E-commerce boomed and reshaped the financial services of many amidst the pandemic. But what is e-Commerce, and how does it work? E-commerce or electronic commerce is the buying and selling of goods and services. It is also the transmitting of funds or data through the help of the internet.
The transactions can be possible through business-to-business, business-to-consumer,consumer-to-consumer, or consumer-to-business.
In the past years, records show the widespread use of E-Commerce platforms such as Amazon and eBay.
How does E-commerce work?
E-Commerce is powered by the internet, where customers can access an online store to browse through and place orders for products or services on their own devices. This platform is being preferred by people that have no time to go through a physical shop. It can save your time and energy as well.
What are the types of e-Commerce?
Business to Business
Business-to-Business refers to the electronic exchange of products, services, or information between businesses rather than between businesses and consumers.
Business to Consumer
Business to Consumer is when shops sell products, services, or information directly to the customers.
Today, some innumerable virtual stores and malls are rising on the internet. You can see all types of products and offerings, like going to a physical store.
One of these is Amazon that dominates the market globally.
Consumer to Consumer
Consumers trade products, services, and information with each other online.
Consumer to Business
Consumer to Business is a type of e-commerce in which consumers make their products and services available online for companies to purchase.
It features online sales transactions using mobile devices such as smartphones and tablets.
Covid-19 put e-commerce at the forefront of retail. Before the pandemic surges, online shopping was growing at a steady pace of 4.5 percent annually. However, the retail landscape has changed this year due to the movement restriction brought by the rising cases of Covid19. Today, public health is the prime concern of our government and health department. A recent statistic shows that there is an increasing number of individuals who prefer online shopping.
How does e-commerce help kickstart business sales velocity?
Digital shoppers increased in most countries. It is due to the heightened restrictions brought by Covid-19. Few exceptions where lockdown policies restricted all types of economic activities, including e-commerce. However, through the help of e-commerce, consumers were given the best and safest option to trade without exposing themselves outside your premises.
Let’s look at some reasons why customers are likely to continue shopping more and more online.
Pandemic develops new shopping habits.
Due to quarantine, people’s way of buying items has changed. It developed new shopping habits that consumers more comfortable and convenient to the market.
COVID-19 fears aren’t going to disappear overnight.
Covid-19 will not disappear overnight. Hence, e-commerce and other forms of online businesses will generally boom despite the presence of a physical store. Even when the quarantine ends, people will be cautious about their safety, and many will still prefer shopping online around their homes.
The rapid growth of mobile devices made our lives easy, and one of them is the ability to shop online.
The digital age helps e-Commerce to grow and accelerate gradually. It is made easy for the customers to place orders from a device. Online business applications made customers’ life easy. Few clicks and expect your order to be delivered at your doorstep or workplace.
Everything you need, e-Commerce got you covered.
No matter how sophisticated your needs and wants are, online trading got it all covered. You don’t have to worry about your demands. Online sellers got your needs covered.
There is no wonder that e-commerce will still boost its strength in the next coming years. Today, statistic shows that e-commerce help both the sellers and consumers move and grow amidst the frightening days of the pandemic.
Advantages of e-Commerce
e-Commerce offers around-the-clock availability that can make customers more convenient and safe in the corners of their homes.
Here are some advantages of e-Commerce
e-commerce sites are available 24/7. It allows potential buyers to browse your shop at any time of the day.
Speed of access
e-commerce sites will not burden their customers to queue compared to what you see in a physical shop. E-commerce sites are quick that enable you to finish your transaction in just a few clicks.
Buying some stuff and running in a physical store can take some time to reach your desired shop. However, e-commerce sets a category of their products. You can save time and focus on a specific product that you want to buy.
One of the conveniences of e-commerce provide is you can shop at international brands without going to their physical shop. E-commerce has the potential to extend a business through an online platform.
Just like in a physical shop, e-commerce offers low costs and discounts too. They also offer buyers shopping vouchers and made their customers attract doing shopping through available discounts vouchers.
Overall, e-commerce can kickstart your sales velocity today. People are fond and overwhelmed using different online markets to shop for their needs. There is no wonder that businesses entrepreneurs, both small and big are starting to invest online.