What is e commerce?
E-commerce seems to be everywhere these days. You can’t go online without seeing an article after an article that e-commerce has declared to be destroying a physical store. It can be challenging to decipher accurate information from manipulated data spit out by security guards on the internet. However, there are some truths to these overly apocalyptic claims. According to a survey, 55% of Internet users are expected to become digital shoppers by the end of 2017. Considering the trend of data in recent years, it is not so much. I hope so you have find the answer to the query “what is e commerce.”
However, this does not mean that consumers have completely abandoned their physical sales. The National Retail Federation expected online sales to grow 8-12% in 2017, but it accounts for most in-store sales and is expected to grow 2.8% over the same period.
What is e commerce business, and how e commerce helps businesses? This is a fast-growing consumer outlet, and there are no signs of a slowdown. If you sell something and plan to keep it going shortly, you pay attention to e-commerce and active participants as soon as it becomes feasible for your business.
How e commerce helps businesses?
Here is how e commerce helps businesses and has several benefits:
E-commerce has helped improve enterprise efficiency by simplifying the manufacturing and servicing process. Executing fast and inexpensive online business transactions have contributed significantly to improving business efficiency. Also, companies leverage information gained through e-commerce channels such as online customer forums to improve product quality, increase customer satisfaction and make better business decisions. E-commerce has also simplified sales and marketing as sellers can complete online sales, save time, increase revenue and improve efficiency.
E-commerce has done a lot to empower consumers through the internet. Through websites and online advertising, businesses can communicate with customers, provide information about new products, and complete sales. Consumer forums and features that allow consumers to provide feedback and comments about their products and services give their customers more say. As a result, in commerce, customers can help build the product that suits them and have a say in the way they serve. This is because customers and manufacturers can create products and services designed to suit their customers, reduce waste, and improve customer satisfaction. E-commerce also saves time for both businesses and consumers and improves customer convenience.
There are no geographical restrictions.
In short, e-commerce allows you to sell to your customers without any geographical restrictions, as well as your ability to attract new customers. This depends on how convenient you are to ship the product, but the opportunity is there.
Explore new avenues
E-commerce allows new and existing businesses to enter the market and reach potential customers without a physical presence. In this way, an organisation can create a product, use it on a website or other electronic portal, and sell it through online transactions. This is only possible through e-commerce. Overall, the importance of e-commerce in the market has revolutionized the way people do business and cannot be exaggerated.
Unlike physical stores, the e-commerce store is open 24 hours a day, seven days a week. This makes the store and its products more accessible to consumers. You can also use the internet features to access e-commerce from anywhere. Consumers no longer have to spend money and time travelling to your store.
E-commerce allows you to regulate and automate sales and discounts. You can set discount codes on your site’s backend and create expiration dates for them. This reduces the chance of accidentally accepting an expired coupon that can occur in a physical store. You can also immediately notify your customers of sales directly on the website or through an e-newsletter. Each product is easily marked without much manual labour required in the physical store.
The power of customer analytics helps us improve everything from the products we offer to the way we market those products. In some cases, customer information can be collected in physical stores, but it is labour-intensive and inaccurate. In e-commerce, insert the code into your HTML markup, and the rest will be done automatically. The following is an example of the types of information that customer analytics may provide.
You can then analyse all this data to help you make business decisions.
In general, e-commerce stores are cheaper to operate than physical stores. There are no real estate expenses and associated costs of maintaining a physical location. Besides, It can automate inventory with a web-based management system to help reduce inventory costs. You may also need to hire fewer people because there are no stores that need to be open during business hours. Small physical stores usually have at least two staff members and are paid hourly. In theory, a small e-commerce store could probably be run by one owner for several hours a day.
E-commerce has the following drawbacks:
Limited customer service
If you are buying a computer online, you cannot ask your employees to demonstrate the features of a particular model directly. Some websites allow you to chat with staff online, but this is not a common practice.
Lack of immediate satisfaction
If you want to buy items online, you have to wait until they are shipped to your home or office. However, retailers like Amazon have slightly reduced the burden of waiting games by offering same-day delivery as a premium option for some products.
You can’t touch the stuff.
Online images don’t always give you a complete picture of your product, so if the product you receive doesn’t meet consumer expectations, your e-commerce purchase maybe not perfect. For example, the seller can make clothes with more inferior fabrics than the online images show.
Ultimately, e-commerce is an excellent opportunity to drive sales. It’s an excellent way for your customers to shop. Let people browse from home, even if they live far away or are usually busy shopping. You can buy it with just a few mouse clicks and a few keyboard taps. Let your customers shop the way they want to shop, and you will see your sales grow. Also, the number of visitors may increase with sales. A little bad online reputation can attract customers, and if someone buys, otherwise you couldn’t find you, or if you didn’t want to go to your store, you’re a happy customer at the store you may find that you are visiting in the future.