E-commerce Business Explained | eBook | AudioBook

The Following is an Excerpt from this Book

E-commerce, in its simplified sense, is the purchase and sale of products and services over the internet by businesses and consumers. The concept of E-commerce is used to identify encrypted payments online. Such exchanges most frequently involve the real-time transfer of money from a buyer to the seller, and occasionally, it is carried out manually using eft-pos (electronic fund transfer point of sales system) terminal until the merchant receives a valid order. As customers benefit from lower prices offered by wholesalers who sell their products through retail, so the popularity of internet marketing spreading in a galloping pace is progressing rapidly.
The trend is likely to increase as websites tackle concerns regarding customer protection and privacy. Users can split E-commerce into four significant groups: B2B, C2B, B2C, and C2C. The concepts are briefly examined as under:
Business-to-Business (B2B)
Organizations conducting business with one another and go through several processes like manufacturer transfers products to distributors and wholesalers use to sell to retailers. Price is generally determined on the order quantity and is subject to negotiability.
Consumer-to-Business (C2B)
A consumer, in this form of E-commerce business, posts his project online with a set budget, and companies review the requirements of the said consumer and bid on the project within a reasonable deadline. Next, the consumer will evaluate the bids and choose the firm that can complete the project. Elance is one instance of such type of firm dealing with this sort of business.
Business-to-Consumer (B2C)
Using a shopping cart software catalog, several businesses distinctly indulge in selling to the mass audience. The basic purpose is to execute sales to customers virtually online. B2C is any consumer’s indirect trade activity with the company and provides direct sales via online mode.
Consumer-to-Consumer (C2C)
Several of the oldest financial transactions in the world economic system include barter trading that is a C2C form of a business transaction. However, before the emergence of E-commerce in modern times, C2C was never heard of. Several places offer free classifieds, auctions, and platforms, where customers can easily transact through online payment systems such as Google Pay, PayPal, etc. where customers can simply send and receive money. Online e-trading platform of eBay, is a perfect illustration of where stakeholders bid or buy directly 24×7 regularly. Other auction sites such as ebid and play.com exist as well.
E-commerce advantages
E-commerce may deliver the following advantages compared to trading at physical stores:
Reduced time: For payment and return on investment, and faster product delivery, there is always no waste of lead times.
Reduced costs: It contributes to reduced workload, minimum paperwork, and meager data-keying errors.
Bonding with trading partners: Communication between trading partners is also reinforced, boosting long-term tie-ups.
Flexibility and efficiency: It prevents the situation from going beyond control with the ability to manage stressful situations, customer profiles, and product ranges.
New markets: The Internet has the capacity to spreading the business territories to a broader gamut of geographical locations.
Lock in customers: The entrepreneurs aim at coming closer to their potential customers, and the more they work with them to move from standard business practices to best practices, it is more difficult for a rival to disrupt the hard-earned customer relationship.
To sum up, anyone can venture for an E-commerce, because individuals don’t need a massive outlay of capital to get going. What’s even more fascinating is that they don’t need to learn javascript or be a web developer to create the most sought after online store. There are several enterprises out there that can help promote the individual website and perhaps even pre-load it with one’s favorite brands, like wholesale2b and online web traders. More significantly, one can opt to use drop shipping service, which would be the concept of not retaining any physical stock, but virtually selling the company products that are in the shipping industry. Dropshipping is the best and quickest way to get started selling items online. In essence, people are simply searching for a product they would like to sell, and subsequently going for an advertisement to sell the brand products. One can sell it from his website to make use of Amazon, eBay, Yahoo, Google, and so on. People dispatch the order to their drop shipper when they make a sale, who then delivers the commodity to the predestined customer in turn. The benefits people are making is the intended price differential.
People still have multiple things to know about the exceptional features when it is related to E-commerce. E-commerce is just real-world online trade passages. It makes it easier for stakeholders to trade their products and services with the assistance of an electronic medium, without an iota of distance and time impediments. Over the past couple of years, online commerce has spread very quickly and is projected to continue at this pace or perhaps more. The time is not very far when the linear business around will gradually cease to exist! Even before one makes up his mind to business set up, whether related to products or services, he needs to figure out how best to get this started. If individuals have ever been wondering as well about the E-commerce business, then just stop somewhere and get ready to begin reasonably quickly! Individuals may get muddled up with online business terms and E-commerce. The fact is, there lay no separate methodologies; all are identical. Other than that, people need to draw up a foolproof business plan to launch the proposed products or services. A majority of individuals have a delusion that it needs just to create a website and then display the item catalogs. If people already think as it will turn into a total failure, it’s not sufficient to understand the details of the E-Commerce—e venture.  Before one starts the venture, there are still a plethora of factors to consider.
People need to start immediately after formulating the plan of action. There are a couple of steps to adhere to which are as follows:
One needs to complete Domain Name Registration.
Besides, one requires considering an E-commerce shopping cart platform to raise sales and gain revenue.
The website concept and an exclusive logo are to be decided.
One must open a merchant’s account in the event of accepting credit card payments.
Finally, the entrepreneur will begin the promotional campaign alongside web promotion strategies.