The Internet has undeniably changed an aspect or two in our lives. It enables us humans to retrieve information that we need in a fast and convenient manner. Communication not only has been made simpler by online connectivity, but the World Wide Web also introduced the concept of buying and selling goods and services online. Entrepreneurs saw this as a chance to expand their businesses to great heights. Indeed, the Internet is now one of the most powerful tools that are being utilized by business owners as well as professionals to gain profit while at the same time improving their authority in their respective niche.
E-commerce or electronic commerce essentially pertains to the manner by which businesses conduct their operations and financial transactions online. Instead of going to a physical store to buy a product, customers can now simply go to a company’s online platform to shop and pay for it right away. The greatest benefit that e-commerce brings to the table is convenience. It is true that there are other features that can be realized with the application of e-commerce but nothing can be more appealing than the hassle-free shopping that it offers to consumers.
Of course, businesses equally benefit from the use of e-commerce as part of their sales and marketing initiatives. Selling products and services seem to be an easy endeavor when showcased on an online platform. The costs that would normally go to elaborate marketing will be greatly reduced with the establishment of an online presence with e-commerce functions. In addition, manufacturing companies can source materials online at lower prices, thus enabling them to sell their products at affordable prices too.
It is quite obvious that the concept of e-commerce benefits both the seller and the buyer. The high availability and accessibility of the Internet nowadays resulted in the rapidly increasing number of businesses that are establishing their presence online as well as a surge of consumers who are looking for quality and yet inexpensive goods in the World Wide Web.
Economy and Time Efficiency
Business trading via the Internet has been around since the 90s, but its popularity only began during the first few years of the 21st Century. Gone are the days when business owners still need a substantial capital to build a storefront and consumers still need to commute or drive just so they can purchase goods and take advantage of services. With e-commerce, a consumer can buy anything that he wants just by connecting online while business owners can enjoy great profits by enforcing a selling platform on the Internet. The operations of major e-commerce sites such as eBay and Amazon, prove to us that business and financial transactions online are possible and highly profitable. Given the right amount of tools, software, and marketing experience, any business can achieve high levels of financial gains and authority in no time!
Business owners know for a fact that time is of the essence. Selling goods on a store front or offering services through an office may be ideal for some, but on a business point of view the profit on this platform is lesser than what you can accumulate when you are selling your offers through an e-commerce website. Instead of focusing attention on one consumer, e-commerce or trading online enables enterprises to cater to two or even thousands of customers at any one time. This means that you can maximize your profit by including an e-commerce website as part of your marketing scheme.
E-commerce maximizes time by installing payment gateways so purchases can be paid off in a variety of methods such as credit card, debit card, or Paypal transactions. The recording and documentation of sales and inventory are handled more efficiently with the e-commerce plug-ins and applications.
The presence of a business is guaranteed 24/7 with online business trading. Depending on a server’s uptime, a company website can remain online and furnish transactions at any time of day. There are no limitations on time as there are no opening and closing hours. The business can accept orders even when their respective physical stores are already closed. Consumers are not pressured to buy right away and are even given the freedom to place bids on websites that implement the auction system. By providing businesses the opportunity to sell their goods 24 hours a day, their profits are maximized more than that what could be obtained through traditional selling.
Business Aspect of E-commerce
From the business standpoint, e-commerce is much more effective than traditional marketing and sales activities. E-commerce totally eliminates the need for a middle person who would be responsible for sales and marketing of goods produced by companies. This also applies to professionals who obtain the services of advertising firms as well as consultants so they can market their services to the target audience. By taking out the middleman, a business can save a substantial amount of money which can then be used in other crucial areas of operation.
Marketing through e-commerce guarantees better customer to cost ratio as online marketing. Another great benefit that e-commerce offers to entrepreneurs is the fact that running a business online requires fewer employees. The number of overheads that are required to run an e-commerce website is much less when compared alongside managing an operation at a physical store. In addition, the cost of staff, maintenance, store rentals, office supplies, and communications are significantly cheaper as e-commerce only needs a reliable hosting partner to ensure consistent presence on the World Wide Web.
With all the breakthrough technologies and Internet facilities which have emerged due to the increasing popularity of e-commerce, it is not surprising that more companies are now including e-commerce as an important component of their overall business plan.