What is E-commerce Website
E-commerce is the buying and selling of goods and services over the internet. E-commerce can be a substitute for brick-and-mortar stores, though some businesses choose to maintain both. Almost anything can be purchased through E-commerce today.
E-commerce (electronic commerce) is an electronic network, primarily the internet. These business transactions occur either as business-to-business, consumer-to-consumer, or consumer-to-business. The terms E-commerce and e-business are often used interchangeably. The term e-tail is also sometimes used about the transactional process that makes up online retail shopping.
Types of E-commerce Website
Business-to-business (B2B) The business-to-business E-commerce model is structured just like it sounds.
- Business-to-Consumer (B2C)
- Consumer-to-Consumer (C2C)
- Consumer-to-Business (C2B)
- Single Brand Website
- Online Retailers
- Affiliate Websites
# Top 6 Benefits of having E-commerce website
1. Lower Set Up & Running Costs Than an Offline Businesses
E-commerce also can reduce transaction costs by streamlining supply-chain management and distribution. If a store expands its product selection online, more orders can be shipped from the warehouse or wholesaler directly to the customer. The store can now serve lucrative niche markets.
The whole sales system for your business is automated online. You will therefore save on staff, wages and other business costs, which are usually an expense such as electricity, rent and heating costs. The money that you have saved can then be used to develop your E-commerce website and product range further. E-commerce websites will also help you expand your product offering faster than is normally possible within an offline business situation.
2. The Business Can Be Operated From Anywhere by having E-commerce Website
Hence, it is an online you can operate from anywhere. It is an important benefit of having an E-commerce website.
E-commerce websites reduce any geographical restrictions you would normally face with an office-based business. You can be anywhere around the world and still successfully oversee your E-commerce business. The essential items you need to oversee your E-commerce website from anywhere are; having access to emails, the Internet, and phones.
3. No Opening Time Restrictions
An E-commerce website is open 24/7, meaning there are no restrictions on when people can shop for and purchase your products, whether it is the middle of the day or the middle of the night. With E-commerce websites, you are not restricting your potential customers, as they can view your website at any time of day. This means as a business, you are maximizing your sales and profits. How can your sales be further maximized? You can do this through a range of sales initiatives such as special offers and online marketing initiatives.
4. Less Time Intensive by having E-commerce website
Once you already have initially set up your E-commerce site, you don’t have to invest a lot of time running it. That’s because the entire process for customers to order and make payments are already activated through an online system.
Once your E-commerce website has been initially set up, you should not have to invest too much time into running it. This is because the whole process for customers ordering and making payments will all be activated through the Online System. This will give you more time to determine new products you want to sell, special offers you want to launch and to track how successful your sales are. You will also be able to determine any trends in terms of which products are selling most successfully.
Not to be forgotten also are the increase in sales revenues that E-commerce websites bring. The product visibility that you can gain through E-commerce websites means that your business can encourage new customers at any time in the day.
5. Higher Margins & Better Cash flow
If your business is involved and sells within the trade industry sector, an E-commerce website will allow you to sell at Higher Margins. This will make the profits you make on your products even higher. The shopping cart and payment options on these websites also mean you are gaining a 100% payment from the customer straight away. This will improve your cash flow, particularly when customers normally provide you with payments in several installments.
There are also several reliable payment systems you can have for your E-commerce website including; UPI Method, PayTm, Google Pay, Credit/Debit Card, and more. This will ensure all your payment transactions are processed successfully, so your business receives the payments efficiently.
6. Scale Ability
E-commerce websites are very effective in allowing you to determine which products are selling successfully, to ensure the stock levels of these products are increased. Additionally, how these successful products can be diversified to develop a larger range of products to sell through the website. This will allow you to grow your business in terms of sales, customer base, and profits.
Amazon’s online shopping website has developed successfully around scaling their product range, and monitoring closely what is selling with customers. This has consequently allowed them to dramatically diversify their product range into many sectors.
So there you have it, 6 good reasons to sell your products online!
Statistics of E-commerce website in different ways
Market size and growth
Even with limited capital, it’s easy to set up a business nowadays thanks to E-commerce growth. With consumers increasingly relying on online shopping — it is estimated that 95% of purchases will be made online by 2040 — E-commerce is opening the doors of opportunity to countless entrepreneurs.
And, those E-commerce sales opportunities are rapidly growing. In 2017, E-commerce was responsible for $2.3 trillion in sales, which is expected to nearly double to $4.5 trillion by 2021. In the U.S. alone, online shopping already accounts for 10% of retail sales and is expected to grow at a year-on-year rate of 15%.
E-commerce share of retail sales
The growing E-commerce market share should come as no surprise, given the increased accessibility and affordability of mobile devices, as well as increased internet access worldwide.
This statistic clearly shows how E-commerce becoming more important for business It’s growing so quickly that it’s expected to make up a whopping 22.0 percent of retail sales worldwide by 2023.
E-commerce offers the organization an easier reach for the customers, and hence necessary exposure to business is also achieved.
Global E-commerce sales [2019 – 2024]
Global E-commerce sales are expected to total $4.891 trillion worldwide in 2021. This number is expected to continue growing over the next few years, proving that E-commerce is becoming an increasingly lucrative option for businesses.
Plus, of total global retail in 2021, 19.5 percent is expected to come from online purchases. That is, nearly one-fifth of every $ 1 spent on retail goods this year will be done over the internet. Online sales are expected to continue rising and take a larger piece of the retail pie.
Budget of E commerce website
Budget for E-commerce website is 400 $ to 6700$ [Approximately 30,000₹ to 5,00,000₹], is nothing in front of your profit. so if you have business you must have E-commerce website.
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