What is e-commerce? Also called electronic commerce or internet commerce, when goods and services are exchanged (buying and selling) over the internet, and there is some form of financial exchange, that's eCommerce.
Before we get into the nitty-gritty, how is eCommerce really spelled? There are a lot of variations out there--
If you want to get technical, the first spelling of the term, way back in the late 40s, was e-commerce. Back then they used a telex service (similar to our SMS but on a very different platform) to exchange goods and services.
The advent of the internet changed the spelling of eCommerce because that's what the internet does, it changes everything. Now, the spelling of eCommerce has become a preference issue rather than one of correctness. Much like how we pronounce "You - choob" versus "You-two-b".
Although at its heart, eCommerce is simply an exchange, there are several types of eCommerce as it has now come to evolve.
🔵 Business to Consumer or B2C
When you go online and buy from a company, say jeans or shoes, or tech, that's a B2C eCommerce. Because the business is selling directly to you the consumer. Companies will leverage consumer data to generate their marketing strategies.
🔵 Business to Business or B2B
An eCommerce we do not regularly think about as consumers. When a company sells directly to another company, that's called B2C.
Think about it, where would 7-11 get its supply of Pepsi? Where would Walmart get its Pringles? Some form of exchange needs to happen, and nowadays that's mostly through B2B.
B2B eCommerce includes manufacturing and distribution, website services, cloud services, personal financial services, just to name a few.
🔵 Direct to Consumer or D2C
When businesses started to learn the value of the internet, they started to cut the middleman fat. This resulted in companies selling directly to consumers. When you go to Levi's website instead of buying from your local Target, that's D2C. When you subscribe to your Netflix or Hulu, the business is selling their service straight to you. Cutting the middleman creates a whole new customer base for the companies and allows them a closer look at their target market.
🔵 Consumer to Consumer or C2C
eBay, Marketplace, Fivver, Etsy? If you've been there, you've been C2C. When consumers decide to sell goods directly to another, that's C2C. This has created a lot of communities online and even made businesses out of individuals.
🔵 Consumer to Business or C2B
This internet world has brought about influencers, writers and bloggers, freelance artists and photographers, who can offer their services directly to businesses.
The Benefits of eCommerce
So why involve yourself in eCommerce? What can it do for you? Here are the benefits of eCommerce:
1. Business Growth. An eCommerce site makes your business look bigger, no matter how big or small it is. When customers can reach you all the time to get their needs, you gain their trust.
2. Convenience of Service. Open 24/7, available anywhere across the globe. You are also using the speed of the internet, faster sales, and checkout, the setting of deliveries, and even returns.
3. Less Cost. You can have an eCommerce site even without an actual store, thus lowering your startup and operational cost.
4. Targeted sales. Since most people search before they buy, you get customers already interested in your product when they land on your eCommerce site. The next is up to you.
As the world changes, as products become more global, and services can now be used anywhere, eCommerce and its influence is here to stay. You have something to offer, then eCommerce is your best bet in this new normal. Unconvinced, or lingering doubts? Let's have a talk and allow Boom Logic to demystify.