What is Ecommerce?
Ecommerce, or popularly known as electronic commerce, refers to transactions conducted via the internet. It is a great addition to traditional businesses.
With the help of Ecommerce, people can now buy and sell all forms of service and products on the web. This also includes various other activities like online auctions, internet banking, payment gateways, and online ticketing.
Business to Consumer (B2C)
The direct transaction between the business and its consumer.
Business to Business (B2B)
When a business sells a product or service to another business
Consumer to business (C2B)
It is a business model where the end-user offers value to a business.
Some of the common examples of Ecommerce:
Services
Wholesale
Retail
Physical and Digital Products
Subscription: Recurring Payments
And much more.
Benefits of a website
Finance Online did a “Data and Share Market Analysis for 2020”, which shares some of the most essential eCommerce statistics.
Listed below are some of the results from that analysis that you should absolutely know about.
- The B2B sector is catching up with the sales of the B2C sector. Experts claim that it can even outgrow the B2C in the next coming year.
- It is estimated that around 35% of Google product searches are converted into purchases within 5 days.
- Around 51% of digital buyers conduct purchases via their smartphones.
- Digital buyers are more likely to spend more if they are provided with varied shipping options.
- Around 93% of online shoppers declared that the visual appearance of an online store plays a key factor in their purchasing decisions.