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E-commerce website are online portals that facilitate online transactions of goods and services through means of the transfer of information and funds over the Internet. Online portals are trending, many people think that e-commerce is the name of online shopping only. Its wrong e-commerce is, by nature, highly digital, so it’s no surprise that many merchants sell “e-goods” online. Common types of digital products include ebooks, online courses, software, graphics, and virtual goods. Now, with a single website, anything and everything that a transaction needs, can be executed online.E-Commerce(also known as electronic commerce) is a process of making money transfers and transferring data over an electronic medium (Internet).
Types Of E-Commerce:
There are six types of e-commerce websites and all of them represent a different purchasing dynamic.:
B2B e-commerce refers to all electronic transactions of goods and sales that are conducted between two companies.
Perhaps the most common form of e-commerce, B2C e-commerce deals with electronic business relationships between businesses and consumers.
This level of e-commerce encompasses all electronic transactions that take place between consumers.
Not the most traditional form of e-commerce, C2B e-commerce is when a consumer makes their services or products available for companies to purchase.
This e-commerce category refers to all transactions between companies and public administration.
Another popular e-commerce category, C2A e-commerce encompasses all electronic transactions between individuals and public administration.
Role Of E-commerce In Small Business:
Small business owners are facing a new truth – the world has moved online. This network allows people to do business with no barrier of distance and time. People are now using their laptops, tablets and even mobile phones to do more things including making purchases and even selling products via the Internet. Keeping in touch with the customers also helps a business owner in the long run.
E-commerce ensure your products and services to customer 24/7. It gives good exposure to your business and helps you to reach out to potential customers.
Advantages of E-commerce
Following are the main advantages of e-commerce:
ONLINE SELECTION OF GOODS AND SERVICES.
ONLINE PRODUCT DELIVERY.
WISHLIST FOR BUYING LATER.
ONLINE COMPLAINT REGARDING DELIVERY OR PRODUCT ISSUE.
POSTING COMMENTS ONLINE.
OWNERS, GET FEEDBACK TO IMPROVE THE SERVICES.
Listed advantages show that e-commerce is much more than buying and selling. Above all, in this hectic world, it saves time and allows to automate complex business processes that lay the foundation for integration of technologies like Artificial Intelligence, Social Media, and Virtual reality.E-commerce ensures very high efficiency in terms of supply chain management. By E-business the main profit is taken by the company because they are not waste their time to explain the product money its profit. No extra need for worker’s shops so I think the company also saves money.
Disadvantages of E-commerce:
The software development industry is still evolving and keeps changing rapidly.
No matter how well a video is made, consumers still can’t touch and feel a product. Not to mention, it’s not an easy feat to deliver a brand experience, which could often include the sense of touch, smell, taste, and sound, through the two-dimensionality of a screen.
There can be a lack of system security, reliability or standards owing to poor implementation of e-commerce.
Since many eCommerce platforms have features and functionalities that require high-speed Internet access for optimal customer experience, there’s a chance you’re excluding visitors who have slow connections.
Credit card fraud is a real and growing problem for online businesses. It can lead to chargebacks that result in the loss of revenue, penalties, and a bad reputation.
How to Start an E-commerce business?
There is a logical order in how you would go about building an eCommerce online store. Although setting up an actual online store would probably take less than a day, researching, building, launching and growing a profitable eCommerce business is a multi-layered process involving a number of steps and decisions.
Top Reason To Have An E-Commerce Website For Your Small Business:
These days, an increasing number of consumers prefer making most of their purchases online and in such a scenario, having an e-commerce website for your business is the need of the hour. The top reasons are listed below:
Having an eCommerce website designed will give you the opportunity to reach out and offer your products and services to customers around the world, regardless of the distance and time zone.
With good search engine optimization, your website will appear in the top results of search engines such as Google. Also, social media websites like Facebook and Twitter will provide you with a platform to build trust with your customers through reviews and ratings, as well as keeping them informed with regular posts about your products and offers.
An online shop enables you to enjoy increased profitability with less risk as you will most likely need a smaller workforce with the reduced chances of shoplifting, rogue workers and damages to goods that can often happen in a physical shop.
You can use your website to connect with your customers by providing personalized services, such as order tracking, delivery confirmations and product recommendations based on their order history.
Having your own e-commerce website helps you better understand your customers. This includes demographics such as their location, as well as how they found your website and heard about you. You can analyze their behavior on your website, like what they looked at and the path they took to buy from you.
Having your own website is an important piece of your e-commerce strategy. It is a great way for you to grow your brand, acquire loyal customers, gain new insights, and get creative with your marketing.