What is E-Commerce?
E-commerce is the process of buying and selling products and services electronically over the Internet. It has become one of the fastest-growing industries in the world and is projected to be a $27 trillion industry by the end of the decade.
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Buying and Selling Goods Online
An eCommerce business is an online store that sells goods and/or services to customers over the Internet. These companies can be either a standalone entities or a subsidiary of a larger company.
How does an eCommerce website work?
When a customer visits your e-commerce site, they can browse through different products and add them to their virtual shopping cart. They can also choose to check out using their payment card details and shipping information. Then, their credit card is encrypted and sent to a payment gateway that handles the credit card processing remotely. Once the transaction is completed, a payment confirmation message is displayed on your e-commerce site.
Consumers buy and sell personal goods like clothes, books, electronics, or other items in a C2C transaction. They may purchase a product from a brand’s eCommerce site or use a marketplace like eBay or Craigslist to find and sell a used item.
A business sells its goods and/or services directly to its customers in a B2C transaction. These transactions are often the most lucrative and popular.
It’s not uncommon for a company to offer its own online store as an additional sales channel, and many big-name retailers have supplemented their brick-and-mortar stores with an e-commerce store to expand their reach. For example, Target (TGT) offers its own e-commerce site to sell everything from t-shirts and shoes to coffeemakers and toothpaste.
Having your own e-commerce website is an important part of any marketing strategy and can be a great way to attract new customers, increase sales and grow your business. There are several things you need to keep in mind, though.
What to sell?
You should always choose products that have healthy margins, and that can be scaled up in the future. This will allow you to make a profit and build your e-commerce business.
What to do with your inventory?
After choosing a business model, you must decide how you want to sell the products you offer. You can choose to make the products yourself or hire a manufacturer, or you can work with wholesalers and drop shippers to get your products out the door faster.