What is eCommerce?

eCommerce is the common practice of sending money over the internet for exchanging goods or services. Based on the type of parties involved in the transaction this can be categorised into the following segments.

  1. B2C – business to customer
  2. B2B – business to business
  3. C2B – consumer to business
  4. C2C – consumer to customer
  5. B2G – business to government
  6. C2G – consumer to government

From all these categories, B2C is the most common segment of the eCommerce, and sometimes it is interchangeably referred to as the eCommerce.

If you think about the most successful companies in the world, many of them are eCommerce businesses such as Amazon, Alibaba & Walmart. Chances of failing in the eCommerce industry are minimum if you follow the basics of selling online. As you are not bound to a single location, the globe is the limit for your business. Most of the time, an eCommerce business can be started on a small scale without much investment and can grow to a limit. Even individuals can start with minimum capital if they address the pain point of any consumer segment.

Applications of eCommerce

There are many applications in eCommerce. And some of them are,

  1. Retail and Wholesale
  2. Online Marketing
  3. Finance
  4. Manufacturing
  5. Online Booking
  6. Online Publishing
  7. Digital Advertising
  8. Education
  9. Health and Beauty
  10. Services
  11. Auctions

There are many more applications of eCommerce which provides loads of benefits to the consumers around the world.

Benefits of eCommerce

The reason why eCommerce is so successful is that it is so convenient and provides a lot of benefits, such as discussed below.

  • Faster buying/selling process – as all the transactions are done through the internet, it is much faster.

  • Cost reduction – reduces costs as you don’t need large spaces and office areas as you’re making sales through the internet.

  • Affordable advertising/marketing – You don’t need to spend large amounts as you can advertise.

  • Flexibility for consumers – Your consumers can log onto your site and place their orders at any time of the day.

  • No, reach limitations – Almost every consumer in the world can come to your website to see your content.

  • Product and price comparison – It’s easier to compare products and prices on the internet.

  • Faster response to buyers – Your business is on the web, you can respond to your buyers in the blink of an eye.

There are many more benefits in eCommerce, which makes eCommerce the future of the business world. Some impressive figures about the eCommerce market below,

  • The total number of sales for eCommerce in 2019 is worth more than 3.5 trillion dollars.

  • The average growth rate percentage of eCommerce is 25.6 from 2014 to 2017.

These two points only reflect the potential of the eCommerce industry for any big or small company.

The future technologies of eCommerce

  • Use of AI
  • Voice Search
  • BigData
  • Augmented Reality (AR)
  • Virtual Reality (VR)
  • PWA
    In B2C selling, reachability and accessibility are essential. While the website provides high reachability, mobile apps offer accessibility. Up to now, businesses had to develop at least two separate applications for websites and mobile. Developing two applications like this decreases profit and will need two different expertise to maintain the different applications, which will give more headaches than profits. With PWA that hassle is no more. When developing the frontend application, it automatically creates the mobile application which you can download through your website (No need to bother about redirecting your customers from your website to Google Play Store or Apple Store). The downloaded apps will behave similar to any other mobile app, with the same features like push-notification, speed and responsiveness of a mobile app.

What is NeoSolax’s involvement in eCommerce

NeoSolax is a premiere eCommerce company in Sri Lanka which uses the latest technology like PWA. We are obliged to improve your sales and make your customers’ life easy upon you joining us. Our highly capable team has more than ten years of experience in eCommerce. So we do not only deliver the technical product but any other assistance for you to succeed in your business.

Contact NeoSolax now to develop your eCommerce site, using the latest technology.

References:
https://www.ipixtechnologies.com/what-is-ecommerce-and-its-applications.html

ABOUT THE AUTHOR

Qualid Stanly is a newbie to the professional world. Due to the enthusiasm about the business and technology he chose to take the path as a Business Development intern at NeoSolax just after his final exams at school in 2020.

Leave a Reply

Your email address will not be published. Required fields are marked *