E-Commerce is a marketplace in which goods and services are sold online through the internet. E-Commerce operates on 4 market segments. On E-Commerce, you can sell any tangible goods and services without any limitation of quantity. E-Commerce has changed the consumer perspective of buying goods. E-Commerce has numerous products to offer starting from a small needle to big aviation parts. Every tangible goods and service can be found on E-Commerce.
As discussed above E-Commerce is a marketplace to sell tangible goods and services online through internet means. There are 3 parties involved in E-Commerce buyer, seller, and provider. What’s a provider?
The provider is the medium between the seller and buyer. The provider has developed a platform in which an environment is created for buying and selling tangible goods and services. The provider ensures that the transaction and delivery of goods are done in a proper manner or not.
E-Commerce has helped many businesses achieve new heights in their profits. If you develop an E-Commerce website then your market is not just limited to one locality, the whole world is your market. Through E-Commerce, you can sell around the clock without having any physical presence.
“E-Commerce is like developing branches all over the world without having any physical structure or presence”.
All of these market segments are benefited because of e-commerce. Because of e-commerce, many small-scale sellers are achieving new heights in their business. In E-Commerce generally businessman uses an Omni-Channel market model. But wait what’s that?
In this type of market model businessman offers more than three channels of products to their customers. In the Omni-Channel market, businessmen are not limited to selling a specific type of good they offer different types of goods. The main benefit of the Omni-Channel market is that you can pitch them a variety of different things. For example, if a customer has added something in cart so you can also suggest different products that you offer. This benefits in coverage of your market.
According to a study of Harvard Business Review, 46,000 shopkeepers show that the Omni-Channel market model is a successful market model. It also reveals that people are more influenced to buy a variety of things instead of buying only one product. This model also boosts customer loyalty because they can get everything at one place only.
Purchase frequency is 250% higher on omnichannel vs. single-channel and the average order value is 13% more per order on omnichannel vs. single channel.
Source from: Omnisend
E-Commerce is Beneficial to your business in numerous ways. Here at CodeEpsilon, we are Experts in developing E-Commerce mobile applications, web applications, and many more. We offer a variety of E-Commerce functionalities according to your business requirements. Comment down your choices of products which you want to develop an E-Commerce platform. For a detailed discussion on your E-Commerce business idea Contact us.
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