The pandemic of 2020 was a game-changer in the field of e-commerce as most of the transactions have become online. Be it small emerging firms striving hard to create reputation and brand loyalty, electronic commerce.
E-commerce or electronic commerce refers to online transactions for businesses right from buying fashion commodities to booking movie tickets. The pandemic of 2020 was a game-changer in the field of e-commerce as most of the transactions have become online. Be it small emerging firms striving hard to create reputation and brand loyalty, electronic commerce is a boon to them.
Let’s define and understand what e-commerce is:
Electronic commerce, mostly abbreviated as e-commerce, is a business model that lets a group of people and individuals buy and sell products and services online via the internet. Below are the four major market segments in which e-commerce operates:
- B2B (Business to Business): Transactions between two business firms
- C2C (Consumer To Consumer): Consumers interact and transact independently without intermediaries
- C2B (Consumer to Business): The consumer creates the product/service for a business
- B2C (Business to Consumer): Businesses sell their product or service to a group of customers
UN Statistics on E-commerce business
Planning to expand your business online, then this article is for you.
Furthermore, discussing the pros and cons of e-commerce we would get a clear picture of why focus on online businesses:
- Feasibility: E-commerce works on the internet. Hence those businesses can occur for all 12 months and 24/7 excluding the maintenance time.
- Spoilt for choices: A widespread of products are available online this gives the customers the ability to choose what best suits them and compare prices.
- Seamless: The products are promoted worldwide not limiting any geographical boundaries
- Automatic responses: As chatbots have flourished in the market the responses are automatic.
- Lacks genuine feedback
- Lacks customer services: If you are shopping online it’s a pre-recorded demonstration and user guidelines that assist your purchasing decision.
- Lacks personal touch: The online display pictures promote the products and services, and at times e-commerce purchases could be an unsatisfactory deal for the customers.
Different fulfillment business models:
The 3 major and important fulfillment models in e-commerce are as follows which basically define the role of retailers, distribution channels to storage policies.
- Self-fulfillment - The method which helps small businesses grow is the self-fulfillment e-commerce model as it helps you manage the various processes involved in any management cycle. This model fails because of a lack of professional practices and accuracy.
- Third-party logistics – To process orders faster and better the firm hires and works with the third-party agents. For cost-effective solutions, it is critical to delegate the work to experts.
- Dropshipping - A cloud-based e-commerce model wherein the drop shipper can directly deliver a product from the wholesalers’ warehouses to the customer’s place earning handsome commissions. Drop shippers are nothing but intermediaries that do not handle logistics. The monetary benefits on every transaction of a product from supplier to the customer are the amount of commission for them.
In the digital era to be ahead of the curve and to be a niche player it’s important to keep ourselves updated on the latest trends in e-commerce:
- Include animation and automation: Change is the new mantra and static is no more appealing to the target audience. Interactive animation videos create an impact on the minds of the users. The audience these days encourages automated responses via chatbots to make digital solutions more responsive.
- Social media shopping: Statistics say that an average human spends nearly 142 minutes on social media. Then why not leverage this platform for e-commerce. Facebook marketplace is the best example of this. Social media usage statistics
- Audio and video searches: As the world is becoming busier day by day it’s essential for developers to hop on to trending video and audio search options. ALEXA and SIRI are popular voice searching tools built on our mobile handsets to enhance customer experience.
- Augmented experience: Customisation delights the customer and these sweet spots are the augmented benefits in e-commerce platforms.
Artificial intelligence: The e-commerce trend that provides immediate response irrespective of the time of day is chatbots. Chatbots help the audience clarify their ambiguity and doubts about products and services.
- Artificial intelligence is the backbone for most of the purchasing decisions of the customer.
- Always opt for mobile e-commerce platforms: Best medium of business that is pretty cost and user-friendly is mobile. So, when given a choice between web and mobile platforms, always go for mobile.
A poorly designed e-commerce platform will land you nowhere as the webpage is the only means to attract your customer. The better the look and feel of the design the more chances of your online presence and dominance. E-commerce is a fast-growing platform these days.
We at Redlio Designs have skilled and industry-oriented website development experts that curate e-commerce websites as per your requirements. Our eCommerce designs help companies ace the art of ultimate online shopping experiences.