eCommerce is also known as electronic commerce. The term eCommerce plays a primary role in our lives. To remind you of its worth, eCommerce is something our daily lives depend on. From buying goods to selling some, eCommerce perks define how goods and services are transacted online. In 2022, does internet commerce really holds considerable significance? What are the advantages of custom eCommerce solutions to businesses and consumers? Let’s explore.
Did you know that Compumarket was the first electronic market introduced in May 1989? That was the first time people experienced what the transaction of goods and services would look like. With time, eCommerce emerged as a vital part of businesses. Would you believe that every small to medium and big Business is investing in custom eCommerce development services? Moreover, the customers are also enjoying the advantages of this technology.
What is eCommerce?
Electronic commerce or eCommerce is the term used when buying and selling goods and services takes place online. Besides buying and selling, eCommerce also includes the transfer of money for transactions to happen. With such easy access to the internet, the number of digital buyers has grown. Statistics say that in 2021, the recorded number of digital buyers was 2.14 billion worldwide! So imagine what would be the case with eCommerce sales? Statista forecasts that 24.5% of global retail sales will happen through eCommerce by 2025.
What’s shocking is that the retail eCommerce sales are 4.9 trillion USD!
Types of Ecommerce
There are many types of eCommerce. As eCommerce is evolving, it is becoming necessary to drop the traditional ways of trading and adopt new models. To help you understand things better, compiled here is the entire list of different types of eCommerce.
Business to Consumer (B2C)
Among all, it is one of the most popular eCommerce models. B2C refers to the sales between a business and the consumer. It is just like the consumer buying something directly from the online retailer.
Business to Business (B2B)
A business here sells goods and services to another company. Since the consumer isn’t involved, the trade usually involves raw materials or a product like software. For instance, manufacturers of iPhones sell directly to retailers.
Direct to Consumer (D2C)
It is the newest eCommerce model wherein the brand sells its products or services directly to the consumers. For example, consumers purchase directly from brands on Instagram or Facebook.
Consumer to Consumer (C2C)
Here, the consumers sell the goods or services to other consumers. Such a trade usually happens on eCommerce platforms like eBay, Etsy, and so on.
Consumer to Business (C2B)
Under C2B, an individual sells directly to a business. This eCommerce model involves trade between individuals like photographers, freelancers, and so forth.
What’s the Future of eCommerce?
If you are worried about the Future of eCommerce because you want to enter into B2B & B2C eCommerce Development, you should know that newer and stronger trends are rising. Here are a few marketplace examples that you may have noticed too.
Cross-border shopping is the hottest trend
eCommerce has brought international markets closer to domestic environments. The world has never seen such an expansion into the global market. Research by Flow revealed that about 76% of digital shoppers have purchased on international sites. The top markets ranking highest in cross-border shopping are:
- Australia (89%)
- Canada (87%)
- France (81%)
Sales via mCommerce are increasing
Did you know that retail mCommerce sales via smartphones in the USA have reached over $432 billion in 2022?
mCommerce app development is rising. And who gets the credits for it? Customers are purchasing online and, not via desktop websites, on mobile phones instead. Progressive Web Apps (PWAs) are one major player making the online experience feel closer to native apps. Moreover, the latest web technology is helping to elevate the user experience by giving lightning speed and higher engagement capabilities to mobile apps.
Automated services are assisting customers 24/7
While you are focusing on the many technical aspects of B2B & B2C eCommerce development, don’t forget that you’d be dealing with human beings! In short, you have to be there supporting and assisting customers around the clock. But how is that possible? Do you have to start a call center as well?
The latest technology says NO! Instead, take the help of automated services like chatbots. Automated facilities are a big part of the Future of eCommerce. Adding such latest technology will help your eCommerce business:
- Stay in touch with the customers 24/7
- Reach more customers
- Provide prompt assistance to customers
- Save your time and money
- Create a happy and satisfied customer base
Advantages of eCommerce to Business
By now, you know that eCommerce is the present and the Future. Traditional businesses constantly look for ways to shift to the world wide web. On the other hand, startups and new ventures have already established their shops and stores online. So, the question is, what are the benefits of investing in eCommerce for businesses?
