E-Commerce is one of the fastest-growing industries in the global economy
E-Commerce is a business in which online transactions involving electronic purchasing or selling of products happen on the internet. It is also known as Electronic Commerce or Internet Commerce. The methodology for E-Commerce has evolved so much over the years with the brands taking the products directly to the consumer without any involvement of the retailer, distributor, wholesaler, and other types of middleman.
Many forms of E-Commerce are well known but the most famous among all has to be Online Shopping. It involves the companies selling products to the people for buying it on the internet from any digital device. From electronic payments, internet banking, online ticketing, and virtual auctions, they all come in the ambit of E-Commerce. Transfer of funds and exchange of data also happens as a part of E-Commerce activity.
Some of the world’s top companies have expanded or are looking to expand their business to E-Commerce. It’s because E-Commerce is one of the fastest-growing industries in the global economy with a 23% increment every year. As per current estimation by top agencies, E-Commerce is all set to reach a $27 Trillion mark by the end of the year 2020. With such a great scope in an E-Commerce business, no wonder it is growing so much and at a rapid rate in the recent past.
Iglobe Solutions has recognized this fact about E-Commerce, and with that thought in mind, we began an E-Commerce business of selling top-quality and affordable mobile back covers on our website Crockroz.Com. At this website, you can get the mobile back cover with the designs and patterns that are based on prevalent happenings or as per your customized choices to enhance your smart phone’s aesthetic appeal and make it look classier. We are also working on expanding our business by establishing a new mobile back cover brand in times to come. In all, there are a lot of good things to look forward to with regards to the E-Commerce business at Iglobe Solutions.
Ways to start an E-Commerce Business
Setting up an online store for conducting E-Commerce business doesn’t take much time, but researching the products, building a brand, launching the business, and thereafter making it a profitable E-Commerce solution takes lots of hard work and tough decisions. Firstly, the most essential thing is to choose a product that you are looking to sell. Thereafter, you have to do the analytical research about the product with regards to its availability in the market, learning about the competition, pricing dynamics, and its value to the business. Next up is to select a brand name, logo and guidelines, domain name to attract potential customers into purchasing your products. To make the E-Commerce business a reality, you have to decide on how to sell the products. It can happen either by creating a customized E-Commerce store from scratch with the help of an agency or using the E-Commerce platform like Shopify to start an E-Commerce store to sell your products.
All these services like consultancy, product analytics, web development, and mobile app creation, etc, are readily available at Iglobe Solutions to kick-start your E-Commerce business. Thereafter, the next step is going to be promoting the online store with digital marketing services provided by Iglobe Solutions like search engine optimization (SEO), social media marketing (SMO), pay per click (PPC), and content marketing, etc. With these services, you can not only begin your E-Commerce business but also promote it to newer heights of success.
E-Commerce Business Models
Electronic Commerce is divided into four main sub-categories based on the transactions made by the buyers and sellers while conducting business. The business models for E-Commerce are as follows:-
- Business To Consumer (B2C) - Business to consumer is the most common E-Commerce business model as the company sells its products to the consumers directly. The decision to purchase a product under the B2C transaction for the consumer takes a shorter time in comparison to the other E-Commerce models. And this model doesn’t only involve the products but also the services too.
- Business To Business (B2B) - In a business to business transaction, a company sells its products to another company. The B2B model generally has prolonged sales patterns but the value of the order is higher and purchases are on a repeated basis. The transactions are done between the manufacturers, wholesalers, and retailers, to name a few.
- Consumer To Consumer (C2C) - Consumers exchange goods and services between each other under the consumer to consumer E-Commerce model. Business transactions related to the selling and purchasing of the used goods are the most frequent in the C2C model. The main challenge involved for the consumers in this business model is having adequate quality checks and balances as well as technological maintenance.
- Consumer To Business (C2B) - The consumer to business E-Commerce model is all about the consumer selling the goods and services to the companies. C2B transactions happen less frequently in comparison to other business models. In this, the affiliated marketing of the products are very commonplace.
Key benefits of E-Commerce
E-Commerce has grown exponentially with the advent of the internet in the daily use of people’s lives. With that, E-Commerce businesses have learned to take advantage of umpteen numbers of benefits that the industry brings to them, some of them are as follows:-
- Market exposure - In a physical store business, the scope of growth is limited with a limited geographical area for a store to work with regards to selling the products. But for an online store in an E-Commerce business, the entire world is a market as the product reaches more and more customers in a very quick time.
- 24/7/365 availability and managing - As the transactions are conducted online while selling the products in an E-Commerce business, the store can stay open for people to access every single moment of every single day due to time for a business managing from any place. It dramatically increases the product sales of the business as the E-Commerce online store can sell its products 24/7/365 to the customers while managing it from anywhere.
- Lesser costs - In an E-Commerce business, there is no requirement to hire staff for selling products or having a physical store. It’s because the online store for E-Commerce business only requires a warehousing and product storage facility which requires very little costing related to business operations. Better deals and discount offers can also be provided by the E-Commerce online store to promote the products to the customers.
- Customer-based product marketing - E-Commerce businesses tend to gather a lot of data as they conduct regular product selling to the customer from their online store. The customer data is about the buying habits alongside the likes and dislikes of the customer, emerging market trends and so on. With the use of this data, an E-Commerce business can market their products better and give the customer an enhanced purchasing experience.
In all, E-Commerce is a great platform for buying or selling products of any kind at affordable rates and fast shipping. We at Iglobe Solutions provide the services to set up a successful E-Commerce business with our digital marketing mix, web designing, mobile app development, and web analytics services. Our experience in creating a prosperous E-Commerce online store is well proven as we have a top-notch mobile back cover brand named Crockroz. This brand provides high-quality customized back covers as per customer preferences very inexpensively. Hence, we can proudly say that you are going to get great service at Iglobe Solutions with regards to setting up an E-Commerce online store to sell the products that benefit your business for a foreseeable future.