“If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.”- Jeff Bezos, Founder of Amazon.com
E-commerce is a shorter version of electronic commerce also known as internet commerce.
It refers to online transactions such as the buying and selling of goods
and services using the internet including its payment options to transfer money and
data to successfully execute such transactions.
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It is estimated that in the year 2020,
e-commerce will reach up to $27 Trillion in retail sales globally.
Today, websites and mobile apps, and other tools utilize conversational commerce thru live chat, chatbots and voice assistants.
This added features in doing business provides better services and has greater reach than the traditional setup providing
convenience and faster transactions in which third-party business-to-consumer or consumer-to-consumer sales
achieve more engagements in online marketplaces.
The most common type of e-commerce is the B2B, which refers to all electronic transactions of goods and
sales that are conducted between two participating companies.
E-commerce is classifed into 5 different catergories:
1) B2B = Business-to-Business
2) B2C = Business-to-Consumer
3) C2B = Consumer-to-Business
4) B2A = Business-to-Administration
5) C2A = Consumer-to-Administration
Nowadays, these categories has evolved into D2C – Direct to consumer, White label and private label, Wholesaling, and Dropshipping. Here are some of the most popular e-commerce sites in the US:
1) Amazon
2) eBay
3) Walmart
4) Etsy
5) Home Depot
6) Target
7) Best Buy
8) Wayfair
Amazon started in 1994 as an online bookstore which later on diversified their products into media, electronics, toys, apparel, jewelry, food, furniture and others.
Entrepreneurs Common Mistakes
Forcing or rushing the launch of a website is one of the biggest mistakes of unsuccessful e-commerce entrepreneurs make in their career.
They must focus on the users first and test everything completely. Incorporate all social elements and work closely with social media managers and experts in order to avoid unexpected expenses.
Stay on top of SEO and collect information needed to support your plans and strategies.
An alternative method is to go mobile first and then decide if you have gathered enough leads to sustain your business long term.
The future of e-commerce will remain as such to look forward to as technology keep up to innovate, these platforms will continue to evolve making things possible.
