WHAT IS ECOMMERCE?A COMPREHENSIVE GUIDE TO ECOMMERCE STRATEGY

Electronic commerce or ecommerce is the practice of buying and selling of goods orservices on the internet. Most businesses use an ecommerce store or an ecommerce platform to conduct online marketing and sales activities.

Ecommerce is often written with different spelling variation, such as E-Commerce, eCommerce, Ecommerce, e-commerce, or e commerce.

Here is a list of features that attract online shoppers:

“According to a recent research, 83% of US consumers have made a purchase on Amazon in the last six months. More shoppers than ever before are choosing ecommerce. Retail has gone online, and ecommerce has forever changed the buying behavior of customers across the globe.”

E-Commerce

eCommerce

e commerce

e-commerce

E-Commerce

Ecommerce

e-commerce

Ecommerce

““It is estimated that there will be1.92 billion global digital buyers in 2019.”

““Mobile ecommerce is expected toaccount for 67.2 percent of digital sales

in 2019.”

““69 percent of shopping carts are abandoned”

Ecommerce can be defined as trading inproducts or services, and making transactions using computer networks or any electronic means. It includes technologies, such ase-payments, mobile commerce, electronic data interchange, supply chain management, and inventory management systems. Ecommerce is an advanced medium of transacting and almost every product or service can make use ofelectronic commerce as their form of trading, from financial services and tickets selling to online products selling.

What is the difference between ecommerce and e-business?Ecommerce or e-commerce is the practice of buying and selling of goods online, while e-business is an umbrella term used for any business that’sconducted online.

What is an ecommerce website?An ecommerce website is a website that is built for the purpose of buying and selling of goods. You can think of it as an exchange of goods over the internet or you can say online transaction of goods.

Is ecommerce safe?Yes, ecommerce is safe. Ecommerce stores offer shoppers a 100% secure environment with the help of multi-layered ecommerce security, monitored transactions, and SSL certification.

WHAT IS ECOMMERCE

WHAT DOES ECOMMERCE MEAN

What is the definition of ecommerce?

Ecommerce or e-commerce is the sale and purchase of services and goods using theinternet. The term ecommerce also includes electronically transferring data and fundsbetween two or more parties.

What is an ecommerce platform?

An ecommerce platform is a combination of software solutions that helps businesses create relevant, engaging, and personalized experiences.

What is a hosted ecommerce platform?

A hosted ecommerce platform is one wherea third-party handles all website hostingresponsibilities. This removes the costs and complexities involved in a self-hostedsolution.

What is an ecommerce marketplace?

An ecommerce marketplace is a website where products or services are sold and then processed by themarketplace operator. Some of the most prominent ecommerce marketplaces include Amazon, Etsy, and eBay.

What are the main features of anecommerce website?

There are certain elements that every ecommerce site should have to stay relevant and competitive.

User-friendlyinterface

Payment gatewayintegrations

Mobilecompatibility

High resolutionphotos and videos

Honest,user-generatedreviews

Securetransactions

Special offers andpromotions

ADVANTAGES OF ECOMMERCE

Among the top advantages for starting an e-commerce business are eliminating geographical limitations, gaining new customers with search engine visibility, lower costs for maintenance and rent, and higher capacity for goods and deliveries while the core disadvantages of starting an e-commerce business include losing the personal touch of physical retailers, delaying goods or services deliveries, and limiting availability of merchandise as some goods cannot be sold online.

The most common perception of ecommerce is that of an online commercial transactionbetween a business and a client. However, ecommerce can be classified into various

categories, based on the stakeholders involved and the nature of the dealing.

Business-to-consumerThis refers to a business selling a good or service to an individual consumer.

Business-to-businessAny transaction that takes place between two businesses quali-fies as B2B ecommerce.

for retailers for customers

#1Always openStore timings are now 24/7/365 as online stores never shut down. This is also beneficial for customers as they can purchase products whenever they want no matter whether it is early morning or mid-night.

#2Sell beyond geographical barriersAn ecommerce website allows you to sell yourproducts and services across the world, unlike brick-and-mortar stores, which are limited to their physical presence.

#3Use SEO to improve brand visibilityUnlike physical retail, online retail gives you theadvantage of attracting customers by improving search engine rankings.

#4Analyze customer behaviorRetailers can use analytics to keep a constantlymonitor consumers’ buying habits tailor their offersto suit the consumers’ requirements.

#5Boost brand awarenessAn ecommerce website allows you to sell yourproducts and services across the world, unlike brick-and-mortar stores, which are limited to their physical presence.

#1Reduced travel time and costCustomers are forced to travel long distances to reach their preferred physical store. Ecommerce provides the convenience to visit the same store virtually, with just a few mouse clicks.

#2Locate the product quickerEcommerce sites are designed to help customers narrow down their search and find their products in the shortest possible time.

#3Comparison shoppingEcommerce provides the advantage of comparison shopping. Customers can browse products across multiple e-commerce merchants and find the best prices.

#4More product informationEcommerce provides customers access to huge amount of information about a product or service. Customers can search for product information,compare the prices and benefits and finally evaluate its value before committing purchase.

#5Improved tracking and updatesCustomers can track their delivery status and getregular shipping updates. The can also reach out to service representatives if any doubts arise.

#6Reduce operational costsA web-based management system allows you toautomate inventory management and decrease the associated costs.

TYPES OF ECOMMERCE

Choosing an ecommerce platform is not easy. There are plenty of highly capable ecommerce platform available in the market, all with their unique benefits. As you go about selecting a

platform for your business, make sure you consider factors such as your business needs, sales volume, and potential future growth. Some of the top ecommerce platforms include:

ECOMMERCE PLATFORMS

The next wave of the ecommerce explosion is on the horizon. By 2021, over 2.14 billion people worldwide are expected to buy goods and services online. CMOs must be prepared to address the imminent challenges of this fast-evolving ecommerce market.

Here are five things CMOs must remember as they prepare to take on the next wave of the

ecommerce explosion

WHAT CMOS SHOULD DO NEXT

There are six types of ecommerce models:

B2C

B2B

Consumer-to-consumerecommerce takes place when a transaction takes place between two consumers.

C2C

Consumer-to-businessConsumer to business ecommerce happens when a consumer sells to a business or contributes monetary value to a business.

C2B

Business-to-governmentA B2G transaction takes place when a government entity uses the internet to purchases goods or services from a business.

B2G

Government-to-businessG2B transactions take place when a company pays for govern-ment goods, services, or fees online.

G2B

Government-to-consumerPeople paying for traffic tickets or paying for their car registration renewals online may fall under this category.

G2C

Download Our Strategic Commerce GuideRetail has gone online, and ecommerce has forever changedthe buying behavior of customers across the globe.

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5#1Embrace a data-driven approach

#2Build a personal connectionCMOs must apply their storytelling powers, analytical skills, and business acumen to appeal customers’ latent sensibilities and build deeper customer connections.

CMOs have more data at their fingertips than ever, and online shopper behavior is no longer a mystery.

#3Make the most of marketing technologyCMOs need to effectively use marketing technology to drive customer segmentation, positioning and targeting.

#4Balance data and creativityCMOs must wear multiple hats to strike a balance between a data-driven mindset and an artistic approach.

#5Be ROI drivenCMOs must ask themselves — How effective am I at turning ad dollars into sales? They must first optimize their spending across media channels and then justify the value of every marketing dollar invested.

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