eCommerce is an umbrella term that covers all the aspects of buying or selling online. The same act of performing a business ritual, but instead performing it online via the internet. Since the meaning of eCommerce is so open-ended, it includes any type of buying or selling of goods and services online.
Now let’s look at this from a broader perspective, when you ask yourself, “What is eCommerce?” the best way to begin is to describe different eCommerce businesses and break them down into the types of models that exist, which is differentiated into three categories :
1. Types of product sold
2. Who the products are sold to
• Business-to-Business (B2B)
• Business-to-Consumer (B2C)
• Business-to-Government (B2G)
3. Where the products are sold on
• Branded eCommerce sites (Example, Shopify)
• eCommerce marketplaces (Example, Amazon)
• Conversational eCommerce (Example, Facebook)
There are many ways to grow an eCommerce business but two of the main ways are through traffic and conversions. The more traffic you get coming to your eCommerce store the more conversions you’re likely to make which means more revenue and thus, more profit.
eCommerce is the fastest-growing retail market projected to hit $4.135 trillion in sales in 2020
When the concept of eCommerce first started, every buyer/shoppers was a bit hesitant about certain things such as paying in advance, tedious process of payment, couldn’t be able to touch and see the products before buying them. Now with the digital transformation, it has drastically changed and has a positive impact.
It is estimated that there will be about 2.14 billion global digital buyers in 2021.
Digital technology is the core of the eCommerce industry and with its astounding capabilities allows sellers to be in touch with their customers through web platforms. With the help of advanced and sophisticated digital tools, the distance has become irrelevant, eased searching of the product, and matching it with the consumer preference. And because of this strong connection eCommerce stores have gained a lot of popularity amongst different consumers.
1. Advancing the payment services
• Studies say that about 69% of shopping carts are abandoned on an e-commerce platform by the customers
• But by this, the payments are fast, secure, and reliable.
2. Impacting through Artificial Intelligence
• With this, the customer is more likely to buy a product based on the intelligent search history analysis.
3. Social media marketing
• Platforms such as Instagram, Facebook, etc. allows customers to view products via image and have a link to direct eCommerce sites.
4. Efficient supply chain and data management
• Delivery time is the main concept of this, whichis quite satisfactory. The cherry on top, data is also managed in a very methodical way.
A very impactful combination of eCommerce and digitalization has encouraged millions of sellers to come online and sell their products. It might be very hard to imagine that there was an era when products were sold only by physical means. But now due to technological advancement, social selling is skyrocketing. With a predicted 2.55 billion social media network users globally and consumers being 5 times more reliant on digital content than in the early 2,000’s, it's clear the digital space is here to stay.
When the seller directly uses social media platforms to interact with their target audience.Essentially, a big part of social selling is thinking about things from the customer's perspective and approaching them with a warm intro, rather than a cold, impersonal pitch - and it's an essential and valuable skill.
The internet is the most disruptive force I've seen in my lifetime. Sales functions are undergoing a massive transformation out of sheer necessity. The reason they’re transforming is in direct response to the fact that the buyer is transforming.Primary benefits of social selling can be –
-Jill Rowley, Social Selling Evangelist
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