We are living in the modern era wherein the Internet is an integral part of our day-to-day lives. There is no denying the fact that we are moving towards a generation that would be completely internet-driven. E-commerce has always been the way of the future. However, it is now more important than before. The world outside has become a destination of caution, uncertainty, and social distancing, resulting into several benefits of e-commerce application development for consumers and businesses.
What is E-commerce?
E-commerce is the process of buying and selling of products or services electronically online. It is popular because of the several benefits of e-commerce. These include electronic fund transfers, internet marketing, mobile commerce, and so more.
E-commerce has been growing predictably up until the global pandemic came into existence. The global pandemic put the industry into an expedited trajectory as it only ended up accelerated the growth of the industry by around 4 to 6 years. The pandemic displayed the spotlight on several e-commerce benefits –especially with respect to the overall convenience. In May 2021 alone, during the COVID-19 lockdown, global e-commerce sales reached the value of $82.5 billion –around 77 percent rise over the previous year.
Experts do not perceive this as only a short-term solution for COVID-related concerns. Moreover, it is predicted that COVID is only going to increase the overall e-commerce scenario in the coming times by around 20 percent. COVID-19 has served as a major catalyst by propelling consumers into the world of online shopping. As a matter of fact, over 50 percent of consumers of online grocery claim that they plan on shopping online even after the pandemic will end. To kickstart your online journey, hire services from the best web development company.
Understanding E-Commerce Models
- B2C: Known as Business to Consumer, it is a popular e-commerce model in which sales take place between the consumers and businesses. For instance, when you shop from an online retail or store, you are making a B2C e-commerce purchase.
- B2B: Known as Business to Business, it is referred to as a model wherein a business is known to sell its products or services to another business or enterprise.
- C2B: Consumer to Business, it is a simple e-commerce model. In the given model, an individual person is responsible for selling products or services to some company or business. In this aspect, there can be freelancers, photographers, writers. For instance, influencers are known for promoting branded products on the channels.
- C2C: Consumer to Consumer, it is referred to as the model implying an individual person responsible for promoting a product or service to some other individual. For instance, you can consider platforms like Etsy and eBay.
- D2C: Direct to Consumers, it is the latest e-commerce model. In this model, a brand is known to sell directly to the consumers without involving any distributor, retailer, or wholesaler. A famous example of the same is selling through social platforms or subscription models.
Top Benefits of E-Commerce Solutions
E-commerce, from a reliable open source development company, offers the assurance that customers are capable of finding everything they require in a single place. There is no requirement of even getting up from the sofa. It is one of the greatest benefits of e-commerce for customers. Some of the proven benefits of e-commerce for customers are:
#A Wide Range of Products
E-commerce allows customers to select a particular product or service that they want –from any supplier across the globe. You get a wider choice in comparison to that of the brick-and-mortar stores. Moreover, customers are also offered freedom without any hassle or stress. This turns out to be a seamless process.
You also get the opportunity to browse through a wide range of products and services as there is no specific space limitation in case of e-commerce. The conventional brick-and-mortar store will always have physical boundaries for allowing it to offer online a restricted amount of goods or services to its customers.
Still, e-commerce might have specific limitations in some other aspects. While you get to choose from a huge volume of products online in comparison to the offline platform, it does not necessarily imply that the online product will be in stock. If the product is currently not in stock, you will have to end up waiting for some days.
#Enjoy Comfort and Simplicity
Customers can look forward to buying any product from the e-commerce world from any corner of the planet. There is no requirement of leaving the comfort of their homes. There are several factors like poor weather conditions, health conditions, economic reasons, or any other reason, most people are not able to go shopping. A great instance is the latest covid-19 pandemic wherein brick-and-mortar shops remained closed.
E-commerce serves to be a convenient tool for purchasing products or services without the creation of any physical limitations. It only requires a few clicks right from the comfort of your home for gaining the merchandise. Moreover, there is no requirement of instant cash as well. You are simply required to fill in the respective debit or credit card details while making instant payments.
Products that are available on the internet are usually cheaper in comparison to those available in the shops. Therefore, you can look forward to saving money effectively. Costs that are incurred by the provider of products or services along with some intermediary are paid by the end customers. Where there is no involvement of middlemen, the customers are not required to spend significantly.
Time-saving turns out to be one of the major benefits of e-commerce for its customers. Customers are able to order anything on the online platform. E-commerce shops remain open 24/7. Therefore, you can look forward to shopping anytime at your convenience. There is no issue if you wish to shop late at night or early in the morning.
The period required for buying, choosing, and paying for some online product is 15 minutes or even less. Products are mostly delivered within a period of maximum one week. In some cases, it could be even some hours or days. It would ultimately depend on the type of service you choose. If you are ordering goods that are relatively heavier, then the delivery person is expected to bring the same to your doorstep.
#Obtain Detailed Information
The internet is utilized as the major tool for ensuring e-commerce transactions. It enables its customers to search for specific product information while comparing prices and benefits. It also permits the evaluation whether or not it is really worth the money.
Everything that you will require for making an informed decision is available out there. You can obtain reviews from other platforms or tools, solutions for comparison of prices or websites, usage videos, product descriptions, and so more.
There is also the provision of warranty information containing product descriptions and other specific details. Therefore, all customers might be fully aware of the specific conditions before buying the item. In this manner, a change of any specific dispute with respect to guarantees or other specifications will drop to the minimum.
In simple words, with the help of e-commerce solutions, it is possible to come across in-depth product details online. On the other hand, goods that are physically situated in the store might not have the option. You are also capable of modifying the orders online while tracking the delivery status. If there is any doubt with respect to product handling, you can contact the company. For instance, you can make use of tools like Live Chat.
