On normal days, going to a retail store has been a hobby for some individuals. In fact, the term window shopping has been so common in today’s world. However, when the pandemic starts taking a swirl, physical stores are on of the industry fully impacted. Sales, profits and nearly all products have taken a toll and experienced a critical downfall. Yet, some businesses have taken the initiative to sustain their business. But how is it possible you ask?
The correct answer you are looking for is eCommerce!
Commonly known as an online store, eCommerce is the act of buying and selling goods through the internet with the transfer of money and data to complete the overall sale of the product.
Nowadays, businesses have all turned their eyes to fully utilise eCommerce as part of their main business strategy to keep their products running.
As the digital world evolves, eCommerce continues to progress as well. Here are some of the traditional types of eCommerce models:
Business to Consumer (B2C): One of the most well-known eCommerce model among business owners. B2C means that the sale is taking place between a business and a consumer. Think of it like when you buy a clothes from a retail shop.
Business to Business (B2B): Just like a manufacturer and wholesaler or a wholesaler and retailer, B2B refers to a business selling a good or service to other business that usually involves products like raw materials or software.
Direct to Consumer (D2C): The newest model of eCommerce, D2C is a model that sells directly and reaches the end customer without having to go through a retailer, distributor, or wholesaler. One example would subscriptions.
Consumer to Consumer (C2C): C2C takes place between a consumer and another consumer that usually takes place on platforms like eBay, Etsy etc.
Consumer to Business (C2B): Unlike C2C, C2B takes place when an individual sells their products or services to business organisation. Some of the examples that are well known would be influencers, digital consultant and freelancers.
Up to this point, a lot of questions might resurface and curiosity on the real meaning of eCommerce. To put it into the simplest term, eCommerce is the buying and selling of good or services through that is carried out through the internet with the implementation of online transaction in order to complete the sales.
Conducted through a series of accessible platforms such as our phones, laptops and electronic tablets, nearly every business is now available through eCommerce. Financially, it is said to provide convenience to the users as the products are just available with a simple swipe and transaction can be done in just a split second
Types of eCommerce
Retail: The products are sold directly to the consumer without any intermediary
Dropshipping: Sale of products that are manufactured and shipped to consumers with the involvement of a third party.
Digital products: Items that are downloadable such as templates, courses or e-books and is made to be purchased.
Wholesale: Products from wholesale are usually sold to a retailer who will then proceed to sell the products to a customer.
Services: A set of skills that is offered and paid online such as influencer marketing or personal coaching.
Subscription: The recurring purchase of products or services on a regular basis
Crowdfunding: Sellers would normally raise a startup capital with the idea to bring product to their market. When customers purchased the item, it's then created and shipped.
Lets dive in deeper on the benefits that eCommerce can bring that shapes a pleasant online shopping experience for everyone.
1. Efficient buying process
Users can now find their desired products with just a simple scroll through to the online retail store compared to a physical store where items are often sold out and out of reach due to high customer traffic.
2. Cost reduction
A lot of retail owners often break their bank in order to keep the maintenance up to par to sustain their business. With eCommerce, there are no extra up front costs that drains the bank balance!
3. Flexibility for customers
The products and services are available almost all the time! This makes it convenient for business sellers to engage directly with their customers.
Lastly, eCommerce can be seen as a fundamental tool for your business especially during times where you have to pivot thing online.If you are looking to grow your eCommerce business, feel free to message us at:
Turn your prospects into customers. Let us help you grow your business with the best eCommerce solution.