eCommerce And Today’s Business World
eCommerce also referred to as electronic commerce translates to the modern use of the medium of the internet or electronic networks to carry out the economic business of buying and selling of products and services. In a broader view, it also extends to the use of the electronic platform for the transfer of funds through the digital communications.
eCommerce is an electronic medium or platform through which retailers and merchants channel their goods and services to the end users or consumers. It entails using the online stores hosted on the internet or computer networks by marketers to accelerate the effective delivery of their businesses.
eMarketing is also the use of the internet and digital media capabilities by the retailers and merchants to deliver their products and services. These digital technologies are a valuable addition to the basic traditional market approaches, regardless of the size and mature of the business.
With the increasing importance of the eCommerce industry, most business owners are looking to have a presence in the online market by establishing an online store where they can sell their range of products and services. It is very helpful to the retailers in building an online market potentiality or to increase an existing market position by providing a cheaper and more efficient distribution network or chain for their brands, merchandise or services.
eCommerce has become so popular in recent times because it delivers a comprehensive range of benefits which goes beyond the players in the industry, like the retailers and affiliate marketers but also to the consumers or end users as well.
For a lot of people in the world today, eCommerce enables a convenient and easy way to shop because it provides an online platform where the consumers can make their online shopping from the comfort of their homes, anytime, anywhere, 24/7 and ultimately get their perfect shopping experience.
It overcomes geographical limitations as its delivery medium which is the internet or computer network reaches across the entire world. On the other hand, products and services delivered through the physical stores are limited to the geographical region in which they operate.
It stimulates comparison shopping. The consumer is able to shop around and make relative searches online to compare variety of products before making informed decisions which albeit ensures the consumer gets the most favourable products and services for the right price.
eCommerce expands market for niche products as with the provision of online stores, the consumer can always search the web for any kinds of products or services and make their purchases around the world. Products and services become more attractive and sell-able because of the ready demands.
It brings down the cost of running the business which in turn reduces the prices of end products and services for a number of reasons;
- Reduces cost of Advertising and Marketing. However, organic search engines, social media traffic and pay-per-click are some of the effective advertising channels.
- Reduces cost of Personnel. Today, due to the complete automation of check outs, billings, inventory management and other types of operational costs, minimal number of employees are required to run the eCommerce business.
- Eliminate travel costs. Customers do not have to travel long distances to reach their desired stores as eCommerce allows them to visit online stores anytime without traveling. With a few mouse clicks, customers can do their online shopping and have a perfect shopping experience.
eCommerce enables a global reach across the world to the end consumers as the platform is readily available 24 hours and as a result ensures competency and efficient delivery of customer service to the consumers.
It provides a platform to deliver huge information across to the consumers. The vendors or retailers always endeavour to enhance their services and improve marketability of their products and services through the provision of up- to-date information about new products and services to their consumers.
eCommerce enables businesses to attract new customers to search engine visibility. We all know that physical retailing is run by branding and relationships. Online retail is driven by generating traffic that comes from search engines. For customers, it is not very common to follow a link in the search engine result and land on an eCommerce website that they never heard of, but it becomes effective through search engine optimization.
eCommerce will continue to generate increasing popularity among businesses and will go a long way in our today’s business world!