What is e Commerce – For the past decade, the global economy is in a revival state. After the global recessions in 2008, businesses have to design new strategies for growth. When we talk about business, it is not about only survival but growth also matters. The rise of the online business model is one way to achieve better growth. This gave birth to eCommerce for businesses; you use the power of the internet to sell your products and services.
What is the Meaning of e Commerce?
eCommerce or Electronic Commerce is buying and selling goods, products, and services online. To avail of the services, you need an internet connection but no physical store necessary. When you transfer money, funds, and data, they are considered Ecommerce. Some of the leading eCommerce companies in the world are Amazon, Alibaba, Flipkart, Shopify, eBay, Quikr, OLX, etc. As per an estimate, global retail eCommerce will reach about 27 Trillion USD. This is growing at the rate up and over 20% for the past 5 years. To carry out the eCommerce business, you need a business Ecommerce website. For that, you need to hire a good eCommerce web design company.
What is eCommerce Website?
They are online portals, which contain a list of products and services to display. And facilitate online transactions for their buying and selling. In the early days, emails and phone calls were the ways for eCommerce. Now, a single website has the entire feature. We are the best eCommerce website design company in Dubai, offering years of experience in eCommerce website development.
Different Types Of eCommerce Models
Keeping the parties involved in the transactions, Ecommerce is classified into four categories.
Business-To-Business Model- This is the first type of eCommerce where business-to-business transactions happen. Here one business is selling and the other one is buying. There is no involvement of the final customer in this model. The online transaction is only between the manufacturers, wholesalers, retailers, etc.
Business-To-Consumer Model- In this model, companies directly sell their goods and services to the consumer. The consumer browses the website of the company, looks at the products, pictures, and read reviews. After satisfaction, they place their order and the company ships them the product directly to their address. Some of the examples are Amazon, Flipkart, and Alibaba, etc.
Consumer-To-Consumer Model- This is a very simple model. Here the consumers are directly in contact with each other. No company involvement is seen in this. The people sell their goods, assets or services directly to an interested party. The most common goods traded are cars, bikes, beds, electronics, etc. The well known OLX and Quickr work on this model.
Consumer-To-Business Model- It is a reverse business model to B2C. In this, the consumer provides products or services to the company. For example, an IT freelancer who sells his software to a company.
Importance Of eCommerce Website In Business Growth
The first half of this article covers details about eCommerce. Now, in the second part, we will cover why eCommerce is important. Any doubt you have until now will be cleared. After reading this, you will know exactly why you should start planning your eCommerce website.
Increases Your Customer Base- Every business needs new customers along with the existing ones to achieve growth. If you are a local business with a physical store, eCommerce website helps you to sell anywhere in the world. There is no geographical limitation. Adding to this emergence of mCommerce is also boosting online business.
Building Brand Presence- The biggest advantage of e-Commerce is it helps boost your brand presence in the market. Your customers can recognize you better. This converts into a higher sale. Proper SEO of the web pages brings more business and increase brand value.
Marketing At Reduced Price- Businesses need extra money in hand to plan growth. At the same time, they cannot compromise with marketing because that brings customers. By going online, you reduce the cost of your marketing. You do not need too many personal to handle marketing or traveling. Also, the cost of marketing through social media and paid Ad services by search engines is a lot less than traditional ways.
Can Influence The Customer With Minimal Effort- Manually it is difficult to follow up on the leads one by one. Automated emails and messages help to reach more customers. The website is live 24*7 that means the customer can anytime visit your website and make a purchase.
Analytics For Better Decision Making- The advantage eCommerce websites offer is that you get complete data on your customer behavior. You also get to know what are your most selling products and services. You can easily make decisions based on them.
Better conversion rates and customized offerings make eCommerce a better choice. Along with this, more people now prefer to shop online. We bet these are enough reasons to have your eCommerce website for better business growth.