WHAT IS E-COMMERCE AND WHY IT IS IMPORTANT FOR YOUR BUSINESS IN 2017
E-Commerce is the process in which commercial transactions are conducted electronically on the Internet. This is the basic definition, but, the idea and practice of e-commerce is now beyond that. Electronic commerce (EC) is also the buying and selling of goods and services, on a virtual platform. In this day and age, e-commerce is the most widely used form of business and transactions.
E Commerce Importance For Your Business in 2017
These transactions can be from one business to another, a business to a customer (vice versa) and even a customer to a customer, depending on the application. All of these are done electronically. EC gave way to multiple other facets of business activities over the internet. Advertising, became Digital Marketing and buying, became browsing. E-commerce provides an easy way for the customers, of a company, to look for exactly what they need with the help of a very commonly used feature called the search bar, wherein buyers can type in the product name depending on what they want to look for. It has made purchasing and selling so much easier and often cheaper for both the parties that are involved. A lot of marketing and consumer psychology goes into building websites and applications that are required for e-commerce. Customer service and logistics is also a lot easier for the sellers. Accessibility for consumers to buy whatever they want to online, from the different plethora of websites that are available to them is also much better now.
Amazon, Alibaba, Flipkart, Big Basket, Snapdeal and Jabong are among the few that are doing very well in the market. Brands now have no choice but to provide an option for online shopping for their customers if they want their business to succeed. This provides them a wider reach to their audience, increases their brand value as well as their revenue system. Online payment, makes it more convenient and also helps the country’s ideology of moving onto a less cashless society. Payment options have also become more convenient and electronic.Paytm can be one of the examples of a website that provides customer-customer deals. Apps like, Paytm, PayPal, Ola Money, etc., have changed the game with their immediate money transaction methods; these too, come under E-Commerce. Because of this, discounts of companies and cashback policies are easier to advertise, thus, increasing the sales of the business.
Working Of a E Commerce Website
One of the more important reasons for a business to invest in e-commerce is for electronic data interchange, where companies that are counterparts can exchange their necessary data with each other on a day to day basis, instantly. Apart from creating a wider customer base, ecommerce also helps even an age-old company to come in par with a relatively new one. It gives customers and employees the trust that the company is up to date with technological and social advances. In contrast to this, businesses need to only employ a few people since most of the work will be done electronically. This makes the work faster and more efficient. A website will be open for 24 hours, 7 days a week, for the entire year, leaving scope for constant buying and selling to take place.
A good e-commerce website will have a near to perfect web design and a good user interface. This attracts customers, which in turn, increases sales. E-Commerce is the present and the future of business, worldwide.