Electronic commerce, also known as e-commerce or Internet commerce, refers to buying and selling goods or services over the Internet and transferring money and data to complete those transactions. E-commerce is most commonly used to refer to the sale of physical products online, but it can also describe any commercial transaction facilitated over the internet. In addition to buying and selling, it also helps in marketing, delivery, and payment of purchased products over the Internet.
TYPES OF E-COMMERCE MODELS:
1. Business to Consumer (B2C).
B2C e-commerce involves transactions between a business and a consumer. B2C is one of the most popular sales models in e-commerce. For example, when you buy gifts from an online retailer, it is a business-to-consumer e-commerce transaction.
2. Business to Business (B2B).
In contrast to B2C, B2B e-commerce involves business-to-business sales, e.g., a manufacturer and a wholesaler or retailer. B2B is not consumer-oriented and only takes place between companies.
3. Consumer-to-consumer (C2C).
One of the earliest forms of e-commerce, consumer-to-consumer e-commerce, involves selling products or services between customers. The most popular C2C e-commerce companies are Amazon, eBay, Alibaba, etc.
4. Direct to Consumer (D2C).
A new e-commerce model, D2C, refers to a company that sells products directly to the end customer rather than through a retailer, distributor, or wholesaler. A typical example of D2C e-commerce is a subscription-based brand like Netflix or Dollar Shave Club.
5. Consumer to Business (C2B).
C2B reverses the traditional retail model, meaning that individual consumers make their products or services available to professional buyers. An example of a C2B e-commerce business is iStock, an online store where you can buy stock photos directly from various photographers.
6. Business to Administration (B2A).
B2A covers transactions between Internet companies and governments. Examples include products and services related to legal documents, social security, etc.
7. Consumer to Administration (C2A).
C2A is similar to B2A, which refers to the activities carried out between the individuals and the government. C2A can include online educational counseling, online tax preparation, etc.
SERVICES PROVIDED BY an E-commerce Store
1. Shop online
Electronic stores will sell their products through their website so buyers can shop comfortably from their computers.
2. Warranty status
Warranty is the best choice if you are worried about your device breaking down. It offers to cover any malfunctions or damages that occur after purchase.
3. Return policy
If you are unsatisfied with your purchases, many electronic stores will provide a return policy.
4. On-time delivery of products:
E-commerce is done from anywhere in the world. It delivers the goods to the correct destinations on time.
5. Price:
It offers a reasonable price for your products. It displays the products according to price.
How to run a successful e-store?
While creating an e-store, be sure to embrace the following essential features in it. These features will ensure it makes a successful e-store.
1. Mention product details
A complete product description should be mentioned to make the customers understand easily. Multiple pictures of the products should be given so that the customers can get to know the products instantly.
2. Easily accessible navigation
An intuitive navigation system is the key to helping customers find the products they need quickly. Products should be sorted logically, with the most popular categories listed first.
3. Promote your business
Online promoting your business is also critical to its success. Advertising can take many forms, including billboards, brochures, and media ads. Also, online businesses can use ad extensions. You may see banner ads on various well-known websites. The clickable area of the? An ad that links to your company’s website should be as large as possible. You can use online advertising services such as Google Ads. Although it is a paid service, simply showing these ads will increase your business’s visibility. You can make your ads more personal by sending ads to your target customers via email.
4. Product Reviews
Most online shoppers make purchasing decisions based on ratings and reviews from other customers. The review process should be simple and question-based to encourage customers to provide feedback on purchased products. The reviews section should be visible to customers, ideally below product listings, to reassure customers that your company and product are genuine.
5. Search bar
Over 70% of online shoppers use the search bar to find products on e-store sites. Adding this feature to your e-store site will help customers find products quickly and accurately. The search bar is an essential feature for any online store, but creating a feature-rich one takes time and effort. Businesses should ensure that the search bar feature correctly captures long searches, suggests relevant results, and corrects spelling mistakes.
6. Multiple Payment choices
An essential e-store feature is the ease of the checkout and checkout process. Customers will likely abandon their shopping cart when they need help finding their preferred payment method, resulting in lost sales. In addition to credit and debit cards, stores should also accept online banking, e-wallets, chip cards, and cash on delivery. Supporting multiple payment methods, the checkout process can be streamlined; customers can choose their preferred payment method. And finally, shop conveniently.
7. Return Policy
Customers constantly review the return policy before making a purchase decision. For an e-store, a transparent returns and exchanges policy is essential to build customer trust. The returns and exchanges policy should be easy to find on an e-store site. Displaying the return policy in the FAQ or during the checkout process effectively informs customers about the policy and encourages them to purchase.
8. Tracking control
When a customer places an order, the most common question that arrives to the customer is when my order will be delivered. Let customers easily view their current order status on your website.
9. Customer services
Only some of the activities on your e-store website are successful. Many customers will have questions and problems. It is unavoidable. When a customer has problems, for example, to find a product or fix a problem with an item they previously purchased, you need to make sure they get help as soon as possible. That’s why you need easily accessible customer service with a variety of options, such as
- Telephone
- Live chat
customers can now interact with your brand based on how they want to communicate. In addition to good accessibility, customer service should also be friendly.
10. Update your inventory frequently
Best-selling products tend to sell out quickly, so the stock level is very high. Always look for new product ideas that can advance your business. Don’t rely on just a few products to generate all of your sales. Instead, offer your existing customers news and frequently try out new product ideas based on Google Trends.
11. Safe and fast checkout
E-stores provide an easy platform to sell products and receive payments online. Unlike the time you spend processing those payments at brick-and-mortar stores, get your online customers to do it quickly. You should speed up fast payments with a payment gateway tool. You must offer a payment function that does not require any further information. Additionally, security is paramount in a business of this type, so you need a payment processor that securely handles all of your customers’ credit card information. Choose payment options like Amazon Pay and PayPal that people trust. This keeps them stress-free when spending money in your store.
12. Frequently Asked Questions
When shopping in a stationery store, customers find someone to answer their doubts about the product they want and other questions, such as the right to return. The situation is very different when it comes to online shopping. You should create a self-service FAQ page for the same reason. A central FAQ page helps customers find answers to all common questions. You can offer a small FAQ section on each product page if you have an extensive range of products.
13. Wish list
A wish list or want list is a way to save the desired items and buy them later. This allows customers to card items they like and buy them in the future. Again, this can be a brilliant remarketing campaign, as you might wish. Notifications can be sent to customers to remind them of items on their Wish list, especially when a discount is available.
14. High-Quality Picture Zoom in
With no physical contact with the items you sell until they buy them, it’s something every buyer can zoom in on and see different aspects of your product with photos. Smooth zooming is especially critical for online stores that sell products.
15. Security
Security is undoubtedly one of the most essential features of any website, especially e-commerce. With the increase in daily financial transactions and sensitive customer data stored online, such as payment method details, shipping information, or passwords, it is essential to have an effective security system in place.
16. Build an About Us page.
Your About Us page is a window to your business; you want it to look attractive and fresh. Approximately 7% of homepage visitors click through to the info page. Your About Us page will be the first place online for tens of thousands of people to learn more about your new business. You can also use this page to link to other information about yourself, including your eBay page, YouTube channel, and LinkedIn profile.
