Ecommerce - The Ultimate Guide #2021



 Ecommerce has reclined retail. It has evolved to meet the changing needs of people, and to make online shopping easier for the modern day consumer. At the on-set, it's capabilities had some limitations thus, hindering some essential online shopping experiences. But things have greatly changed to a point of great market interest. Features such as customization, improved return policies, enhanced integration, etc. are changes (among countless others) that have taken the world of Ecommerce by storm. Quit sitting on the fence, get started now as we guide you through your financial race. You can include these Ecommerce developments into your business to ensure steady growth of your online store.

DIVING IN



In a world disrupted by a pandemic, ecommerce exploded. Our focus will be on the basis off online retails as a subscript of Ecommerce.

Most of our day to day trading moved online in the past decade and had greatly increased as a result of the COVID-19 pandemic. Most people who never shopped online before feared to dip their toes into the e-commerce pool. Moreover, they can't do without it.

WHAT IS ECOMMERCE?

Ecommerce — also known as electronic commerce, internet commerce and online commerce — is a business model which involves transactions taking place on the internet. Stores that sell their products online are ecommerce stores or businesses.

Online retailing was never limited to product you can deliver without physical contact-such as books, music and clothes-or services such as consulting, marketing and accounting.

Ecommerce brings the convenience of shopping without leaving home, comparing a whole lot of options in seconds, shopping at night and ordering products when need arises without waiting for time to go shopping. Consumers can shop while strolling, in a meeting, in a bus or even while you sleep (just kidding...). Also, most consumers find online products cheaper and they have a wider variety to choose from than when shopping in a regular physical location.

Ecommerce should not be misplaced with e-business. Although it is at times used interchangeably, the terms are not synonymous. Ecommerce specifically indicates the transaction of goods and services, whereas e-business refers to all aspects of operating an internet business.


E-BUSINESS DEFINED
An ecommerce business is an organization or individual entity that seeks at achieving  profit by offering goods or services over the internet. It allows consumers to buy quickly and choose from a range of payment methods to execute the ecommerce transaction.  There are many different types of ecommerce businesses, based on the model you choose.

Popular Ecommerce Business Models

The amazing feature of ecommerce is that there are more options for you to choose from. Whereas in traditional commerce the business models were more restrictive. There are four widely known business models, but there are other niche models. 

  • B2B: The B2B commerce model, business to business, is when a business is selling to other businesses. Alibaba is an example of a B2B business, as their suppliers sell to other businesses. Alibaba prices are extremely low as they’re wholesale prices to allow businesses to make a profit off of their products.
  • B2C: The B2C model, business to consumer, involves businesses selling to consumers. If you decide to open your own online retail store, you’ll likely be selling to customers instead of businesses. Amazon, Walmart, and Apple are examples of B2C businesses.
  • C2C: The C2C model, consumer to consumer, is when consumers are selling to other consumers. Consumers typically do this through online selling sites like  eBay, Craigslist, and Etsy. Many of the sellers on those sites aren’t businesses, but average consumers selling products they own whether second-hand or new.
  • C2B: The C2B model, consumer to business, is when a consumer sells their own products or services to a business or organization. This could be a photographer selling their photography to a business.

What Is an Ecommerce Website?

An ecommerce website is any website that sells a good or service on it. This type of website can adhere to any of the above ecommerce business models. Below we outline the common types of ecommerce website that you may find online to show just how broad ecommerce online stores can be.

Common Types of Ecommerce Websites

  • Physical Goods Ecommerce Website: Retailers who have brick and mortar stores can host their store online to sell to a broader audience. This option is great for retailers who want to increase sales but not physical stores.
  • Service-based Ecommerce Website: Freelancing, and pure online services, have become a huge trend recently with websites serving as a link between a service provider and their potential clients.  
  • Digital Products Ecommerce Website: Companies that sell digital products like software or video games don’t need physical stores to sell their products as it only involves the customer downloading the product. 
  • Dropshipping Ecommerce Website: Slightly different to physical goods stores, dropshipping is where merchants sell goods to customers on their online store but they don’t hold any inventory. Instead they find a supplier to sell goods from, wait for customers to buy these products, and the supplier fulfills the order for them.

The benefits of online retail has constantly cemented the presence of consumers and has greatly made most of their online purchases to move online. Thus, the ability to deliver goods to people's doors benefits consumers and you're missing the train if your business isn't optimizing it's online retail potential. Now, where d you start? How do you give yourself the best chance of success? JIMO has got you covered with the Ultimate Guide to Ecommerce.



More on how to grow, start-up and manage your own ecommerce website will be discussed on our next article. Be sure to stay updated.

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