Hello, everyone. Today I’ll be going to highlight the fact about how E-Commerce business is going to be the next big thing in the market. Yes indeed, if you are planning to have an E-Commerce market or an online portal for your business, then go for it.
Now the question arises that why E-Commerce business is profitable? Or to be more precise, why more and more people are trying to start an E-Commerce venture. Why are more people buying their products online? Why is there a marketplace for each and every product that you could think of? Why so?
So let me make you clear about these facts and I’ll try to answer these questions and provide more information about the E-Commerce business.
Electronic Commerce or E-Commerce is a term for any type of business, or commercial transaction that involves the transfer of information across the Internet. It covers a range of different types of businesses, from consumer based retail sites, through auction or music sites, to business exchanges trading goods and services between corporations. It is currently one of the most important aspects of the Internet to emerge.
E-Commerce means electronic commerce, wherein you buy or sell goods/products or services using the electronic medium. Usually, that electronic medium is known to be the internet. So basically the goods/products or services that you see online on the web, which you can buy or sell belongs to an E-Commerce portal or a marketplace. This marketplace allows you to check out a wide range of products out of which you may buy your favorite one. Depending on the business niche or the products they are selling, the rules (policies) of the E-Commerce portal varies.
We all know the big giant names in the E-Commerce industry such as Amazon, Flipkart, Snapdeal, Myntra, Aliexpress, and much more. These companies have made the user experience of buying goods so smooth and nice using the online medium, that now E-Commerce business has turned into one major investment, which you can think of gaining some profits year later.
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An E-Commerce business includes the following things:
- Online shopping websites for retail sales which are direct to the customers.
- Providing online marketplaces which process third party sales between businesses to consumer or consumer to consumer.
- B2B buying and selling through the online medium.
- Online financial exchanges for trading purposes.
E-Commerce is recognized for its ability to allow business to communicate and to form transaction anytime and anyplace. Whether an individual is in India or overseas, the business can be conducted through the internet. The power of e-commerce allows geographical barriers to disappear, making all consumers and businesses the potential customers and suppliers.
Many people are moving from physical stores to buy goods and services on the Internet. Today, 60% of shoppers in developed countries go to the Internet to buy goods and services. This method of shopping is loved because it is convenient. People can shop from the comfort of their houses.
Unlike a regular brick and mortar store, an E-Commerce store stays up and running 24/7. Customers can get online and buy products at any time of the day. Also, the user has tons of different variety of goods and services listed on the E-Commerce portal. This provides the user with many options, and thus user finds it more convenient in buying goods by comparing between different options.
It also creates many employment and job opportunities in the market. Though there is also a significant amount of job loss, as traditional shopping which is based on brick and mortar system and in-store shopping is reduced. Accompanied by the E-Commerce development, it requires a broader range of skills in the digit, technology, and information base. The employees should be capable of dealing with a large number of customers’ demands and order process. Therefore, it increases the demand for employees with high skills and specialized expertise as well as increases the wages for this group of people.
Also starting an online portal, an E-Commerce website is not very difficult but of course it requires some skills to build one and it takes a huge amount of time, to actually hit the right market with the right audience. But once started, implemented and marketed properly, there is no stop to the profit that one gains through an E-Commerce platform.
In a nutshell, more and more E-Commerce development is taking place and it is on the rise due to the following reasons:
- Easy to setup.
- Low cost to initiate the store (but later on investments are required for logistics, labor and other expenses).
- A wide range of product options to the consumers helps attract more users to the store.
- As more and more people use the Internet technology to access information and buy/sell products, a store can reach its potential consumers who are interested in buying the goods from them.
- The store is accessible 24X7 and 365 days and everywhere. So the consumer can buy products anytime and anywhere. What they need is just a basic internet connection.
- E-Commerce application provides user more options to compare and select the cheaper and better option.
- A customer can put review comments about a product and can see what others are buying or see the review comments of other customers before making a final buy.
- It helps the organization to reduce the cost to create a process, distribute, retrieve and manage the paper-based information by digitizing the information.
- It improves the brand image of the company.
- Reduces paperwork. As a portal is able to generate reports, get user data and much more information.
- It helps reducing the cost of products so less affluent people can also afford the products.
- It has enabled access to services and products to rural areas as well which are otherwise not available to them.
So these advantages make E-Commerce business one of the most profitable and advantageous business in the coming future.
Are you selling online? If no, then plan, ideate and execute.
Article written and submitted by: Akshay Rakesh Toshniwal