Today, Ecommerce is a major part of our everyday life. And it’s only becoming bigger and bigger with every passing day. But what exactly is ecommerce all about?
Ecommerce is interchangeably used as ‘online’ shopping but it’s much broader than that. Any business model with an online presence and involves transactions taking place on the internet is termed as ecommerce. And stores which sell their products online are known as ecommerce stores. For instance, Amazon, Flipkart, Makemytrip and similar product and service selling sites are ecommerce stores/websites.
This is the first step of any start-up. What’s the ‘idea’ behind your business? Ask yourself, what problem you are solving for the consumer. If you’re the first one to do it, brilliant! You have the first mover’s advantage. But it’s ok if there are others who have done it already. The point is how well you plan, market and execute it compared to the ones existing. The key lies in cracking the idea, while solving a consumer problem.
Studies show that millennial generation amidst the age 18-34 years shops the maximum online with an approximate spending of $2000 each year.
There are primarily 3 ecommerce business models:
Under this (Business to Business) model, a business sells his product to another business who then sells it to the end consumer. For example, Ali Baba website is B2B – its low prices enables resellers to buy it and make some profit out of it.
The (Business to Consumer) model involves businesses selling directly to the end consumer. Snapdeal, Amazon, Walmart all belong to the B2C businesses.
The (Consumer to Consumer) model has one consumer selling products to another consumer online. All the sellers on such a website are consumers in some way who are selling either second-hand or old things to another consumer. OLX – an Indian company is an example of a C2C business model.
An ecommerce platform is a software system which lets you create the entire online store. There are 4 major platforms, namely Shopify, WooCommerce, Magento and BigCommerce.
And how would you decide which one to choose? Read our article – What to choose for your ecommerce store – Shopify or Magento and get acquainted with all the useful information.
Popular ecommerce sites are Amazon, Ebay, Flipkart, AliExpress, Taobao, Snapdeal etc.
Looking at the past records, the ecommerce industry is only going to grow in the future. It’s expected to take over the offline store sales. So, if you are planning to start an ecommerce business, it’s definitely a good idea but remember, competition is going to be equally tough.
From start-ups to established businesses, we offer state-of-the –art and customized E-Commerce Retail Solutions to organizations operating at any and every level.
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