An online business omits the need to invest in a physical store. Therefore, you get a low-cost investment opportunity. In addition, eCommerce stores are automated, which reduces the costs of hiring and retaining staff. In short, having an eCommerce solution will save money and bring you more sales.
More extensive customer base to capture
With mCommerce App development, you are no longer restricted to a smaller customer base. Instead, the geographical boundaries expand limitlessly. Thus, you can sell or buy goods from across countries and continents!
Even if you run a retail store, having an eCom presence opens up routes to different markets and niches. Think about the kind of profits you can earn with such broad access to markets.
Easy customer data collection
Custom eCommerce solutions help you to integrate mind-boggling technologies that can help you access customer data and leverage it to the fullest potential. Such a facility is not accessible via a traditional brick-and-mortar. An eCommerce solution lets you know more about the customer besides their name, email, and contact number.
You can upscale easily
Growing a physical scale can is challenging. You have to consider the budget, time, location, and much more. However, that is not the case with eCommerce. Gowing is simple here, as you don’t need to invest time, effort, and money into expanding the floor’s pace, shelf space, or staff.
With only a few digital tweaks, you can have a massive online store that sells everything from a ballpoint pen to heavy machinery for chocolate factories, just like Alibaba!
You are available 24/7
Another perk of eCommerce is that your shop is open 24/7 and 365 days! So even though you’d be sleeping, buying and selling will always be in process. With this facility, you can always expect more customers to stop at your online store and enhance your sales.
Advantages of eCommerce to Customers
Besides being beneficial to businesses, eCommerce has made the lives of ordinary person way more manageable. From getting groceries to medicines, and even shopping for your fall wardrobe has become easy. A single click is enough to buy whatever customers need. Indeed, it is a boon for society, but let’s see what else eCommerce offers customers.
Customers can always compare the prices before purchasing. Implying that they can get a cheap deal online that they would never get at a physical store. Moreover, eCommerce stores cut mediators, which lowers the price of the goods, making them available for customers at a much more attractive cost.
And, a low-cost deal always attracts customers!
Wide variety to choose from!
The Internet has brought the entire global marketplace to the fingertips. Customers can easily buy anything from the USA while sitting in India or whatever part of the world they wish to. eCommerce brings you a number of options to purchase from, making it easier for customers to get exactly what they want.
It is convenient!
Everyone prefers to stay at home and get things delivered to their homes. Moreso, eCommerce has made it much easier for COVID-19 fear-stricken people to stay at home, shop online, and get groceries, clothes, books, and even beauty services at their preferred location!
P.S.: No more waiting in long queues at the billing counter!
Saves your time
With eCommerce platforms, you save time and trouble heading out, shopping at the store, waiting in queues to get the stuff billed, and so on. In brief, an eCommerce platform shortens the journey of a good from the warehouse shelf to the shopping cart and in the customer’s hand!
Internet helps you to make informed decisions
The Internet has every kind of information you’re looking for. Thus, you can make an informed decision whenever necessary. You can find helpful information like:
- Product descriptions
- Product videos
In other words, the entire shopping mall is available at your fingertips with eCommerce. So, why not take the chance and make the best use of this technology?
Based on the advantages of eCommerce you just read and other related information, can we say that you’re interested in setting up your online shop? In 2020, online selling and purchasing were the “new normal”! Moreover, it is the only way one could strengthen its foothold in the market and stay on its toes for future trends.
Therefore, if you are planning to start a business online or shift the existing one, stay updated with the social commerce trends and should get in touch with custom eCommerce development services. They will assist you in creating a successful eCommerce solution. So, gear up!