The traditional retail approach, known as business-to-consumer (B2C) e-commerce, involves a company selling to regular consumers while operating the same way online as they would in a physical store.
In a C2C e-commerce transaction, the vendor and the buyer are both consumers, not businesses. It allows communication between the parties via a third party, most frequently a trading or auction website online. Due to this tendency, online transactions have never been simpler than they are right now. For a little fee or commission, many online resources connect buyers and sellers. The well-known C2C e-commerce platforms include Fiverr, Amazon, and Flipkart.
Consumer-to-business e-commerce is another name for this practice. The old model, in which individuals who normally produce goods and services are exploited by companies and organizations that they eventually purchase from, is completely reversed by this change.
Five Biggest Ecommerce Platforms
Digital commerce is a crucial channel for companies trying to expand their clients and market their flagship goods and services. Online platforms allow you the tools to make an online store as well as a website, which can increase brand recognition and product visibility.
One of the most well-known e-commerce platforms is Shopify, which is simple to use and lets you create a website with a polished appearance with little technical knowledge. You can either construct a website from scratch or use one of the many pre-made designs available. Shopify doesn't compromise on features despite being so simple to use. These include a helpful dashboard, information on website traffic, and a massive amount of helpful reports. It can assist you in creating product listings for eBay, Amazon Marketplace, and Facebook in addition to allowing you to sell straight from the Shopify platform.
- Fast Loading
- Easy Set Up
- Facility To Sell Goods Is One Click Away
- Best For SEO
Wix began as a drag-and-drop website builder but has since evolved into a reliable resource for creating online storefronts. Due to the need for apps to sell your goods on other platforms and the absence of abandoned cart recovery, it is less flexible than Shopify. However, you can preview exactly how your store front page will appear thanks to its drag-and-drop setup. Additionally, your online shop is responsive to mobile devices, making it simple for potential customers to browse and shop from their phone or tablet.
The pricing is also manageable. To offer your e-commerce website the best capabilities, you may install additional apps like Wix Stores and Ecwid. Ecwid enables you to sell goods on Facebook and Instagram, while Wix Stores enables you to create discounts and send customer confirmation emails automatically. Because you've learnt how to create a website and manage a business at the same time, you can manage your website while you're on the move and receive fantastic value for your money.
BigCommerce is the greatest option for big, expanding businesses. This hosted e-commerce platform works as both a full SaaS solution and a shopping cart for various kinds of websites. Because of this, it differs greatly from Shopify.
Strong store management features are available on the platform, including a variety of tools and features like promotions, return handling options, coupons, discounts, and more.
The Squarespace platform is excellent for setting up an online store to sell products. It handles all server management while giving you simple tools to set up and maintain your business. Physical products can be uploaded according on your needs. Other crucial features include availability for promotional use, availability for custom integration with APIs, automatic shipping rate computation, custom discount rules, custom promotional popups and banners, and abandoned cart recovery. Some of these capabilities, however, are only accessible through premium services.
Volusion provides shopping cart and e-commerce store software but not website hosting. Even yet, they are able to sell packages and create a credible online business. Built-in SEO tools, social media integration, the related products feature, customer accounts and reviews, coupons and gift cards are other important elements. Starting with the Business Only plan, which offers basic statistics and comprehensive insights into the development of your online store, you can produce complex reports.