The Ultimate Guide to Launch Your E-business
What is E-commerce?
E-commerce or also known as Electronic Commerce is a term for any type of business, or commercial transaction, that involves the transfer of information across the internet. It is about selling products or services online, it has expanded exponentially in recent years (most especially when the pandemic strikes).
From small businesses all the way to large corporations, as well as freelancers, have benefited from E-commerce. Their product and services are so easy to discover and purchase at any hour of any day from almost anywhere in the world!
E-commerce is the fastest growing retail market, there’s a lot of benefits hopping on this through the help of the internet, you have a global market that doubles your target audience, you can also have the freedom to choose your customers and know how to target them.
You also have the ability to work from anywhere in the world provided that you have internet connection. One of the benefits of E-commerce is you’re going to have a lower investment compared to a physical store.
The buyer’s shopping habits all over the world have finally changed, before they preferred to do the store shopping in malls, retail shops (brick-and-mortar), or any traditional street-side businesses that offer products and services face-to-face.
But when the pandemic strikes, online purchases of consumers quickly rises, although, traditional store shopping still counts, consumers can’t help but to shift with online shopping.
What are the categories of E-commerce?
These options may help you further understand E-commerce, and these may also assist you if you wish to acquire E-business
Business-to-Consumer, or also known as B2C, is the most popular among the sales models. B2C model is a type of E-commerce that is used to sell products and services directly to your consumer online. This exactly looks like the most traditional way of purchasing from a retail store on a face-to-face basis, but with the help of E-commerce, consumers are now experiencing hassle-free shopping online.
Business-to-business, or also known as B2B, basically occurs when two businesses transact with one another online. This sales model is a win-win situation to manufacturers and wholesalers where they can purchase a finished product that they can sell to consumers for a higher price or they can purchase a raw material to be used in manufacturing.
Consumer-to-Consumer, or also known as C2C, is a type of sales model where both buyers and sellers are consumers where they can trade products online. The both parties interact through a third party which is a trade website or online market groups. This type of model helps sellers and buyers to gain commissions or small fees with the product that they are selling or trading.
Consumer-to-Business, or also known as C2B, is basically a reverse process of B2C, this type of model allows the consumers to sell products and services to companies. One example of this is when a certain company will ask an influencer or a vlogger to include their product and to make a review which helps them to gain more consumers.
What are the advantages of E-commerce? Why should you consider having E-business?
Lower startup cost
On top of eliminating the need for a physical store, you are allowed to work 24/7 without needing the help of others or without hiring someone to watch over the items that you are selling. The costs that you should provide associated with having a physical store will no longer be your problem, instead this will allow you to expand your services all over the world!
Faster Transaction Process
Consumers are now hassle-free when it comes to buying essential needs and wants, it is also hassle-free for the sellers since E-commerce just made their life easier! Consumers now easily browse products and they can check out anytime and anywhere of the day, while the sellers can easily track upcoming orders from consumers and they can quickly process it without needing the help of others.
Less cost on Advertising and Marketing
E-commerce allows sellers to cut off their expenses with regards to advertising and marketing. You don’t need to spend a lot to advertise your products and services, you can now find quick ways on how to market it online.
No limitations regarding in locations and reaching out consumers
You are now allowed to reach out to more consumers than having a physical store, you can only reach a certain number of consumers. But with the help of E-commerce, you can now sell and deliver your products anywhere and anytime!
E-commerce allows consumers to use whatever method of paying they want, unlike when we are still required to buy outside, some actual stores don’t accept debit or credit cards. But now you can leave your house cashless and worry-free!
What are the disadvantages of E-commerce?
Slow internet connection
This is the worst case scenario when you do online selling, you may lose revenues if you have slow internet connection. It slows down the operation of your business and also it can increase your stress.
The most trending products or services to sell are also the hardest to sell due to the highly increased number of competitors. All you need to do is to improve your marketing strategy, learn your target market. This will make you stand out among others.
Some customers really get impatient when it comes to their orders, so you really need to avoid responding slowly to your customer’s inquiries. Some customers are very rude when you can’t give what they expect you to give, you need to attend to their needs and answer every question.
Let’s talk about FAKE!
There are a lot of fake profiles and products on the internet. This is a common problem for both sellers and buyers, you can’t fully trust anyone who you do not personally know. Online scammers are everywhere but you can avoid these by selling your products authorized and clear and provide excellent customer service regarding the products.
NOW THAT YOU ARE ALL CAUGHT UP ON WHAT E-COMMERCE IS, YOU CAN TAKE A LOOK AND LEARN MORE ABOUT SELLING PLATFORMS FROM OUR BLOGS HERE.