Thinking to build 1 million dollar business? Think of e-commerce! The best salesman for your business!
published : 03-12-2019
Over the last decades, E-Commerce becomes most popular for shopping and it is also a successful concept from the business perspective. E-Commerce is the basic process of buying and selling products through electronics such as mobile
phones and the Internet. It mostly refers to both online retail and shopping as well as transactions.
E-commerce allows you to buy and sell the products on a global scale, 24 hours a day without having the brick walls around you!
WHAT DOES E-COMMERCE MEAN?
Most of the people think that E-Commerce is business to consumer (B2C) but there are many other types of E-Commerce. It includes online ticketing&reservations, online auction sites, internet
banking, and business to business (B2B) transactions. In the era of mobile phones, e-commerce has grown and has increased its own value which is known as an “M-Commerce”.
7 Benefits of E-commerce?
It’s not easy to start an E-Commerce business but such solutions like Shopify and WooCommerce allow the least techie people to set up a store.
People taking the benefits of such solutions and launch an e-commerce store in minutes.
I would like to share 7 reasons why E-commerce is a good option for all business persons.
Worldwide Reach – E-Commerce will allow you to sell your products worldwide. It has no limitations, you can sell to anyone at anywhere in the world just by a few clicks.
24x7 Open – Physical store has limited hours but the online shop has no time limitations. It remains open 24 hours a day, 7 days a week and 365 days a year.
Cost Savings – E-Commerce is cost-effective solutions for business persons. It has not required physical space and staff.
Automated Inventory Management – Easy and good option for inventory management through online tools. It saves billions of dollars in inventory and operating costs.
Laser Targeted Marketing – Marketing is the essential thing and target marketing increase the sell. In an online store, merchants can collect the target audience’s data and pitch them very easily which is not possible
just by the physical store.
Niche Market Dominance – Online stores ensure profitability as it has the power to reach the global audience and even ideal customers.
Location Independence – Location matters a lot when you are owning a physical store. But in the case of online store, you don’t need to focus there as you just need laptop and internet to run your business.
Two types of e-commerce Merchants
Physical products seller: Name says all. Selling any physical products like fashion, homeware and accessories etc.
Digital products seller (downloadable products): Have you ever purchased any “online courses”? It comes into this category. Any product which you can access just by online members area
can download it then it is a “Digital Product”.
E-Commerce system has many benefits to both, users and entrepreneurs but everything has 2 sides and therefore, E-commerce has some challenges you will need to overcome when launching your own
1. Trust: “Trust” is a big word in E-commerce and it comes in many forms,
Can your customers trust your products are of good quality?
Can your customers trust your selected payment gateway won’t fail them?
Can your customers trust you as a company?
There are many trusted payment gateway like PayPal, Stripe can build your customer’s confidence. Also, you can use “review system” to know your customer’s mindset and can understand them and provide
them with good services which they are hoping.
2. Technical issues: When you are not a technical person and can not resolve the coding related problems by your own then you will face many issues if any bugs will occur.
What if the payment gateway stops working?
What if your design is not responsive or needs to fix some coding?
But you can fix this problem by outsourcing this.
3. Competitors: This is the common challenge for all kind of business, not just the E-commerce so I would just say that before starting your own business you need to do your market research
find your business value.
4. No physical presence: Most of the customers wants to feel products so this can be a major challenge.
Here are a few ways to get overcome from this issue:
Detail Description of product
Include videos of your products being used
Free return offer
Put FAQs for each product
Add high-resolution images of product
5. Initial spend: This is the biggest challenge as a new e-commerce store owner. You have to spend some sort of money to reach out to a large audience.
Run online advertising
Publishing an upsell/upgrade bar on your web
E-marketing is the best solution
Basically, Marketplace is an online platform where multiple vendors can sell their products. And such a Marketplace useful to you if you don’t want to limit your earning. You can sell your products
such a marketplace along with your own e-commerce and earn more money.
User experience is vital for e-commerce and it is very essential to provide this feature for any successful e-commerce store. Without this feature, it is very difficult when it comes to increasing
Ofcourse, you will have a question that how you will provide a better user experience? I will say that it starts with your website design.
You can search for the best website design on google and will get amazing sites which provide a good design with additional features and functional themes.
Good design and good service are necessary to generate traffic in your store. Nowadays, you can use Augmented Reality in your e-commerce which will give real-time experience to
your users and eventually, it will generate the traffic and build more trust.
Users can feel the product and explore more using Augmented Reality in E-commerce which is the most essential thing. It is not easy to provide such a facility to your user but once you will give
I am sure your selling will increase.
If you still have any doubts in E-commerce and how to make it successful then please drop me on firstname.lastname@example.org I would like to guide you.