#Access to Payment Flexibility
The varied payment options by e-commerce platforms offer greater benefits. This allows customers to ensure payments in different ways like debit or credit card payments, cash on delivery, prepaid card payments, mobile payments, e-wallets, and bank transfers. The presence of varied payment methods not only ensures maximum safety and quick processing but also helps in increasing turnover and clientele.
#Convenient and Safe Transactions
Convenience is just one of the many benefits of e-commerce solutions. Studies have revealed that convenience is one of the major deciding factors when it comes to making a transaction on any e-commerce platform. With the help of a few clicks, you can order the products or services of your choice. The bottom line is that modern customers demand convenience. Therefore, the e-commerce business should deliver ample convenience towards meeting the specific needs of the end customers.
In addition to convenience, e-commerce transactions have also become immensely safer lately. A number of payment gateways on leading e-commerce portals offer a secure means of ensuring transactions to the customers. Therefore, online shopping becomes an enjoyable and seamless process on the pretext of saving time and money at the same time.
#Access to Relevant Customer Data
Selling online mostly offers retailers the opportunity to access relevant and meaningful customer information through insightful data. It is not possible in the case of brick-and-mortar retailing.
Online consumers are known to provide useful information like name, email, address, contact number, and much more while browsing through or checking out on a website. In addition to this, consumers also offer insight into valuable demographic data and consumer behavior. It is achieved with the help of Google Analytics. Such information helps online retailers optimize the entire customer journey and market accurately and effectively.
E-tailers are also capable of nurturing and retargeting consumers precisely –depending on the specific stage in the buying journey. For instance, with the help of useful data insights, an online retailer can send email to potential consumers who might have abandoned the carts. Through this move, retailers can motivate and remind them to check out the respective purchase. It can also be utilized for retargeting advertising towards nurturing leads that might not have made the purchase until now.
As businesses go online, it helps in eliminating the requirement of setting up a separate physical offline store. This automatically implies reduced fixed costs for the entire business. Moreover, as most e-commerce scenario is automated, there is the requirement of fewer staff members. The marketing efforts for an e-commerce store, with the help of Google AdWords, social media marketing, e-commerce Facebook marketing, and so more, turn out to be highly cost-effective in comparison to the promotion of products or services offline.
The resulting cost-savings help in reduced prices for the consumers as well. In turn, it results into more sales for businesses. It is another major benefit of e-commerce solutions for businesses.
#Wider Customer Base
When businesses prefer going online with the help of lucrative e-commerce sites, it helps in making geographical boundaries quite inconsequential. You are able to sell the products to online shoppers across the nation or even internationally. There is no limitation imposed by other shoppers in your local area.
The internet will open up the retail store that you own to varying audiences of different niches. You would not have such audiences otherwise. Moreover, when your online e-commerce business makes use of multiple touchpoints, you are capable of accessing customers from all possible angles. It is possible by directly going to where your customers are –like Google search, forums, or social media.
#Ease of Scaling Up
As you wish to grow or scale up a physical store, it will require more floor space. Indeed, you will have to incur its expenses along with proper shelf space and employees. On the other hand, it is immensely simpler to grow your online store. It is yet another obvious benefit of launching your e-commerce business.
All you will need is more inventories, more storage space, some digital modifications, and a revolutionary store –all of which will cost significantly less. When you are online, it also helps in eliminating the requirement for launching a new store in some other location as you have already managed to reach out to the global marketplace.
Unlike conventional retail, your e-commerce store can be up and running with the help of a few clicks –if you are designing a standard store. Leading e-commerce platforms like BigCommerce, Shopify, and others make use of pre-designed templates for creating your store. These platforms are responsible for taking care of tasks like PCI compliance, web hosting, maintenance, and so more. Leading marketplaces like eBay or Amazon only require you set up a dedicated account before selling your products or services.
In the past few years, SaaS-based e-commerce platforms have made it quite simple and realistic for business owners to design reliable and attractive sites with minimal efforts. There is no requirement of in-depth technical knowledge for making your e-commerce website up & running. You can also think of significantly growing your business before the requirement of a marketing agency.
#Reliable Content Marketing strategy
A reliable online presence will allow you to deliver more information about the respective products and services to the customers. Particularly, a branded site offers its sellers a dedicated space for offering key content to the customers.
Core product-specific content will include information like product descriptions, availability of in-store inventory, pricing, and product comparisons. The given information helps a customer in making the right purchasing decision –both online and in-store.
Your dedicated e-commerce store can also offer detailed information about your entire business or how you aim at using the products. Email marketing and web pages can be dedicated to the story of your brand and how your products are designed or manufactured. Videos and blog posts can also help in offering useful content about the utilization of specific products or services.
#Online Reputation Building
As a small-scale offline business, when your customers will appreciate your products or services, it is difficult to leverage the benefit of the appreciations towards influencing new customers. However, when your business has its reliable online presence, it is possible for your customers to share the appreciation across social media profiles for influencing new users to ensure effective conversions.
Essential E-commerce Website Features
Are you designing an e-commerce website for your business? Think of hiring services from a reliable e-commerce development company for optimized results. You can ask the company to include specific features to enhance the efficiency of your e-commerce website:
- Search –allowing users to search specific products, filter different products by price range, category, and other parameters
- Products and categories –users should be capable of browsing by categories, products, and sub-categories
- Login/sign-up –users should be capable of creating accounts by just entering name or email address or through social media channels
- Product page –your website should have a basic product page for containing an image, a detailed description, and pricing information along with the ‘add to cart’ button
- Checkout –During checkout, customers should be capable of accessing instructions and choosing the desirable payment method
- Order history –users should be given the ability to view order history for improved traceability
There are several more benefits of going online by launching your e-commerce store. You can hire reliable website development services to obtain the desired results.