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    Benefits of eCommerce for businesses and consumers

    Find out what are ecommerce benefits for customers and businesses, and discover all the advantages of buying and selling products online.

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    Benefits of eCommerce for businesses and consumers

    BUSINESS (29) MOBILE DEVELOPMENT (39)

    Last updated on August 17, 2021

    7 min read TABLE OF CONTENT

    What is e-commerce, and how does it work?

    What are the benefits of ecommerce to customers?

    Benefits of eCommerce for all customers

    What are the benefits of eCommerce to businesses?

    What are the pros and cons of ecommerce for businesses?

    Will eCommerce continue to grow?

    Buying and selling goods and services using the Internet is a regular occurrence for all businesses and consumers. Why is this so?

    Well, the truth is that everyone wants to get the desired product right now and right here – which means that we are becoming more demanding as customers.

    According to that, GetApp-premier online resource did comprehensive research about digital buyers and their habits – 53.1 percent of consumers prefer researching and buying products online, 28.9 percent of them prefer researching online and buying offline, while only 18 percent of consumers say they prefer to research products in physical stores.

    All of that means – having both an online and offline presence is essential for all businesses.

    However, the fact is that many consumers are obsessively buying different categories of goods using the Internet, and many businesses are trying to adapt their work to all those people.

    To comfort them, they are creating webshops, developing ecommerce apps, profiles on social media for selling purposes, and doing so many things to increase their sales volume.

    Keep in mind – that’s not a future anymore, that’s the present of modern business. 

    If you’re planning to start your integrated eCommerce business, or you’re just a consumer who’s not informed about all the benefits of online shopping- you’re in the right place.

    Keep reading and learn more about e-commerce meaning, and all the benefits of ecommerce.

    What is e-commerce, and how does it work?

    E-commerce is often confused with E-business, but there is a significant difference between these terms. E-business is the most modern form of business organization which implies intensive use of Internet technology,  while e-commerce represents the most popular part of e-business.

    However, a unique e-commerce definition doesn’t exist. Searching online sources, you can find several definitions of the same term.

    All of them have the same core –  purchase, and sale of goods, services, and information over the Internet. Besides, in such a form of commerce, the conclusion of a sales contract between traders and consumers takes place without physical contact, using one or more devices for distance communication.

    It can also be called an e-commerce business. If you want to gain fresh knowledge and skills related to e-commerce you can take a look at our blog post where we wrote about 10 e-commerce blogs you need to follow.

    E-commerce experts emphasize several reasons why this type of business is more desirable than the one that doesn’t include technology. Some of them are a better use of all available resources; especially information, the effort toachieve the best position of the company, as well as the desire to make a better business performance.

    This type of shopping is more desirable for customers too. According to Statista- Global No 1. Business Data Platform, about 25 percent of the world’s population shopping online, in numbers- it’s about 1.92 global digital buyers.

    Impressive, right?

    Is it webshop a better option than a brick and mortar store? Choose a webshop or a classic store when buying or selling products? Keep reading and find answers to all of your questions.

    What are the benefits of ecommerce to customers?

    There are three types of customers.

    The first type is continuously buying goods and services using different online sites, webshops, social media, or mobile applications.A second type is using e-commerce platforms probably a few times in a year, or rarely than that.The third type is one who’s not aware of all ecommerce advantages, and decisively refuses to use them.

    You are definitely in one of these categories. Are you aware of all the benefits of buying goods online? If not, keep reading and find out what are the remarkable benefits of e-commerce for all customers.

    Benefits of eCommerce for all customers

    Lower prices – it’s well known that prices in some online stores are more economical than fares in a classic, brick and mortar store. Why are online prices cheaper than standard prices? Well, it’s pretty easy to explain. Merchants with an online store don’t need a physical storefront and more than two or three people who will take care of the ecommerce website.

    According to that, online merchants have lower costs than classic merchants and that is the main reason why they can afford lower prices of goods and services for their buyers with low shipping rates for delivery. Yes, e-commerce retail is fantastic!

