This is why E-Commerce is so famous!
Published: 2022-02-08 12:34:35

E-Commerce is a marketplace in which goods and services are sold online through the internet. E-Commerce operates on 4 market segments. On E-Commerce, you can sell any tangible goods and services without any limitation of quantity. E-Commerce has changed the consumer perspective of buying goods. E-Commerce has numerous products to offer starting from a small needle to big aviation parts. Every tangible goods and service can be found on E-Commerce.

What is E-Commerce?

As discussed above E-Commerce is a marketplace to sell tangible goods and services online through internet means. There are 3 parties involved in E-Commerce buyer, seller, and provider. What’s a provider?

The provider is the medium between the seller and buyer. The provider has developed a platform in which an environment is created for buying and selling tangible goods and services. The provider ensures that the transaction and delivery of goods are done in a proper manner or not. 

E-Commerce has helped many businesses achieve new heights in their profits. If you develop an E-Commerce website then your market is not just limited to one locality, the whole world is your market. Through E-Commerce, you can sell around the clock without having any physical presence.

“E-Commerce is like developing branches all over the world without having any physical structure or presence”.

-ATS

Which are the 4 segments of the E-Commerce Market.
Business to Business (B2B): In this segments goods and services are sold from business to business. In this market segment generally, big businesses sell to small businesses at a wholesale rate. This market segment is known as a wholesale market.
Business to Consumer (B2C): In this segment goods and services are sold from business to consumer. In this market segment, every business sold its goods and services to customers at a retail rate. This market segment is known as the retail market.
Consumer to Consumer (C2C): In this segment, every consumer is a seller or buyer. In this market segment generally, second-hand goods are sold. There are many platforms for buying and selling goods like eBay, old, quicker, right now you can even sell second-hand cars and many different things.
Consumer to Business (C2B): In this segment, there are individual sellers selling their products to big businesses. This market segment is a popular place for artists and individual creators to sell their art.

All of these market segments are benefited because of e-commerce. Because of e-commerce, many small-scale sellers are achieving new heights in their business. In E-Commerce generally businessman uses an Omni-Channel market model. But wait what’s that?

What is the Omni-Channel market model?

In this type of market model businessman offers more than three channels of products to their customers. In the Omni-Channel market, businessmen are not limited to selling a specific type of good they offer different types of goods. The main benefit of the Omni-Channel market is that you can pitch them a variety of different things. For example, if a customer has added something in cart so you can also suggest different products that you offer. This benefits in coverage of your market.

According to a study of Harvard Business Review, 46,000 shopkeepers show that the Omni-Channel market model is a successful market model. It also reveals that people are more influenced to buy a variety of things instead of buying only one product. This model also boosts customer loyalty because they can get everything at one place only.

Purchase frequency is 250% higher on omnichannel vs. single-channel and the average order value is 13% more per order on omnichannel vs. single channel.

Source from: Omnisend

Summary

E-Commerce is Beneficial to your business in numerous ways. Here at CodeEpsilon, we are Experts in developing E-Commerce mobile applications, web applications, and many more. We offer a variety of E-Commerce functionalities according to your business requirements. Comment down your choices of products which you want to develop an E-Commerce platform. For a detailed discussion on your E-Commerce business idea Contact us.