Simply put, Ecommerce refers to the process of buying and selling of goods and services online. Ecommerce is also known in the terms, electronic commerce or internet commerce. Of course there is a complex process taking place technically in order to complete these transactions. For instance, ecommerce requires transmission of various data and money via the internet. Basically, any type of commercial transaction facilitated via the internet falls under the category of e-commerce. You might also come across a term called e-business which refers to operating an online business. To add a little history to e-commerce, the inception takes place in 1994 when a man sold a CD using a World Wide Web platform in America. Since the inception, e-commerce has evolved to such an extent that today, independent freelancers, small businesses, and large corporations benefit from it as it enables them to market and sell their goods and services online which is definitely at larger scale than the traditional offline retail methods.
Types and Models of E-Commerce
Based on the different transactional relationships taken place between businesses and consumers, e-commerce appears in a variety of forms.
- Drop shipping
- Physical products
- Digital products
All of the transactions falling under the aforementioned types are performed on four main type of e-commerce models
- Business to Consumer (B2C)
- Business to Business (B2B)
- Consumer to Consumer (C2C)
- Consumer to Business (C2B)
Design & Development of Ecommerce Platforms
Designing and developing an ecommerce website or platform means a serious process. In order to develop, the relevant business entity requires planning, conceptualizing & arranging the content along with the products for an effective display. To create a good ecommerce web, it needs to have the right colors, fonts, images, words & graphics. The content is expected to attract and convince the potential buyers. It should provide a great customer experience so that the business will have repetitive buyers and purchases.
Below are the main steps involved in creating an ecommerce website.
- Choosing a strategy
- Choosing a domain and platform
- Deciding pricing and setting up payments
- Designing the store and adding products
- Creating the checkout
- Reviewing the Search Engine Optimization and analytics
Considering the above, it is important to choose the correct website designer and you could refer to e-commerce Torquay to get more information.
Importance of E-commerce
E-commerce has become the fastest growing retail market. This itself answers the question as to why businesses should focus on E-commerce. It has the ability to reach more customers than the offline retail reach. All consumers having access to internet has made even one online transaction. The statistics keeps growing making e-commerce a highly attractive mode for consumers.
Future of E-commerce
The latest studies project retail ecommerce sales worldwide to reach its highest by end of 2021. Anticipated growth rate is 265%. Out of the full retail sales in 2021, the ecommerce sales will be 17.5%. This is a huge leap comparing with the years from 2014. The global pandemic is a key reason for ecommerce businesses to become more lucrative.