Everything you Need to Know About E-Commerce
What are its types, and is it a profitable business?
Traditional business models are dwindling as each entrepreneur is starting to open an online store. Buying and selling of goods are done through an eCommerce platform. Information technology has certainly brought forth changes in the market and how new business models are viable nowadays.
What is Electronic Commerce?
But what is precise “e-commerce”? It stands for electronic commerce, wherein exchange of goods and services is done online. There is an online store presence, maybe in the form of a website or social media page, that caters to buying and selling between entrepreneurs and customers.
Payment is made electronically via credit cards or online money transfer. Online purchases are then delivered to customers’ inputted data from the store’s logistics partners.
What are the 3 Types of eCommerce?
There are many channels for shopping online. Here are its three types:
Often online businesses open their official website also to host their sales platform. This e-commerce type displays their product online and the company’s promotional contents and events. It has a linear approach of only including their brands’ products unless x-deals (collaboration) is marketed.
This is the online version of brick and mortar department stores. There are various brands partnered with online retailers such as Sephora that focus on skincare and beauty needs. There are usually diverse supply chain distributor that is partnered with a single online retailers.
Online markets are a great avenue for small businesses to market their products and services. They need not have to worry about their website’s upkeep or online store’s partner as they can just create an account and connect with customers directly. Others may offer business to consumer b2c transactions or even business (b2b) and consumer (c2c) transactions.
Is eCommerce Business Profitable?
According to OptinMonster, 93.5% of global internet users have purchased products online. Its flexibility scheme is also a plus as the #1 reason people shop online is that they can shop at all hours of the day.
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