eCommerce is a marketplace in which goods and services are sold online through the internet. eCommerce operates on 4 market segments. On eCommerce, you can sell any tangible goods and services without any limitation of quantity. eCommerce has changed the consumer perspective of buying goods. eCommerce has numerous products to offer starting from a small needle to big aviation parts. Every tangible good and service can be found in eCommerce.
What is eCommerce?
As discussed above eCommerce is a marketplace to sell tangible goods and services online through internet means. There are 3 parties involved in eCommerce 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.
eCommerce has helped many businesses achieve new heights in their profits. If you develop an eCommerce website then your market is not just limited to one locality, the whole world is your market. Through eCommerce, you can sell around the clock without having any physical presence.
The sales made through mobile applications are estimated to reach $431.4 billion and this number is going to grow at 10x speed in the near future.
Developing a market app is a complex and time-consuming thing but the results you get are with complexity and patience. For developing marketplace there are certain things you need to consider while developing. Here are the 8 must things you should consider while developing a marketplace app.
Which are the 4 segments of the eCommerce Market?
Business to Business (B2B): In this segment goods and services are sold from business to business. In this market segment generally, big businesses sell to small businesses at a wholesale rate. This market segment is known as a wholesale market.
Business to Consumer (B2C):Â In this segment goods and services are sold from business to consumer. In this market segment, every business sold its goods and services to customers at a retail rate. This market segment is known as the retail market.
Consumer to Consumer (C2C):Â In this segment, every consumer is a seller or buyer. In this market segment generally, second-hand goods are sold. There are many platforms for buying and selling goods like eBay, old, quicker, right now you can even sell second-hand cars and many different things.
Consumer to Business (C2B):Â In this segment, there are individual sellers selling their products to big businesses. This market segment is a popular place for artists and individual creators to sell their art.
All of these market segments benefited because of e-commerce. Because of e-commerce, many small-scale sellers are achieving new heights in their businesses. In E-Commerce generally businessman uses an Omni-Channel market model. But wait what’s that?
What is the Omni-Channel market model?
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 to the cart so you can also suggest different products that you offer. This benefits in coverage of your market.
According to a study by 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.
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 for which you want to develop an E-Commerce platform. For a detailed discussion of your E-Commerce business idea Contact us.
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