In today’s world, almost anything can be purchased and sold through e-commerce. E-commerce has been used globally to replace physical shops and stores, rather, the normal brick-and-mortar stores, although many still use both mediums for sales and purchases. In this article, we highlight ways in which e-commerce would help in getting more business.
What is E-commerce?
E-commerce is the buying and selling of goods, services and products through the internet. There are four types of e-commerce, these are:
- Business to consumer (B2C)
- Business to Business (B2B)
- Consumer to Consumer (C2C)
- Consumer to Business (C2B)
Business to Consumer
B2C is a type of e-commerce that involves goods old from the business, which is the online shop to the consumer, who is purchasing the goods online. This is the most common eCommerce in the market today because it is easily marketable. B2C innovators have today invested in e-commerce development services to help them improve their target consumers through platforms like mobile apps and advertising.
Through this, a business can sell online, transact efficiently, communicate to customers and even process credit card payments swiftly. B2C e-commerce does not only involve goods and products but also services from a business.
Business to Business
This type of e-commerce involves selling goods from one business to another business. Sometimes the business purchasing the goods ends the cycle whereas some end up reselling the goods to consumers. These goods are usually in large amounts compared to business to consumers who mostly trade in small item purchases.
B2B e-commerce is equally important as the rest of the eCommerce platforms as it enables traders and businesses to sell each other goods for both re-sale and consumption. These further speed up the buying and selling process in the online market.
Consumer to Consumer
This involves the exchange of goods and services between consumers, though, making a lesser profit compared to the rest of the types of e-commerce. This type of e-commerce model is where buyers and sellers are both consumers instead of businesses. Online sites like eBay and Amazon appreciate this type of e-commerce.
Consumer to Business
This model involves consumers selling goods and services to companies. This type is one of the most competitive in pricing and needs. For instance, consumers post their works and services that companies need to fulfill. The company that lands the role or duty to serve the consumer agrees on a fee before taking the job or agreeing to a service.
Today, companies are using social media influencers to market their products through this model of e-commerce.
Here are three key ways e-commerce can help you get more business:
1. E-commerce expands your business and network
E-commerce can easily broaden your business and help you get more clients. Due to the large online presence today, many individuals opt to shop online. This is also encouraged by the vast delivery services offered after goods are purchased online.
Selling your goods online would diversify your presence as you may not need to be physically present with several stores or shops but with online presence, you are sure to reach a wide customer base. This means you could even manage your business from your home.
When a business has one particular brand, eCommerce could easily diversify the brand through bloggers and social media influencers. This way the brand would be able to reach a wide variety of individuals which will in return add to your customer base and network.
2. E-commerce is a marketing platform
E-commerce being online presence means your goods and services can easily be marketed while still incurring less marketing costs. For instance, a website can be a great marketing tool with the effect of Search Engine Optimization (SEO), which if proper, may help the business appear first during searches.
Through this, you can have contacts and links that can be used in your emails and social media marketing. A good social media presence can also give a good platform for a business to interact with consumers and even inform them of any new products the business has or is planning to have shortly.
When a product is posted online, it is able to reach a wide variety of consumers, not only in your region but also globally. In other words, e-commerce could easily enable your products to go global. This could further increase your production and eventually grow your business.
Moreover, you could easily connect with partners and sponsors who may fuel your business and products further. Better suppliers could also be found and connected through the e-commerce platform.
3. E-commerce is cost-effective
Using e-commerce to sell your goods and services can be quite cost-effective. This means you will not necessarily need a physical store or shop for display to showcase and sell. Although, some may prefer having at least one physical store, which still might be small and convenient due to the already large online presence.
Either way, your costs may reduce effectively. This means you will only need internet service and a computer to manage your online store at home. The online presence might also reduce your marketing costs as the presence itself is marketing your products online, although you will need to put more effort, like getting a social media influencer to further market the products.
In addition, e-commerce is cost-effective in the sense that you may not need to pay a middle man or a third party to sell your products. You can further save the money purposed for this and re-invest in your business for growth.
In addition, other ways e-commerce can help you get more business include time-saving, convenience and scalability in terms of growing your product range. If you have an e-procurement application you may consider having a punchout setup where buyers can browse your web-based catalog. The quick buying process and effective and faster response from customers and suppliers also boost business while product and price comparison is furthermore encouraged through e-commerce.
Even beginners in the e-commerce field can have it smooth as everything is well laid out and structured. With an online presence, goods and services sell and reach more consumers. Typically, e-commerce essentially aids businesses to go global.