    Source : factory.dev

    What is E

    This definition of e-commerce explains the significance of electronic commerce in today's digital economy. Learn how e-commerce works, the types of e-commerce, its advantages and disadvantages.

    DEFINITION

    e-commerce

    Wesley Chai, Technical Writer

    Brian Holak, Site Editor

    Ben Cole, Executive Editor

    E-commerce (electronic commerce) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet. These business transactions occur either as business-to-business (B2B), business-to-consumer (B2C), consumer-to-consumer or consumer-to-business. The terms e-commerce and e-business are often used interchangeably. The term e-tail is also sometimes used in reference to the transactional processes that make up online retail shopping.

    In the last decade, widespread use of e-commerce platforms such as Amazon and eBay has contributed to substantial growth in online retail. In 2007, e-commerce accounted for 5.1% of total retail sales; in 2019, e-commerce made up 16.0%.

    How does e-commerce work?

    E-commerce is powered by the internet, where customers can access an online store to browse through, and place orders for products or services via their own devices.

    As the order is placed, the customer's web browser will communicate back and forth with the server hosting the online store website. Data pertaining to the order will then be relayed to a central computer known as the order manager -- then forwarded to databases that manage inventory levels, a merchant system that manages payment information (using applications such as PayPal), and a bank computer -- before circling back to the order manager. This is to make sure that store inventory and customer funds are sufficient for the order to be processed. After the order is validated, the order manager will notify the store's web server, which will then display a message notifying the customer that their order has been successfully processed. The order manager will then send order data to the warehouse or fulfillment department, in order for the product or service to be successfully dispatched to the customer. At this point tangible and/or digital products may be shipped to a customer, or access to a service may be granted.

    Platforms that host e-commerce transactions may include online marketplaces that sellers simply sign up for, such as Amazon.com; software as a service (SaaS) tools that allow customers to 'rent' online store infrastructures; or open source tools for companies to use in-house development to manage.

    Types of e-commerce

    Business-to-business (B2B) e-commerce refers to the electronic exchange of products, services or information between businesses rather than between businesses and consumers. Examples include online directories and product and supply exchange websites that allow businesses to search for products, services and information and to initiate transactions through e-procurement interfaces.

    In 2017, Forrester Research predicted that the B2B e-commerce market will top $1.1 trillion in the U.S. by 2021, accounting for 13% of all B2B sales in the nation.

    Business-to-consumer (B2C) is the retail part of e-commerce on the internet. It is when businesses sell products, services or information directly to consumers. The term was popular during the dot-com boom of the late 1990s, when online retailers and sellers of goods were a novelty.

    Today, there are innumerable virtual stores and malls on the internet selling all types of consumer goods. The most recognized example of these sites is Amazon, which dominates the B2C market.

    Consumer-to-consumer (C2C) is a type of e-commerce in which consumers trade products, services and information with each other online. These transactions are generally conducted through a third party that provides an online platform on which the transactions are carried out.

    Online auctions and classified advertisements are two examples of C2C platforms, with eBay and Craigslist being two of the most popular of these platforms. Because eBay is a business, this form of e-commerce could also be called C2B2C -- consumer-to-business-to-consumer.

    Consumer-to-business (C2B) is a type of e-commerce in which consumers make their products and services available online for companies to bid on and purchase. This is the opposite of the traditional commerce model of B2C.

    A popular example of a C2B platform is a market that sells royalty-free photographs, images, media and design elements, such as iStock. Another example would be a job board.

    Business-to-administration (B2A) refers to transactions conducted online between companies and public administration or government bodies. Many branches of government are dependent on e-services or products in one way or another, especially when it comes to legal documents, registers, social security, fiscals and employment. Businesses can supply these electronically. B2A services have grown considerably in recent years as investments have been made in e-government capabilities.Consumer-to-administration (C2A) refers to transactions conducted online between individual consumers and public administration or government bodies. The government rarely buys products or services from citizens, but individuals frequently use electronic means in the following areas:Education. Disseminating information, distance learning/online lectures, etc.Social security. Distributing information, making payments, etc.Taxes. filing tax returns, making payments, etc.

