With so many ways to make money online, you must have wondered what is e-commerce. And is it suitable for you to make money?
Follow this article with ICOS to learn more about e-commerce and its benefits.
What is e-commerce?
Electronic Commerce (E-Commerce) means all online transactions of a commercial nature. It covers a wide range of activities using online tools, from online banking and e-wallets to ticketing and online auctions.
However, e-commerce is often understood in the sense of online shopping, which refers to the buying and selling of tangible and intangible products on the Internet.
Many major online retailers like Amazon and Walmart are among the most popular e-commerce sites.
How important is the e-commerce industry?
The e-commerce industry is growing. Online sales currently account for more than 14% of total retail sales worldwide and will continue to grow to 22% by 2023.
With more than two billion online shoppers worldwide, global online sales are expected to account for more than 95% of all purchases by 2040.
In short, the E-Commerce industry has certainly become a part of our lives.
What are the benefits of e-commerce?
Unlike brick-and-mortar stores, here are some of the benefits of starting an e-commerce business:
Global market
E-commerce breaks down geographical barriers, allowing you to sell to anyone from anywhere in the world.
It also makes it easier to discover and buy products, allowing businesses to sell fashion products at a scale that brick-and-mortar stores can’t.
For sellers, this is a great way to increase revenue and sales. Customers can choose and use more products or services regardless of location.
Moreover, eCommerce not only has a broader market reach but also eliminates the need for your physical storefront. You can start creating an eCommerce store as soon as you know what to sell and are ready to start an online business.
Always open 24/7/365
If your business is on the internet, it means it is always online. As a seller, you increase your chances of selling and making money, no matter what opening hours.
Additionally, 87% of buyers search for products online, so your online business will help your store reach a wider audience.
For buyers, the online shopping brings instant gratification. At any time, you can shop with just a few clicks and the product or service will be yours.
This convenience is especially beneficial if you are targeting global customers. You never know what time zone they are in, and being open 24/7 ensures that you won’t lose any customers.
To maximize customer satisfaction, you can use chatbots. Provide 24/7 customer support whether you are online or offline.
Low cost
In addition to not having to build or rent a physical store, opening an e-commerce store also helps reduce some of the operating costs.
First, you can set up an eCommerce website for an affordable price.
Second, you can save on storage and product maintenance costs by choosing a dropshipping business. Let the supplier fulfill the orders for you.
Online advertising is also more affordable than traditional channels. Even better, there are many online advertising platforms available, so you can tailor your marketing strategy to save your budget.
Finally, you eliminate labor costs by running and managing your own business. Even if you need employees, you don’t need to hire many thanks to the advanced features available on various e-commerce platforms.
Easier management
E-commerce businesses can automate inventory management with tools and services. They streamline and streamline inventory and operations management processes.
For example, you can add, track and manage product inventory from one page. Real-time calculation tools also handle shipping and delivery details.
Therefore, you do not need to create a manual shipping cost table. And depending on where you build your e-commerce site, online stores often offer a variety of payment options.
Customers can choose an address that is familiar to them. Achieve efficiency and productivity more easily with the right e-commerce platform. It also helps you relieve stress and focus on growing your business.
In addition, your e-commerce store is guaranteed to provide a great user experience when customers shop online. The website will be up and running quickly and smoothly, and the order management system will ensure prompt delivery.
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