    Source : www.techtarget.com

    chapter 10

    Electronic Business, Electronic Commerce, and the Emerging Digital Firm

    E-commerce refers to:

    The use of the Internet and the Web to transact business

    Digitally enabled commercial transactions between and among organizations and individuals.

    Figure 10-1

    FIGURE 10-1 THE GROWTH OF E-COMMERCE

    Retail e-commerce revenues have grown exponentially since 1995 and have only recently “slowed” to a very rapid 25 percent annual increase, which is projected to remain the same until 2008.

    The rapid growth of e-commerce since 1995 is due to the unique features of the Internet and the Web as a commercial medium:

    Ubiquity: Internet/Web technology is everywhere, at work, home, and elsewhere, and anytime, providing a ubiquitous marketspace, a marketplace removed from a temporal and geographical location.Global reach: The technology reaches across national boundaries.Universal standards: There is one set of Internet technology standards, which greatly lower market entry costs (the costs to bring goods to market) and reduce search costs (the effort to find products) for the consumer.Richness: Information richness refers to the complexity and content of a message. Internet technology allows for rich video, audio, and text messages to be delivered to large numbers of people.Interactivity: The technology works through interaction with the user.Information density: Information density is the total amount and quality of information available to all market participants. Internet technology reduces information costs and raises quality of information, enabling price transparency (the ease for consumers of finding a variety of prices) and cost transparency (the ability of consumers to determine the actual costs of products). Information density allows merchants to engage in price discrimination (selling goods to targeted groups at different prices).Personalization/customization: E-commerce technologies permit personalization (targeting personal messages to consumers) and customization (changing a product or service based on consumer preference or history.

    The Internet also shrinks information asymmetry, which occurs when one party in a transaction has more information with respect to the transactions than the other party. For instance, the Web has reduced the information asymmetries surrounding auto purchases.

    Digital markets are very flexible and efficient because they allow:

    Reduced search and transaction costsLower menu costs (merchant's costs of changing prices)Price discriminationDynamic pricing (prices changing based on the demand characteristics of the customer or the seller's supply situation)Disintermediation: Elimination of intermediaries such as distributors or retailers

    Figure 10-2

    FIGURE 10-2 THE BENEFITS OF DISINTERMEDIATION TO THE CONSUMER

    The typical distribution channel has several intermediary layers, each of which adds to the final cost of a product, such as a sweater. Removing layers lowers the final cost to the consumer.

    The Internet digital marketplace has also greatly expanded sales of digital goods, goods that can be delivered over a digital network. In comparison to traditional goods, the marginal cost of producing another unit of a digital good is about zero, delivery costs over the Internet are low, while marketing costs are about the same and pricing can be variable.

    E-commerce technologies have revolutionized commerce and enabled a variety of new business models. Some are pure-play models, based purely on the Internet. Others may be hybrid clicks-and-mortar models, using Web sites as an extension of a traditional business, such as LLBean.com. New business models include:

    Virtual storefronts: Such as Amazon.comInformation broker: Such as Realtor.comTransaction broker: Such as E*Trade.comOnline marketplace: Such as Ebay.comContent provider: Such as iTunes.com. The ability to deliver digital goods and digital content over the Web has created new alternatives to traditional print and broadcast media. Popular digital content includes online games, digital versions of print newspapers, Internet radio, downloadable movies, online television broadcasts, Podcasting (Internet audio broadcasts).Online service provider: Such as Salesforce.com.Virtual community: Such as YouTube.com; Online communities include social networking sites, online communities used by individuals for expanding business or social contacts, and social shopping sites, in which users swap shopping ideas.Portal: Such as Yahoo.com. Some portals combine content from various sources, using syndication as well providing additional value. Online syndicators aggregate content or applications from multiple sources, package them for distribution, and resell them to third-party Web sites

    These new business models may have revenue generated from:

    Sales of traditional or digital goods

    Selling advertising space for banner ads and pop-up ads

    Transaction fees

    Source : paginas.fe.up.pt

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