What is Ecommerce? how to start an ecommerce business 2020?
WHAT IS E-COMMERCE?
E-Commerce, also known as electronic commerce or internet commerce, is a business model that allows companies and individuals to buy and sell goods and services via the internet. E-Commerce operates in the following major market segments:
1. Business To Business (B2B):
Sale of goods and services between businesses through online sales portals.
2. Business To Consumer (B2C):
The retail part of e-commerce where businesses sell products and services directly to the ultimate consumers.
3. Consumer To Consumer (C2C):
Consumers trade with each other through a third party that provides an online platform where transactions are carried out.
4. Consumer To Business (C2B):
Individuals make the products and services available online for the companies to bid on and purchase.
WHAT IS COMMERCE?
Commerce is the macroeconomic exchange of goods and services on a larger scale. In economic terminology, “Commerce” can be referred to as trading activities among the economic agents.
JOB OPPORTUNITIES IN E-COMMERCE :
Nowadays, many marketing and sales job have e-commerce counterparts. E-Commerce is offering opportunities in many possible careers, including:
Website Design: You work with management and other development team members to evaluate and refine technical and visual requirements while maintaining site usability.
Logistics Analyst: Determine the best way to get your product from the supplier to the warehouse and then ultimately out to your customer.
Marketing Specialist: Reach out to your community to build your brand and your identity in the E-Commerce field.
Media Relations: Near and dear to my heart — let the world know about your product and how it can help fit their needs for their publication.
Sales: If you have a B2B service or a direct sales approach makes sense for your company, and you believe in what you’re selling, why not consider a position in sales?
Customer Support: Be the face of the business to the customer and ensure they maintain a positive outlook on your brand and business!
None of these jobs are exclusive to E-Commerce. But that’s part of what makes the field so terrific — skills acquired in a parallel industry are easily translatable.
According to the reports of the U.S Bureau of Labour Statistics (BLS) that the average annual salary of an e-commerce market research analyst was $61,290 in 2014. The expected growth in E-Commerce jobs for 2012 to 2022 is 32%.
E-Commerce is a booming business. In the last ten years, due to worldwide use of e-commerce platforms like Amazon and eBay has promoted online retail to a very large scale. In 2007, e-commerce contributed to about 5.1% of total retail sales, while in 2019, e-commerce business increased by up to 16.0%.
E-commerce marketing is an essential part of running a successful business. Many marketing strategies are used by businesses to drive traffic to their online stores, converting the traffic into buyers and maintaining them as your regular clients. You can gain related knowledge through blogs, podcasts, and E-Guides. For successful e-Commerce marketing, some essential points should be kept in mind;
- drive web traffic towards your website by creating awareness
- increase your site traffic
- convert the traffic into leads
- find the right suppliers for your business
- stock-up your inventory
E-COMPANIES AND WEB STORES:
E-commerce is a platform that grants businesses an opportunity to create online stores. In these online stores, businesses get the chance to sell their products or services to people worldwide, using delivery services to send their products to the customers. In the E-Commerce industry, Amazon is one of the most famous online stores. Some other popular online stores can include;
E-commerce companies do a majority of their businesses over the internet. Following are the few E-commerce Companies with annual revenues exceeding US$1 billion:
BUYING AND SELLING OF ONLINE BUSINESS:
E-commerce businesses can sell for as little as a few thousand dollars to hundreds of millions. Its is valued on some of the following characteristics:
- Predictable key drivers of new sales
- A brand with no trademark, copyright or legal concerns
- Clear growth potential
- A history of stable or growing revenue
- A high percentage of repeat visitors and sales
- Low physical stock/cash requirements
- Streamlined and scaleable systems and processes
- Use of CRM and sales software
- Strong relationships with established suppliers with backups in place
Many E-Commerce businesses for sale can be found on the following platforms:
- Shopify Forum
- Exchange App
- Warrior Forum
- Website Brokers
Buying an online business is like investing in online real estate. It becomes really convenient for you to run an already established business like;
1. You can avoid procrastination
When you buy an already established business, you don’t have to hold up your business activities as the time taking part in store setup is all done.
2. You can start your sales from the first day
The best part of it is you can skip the setup phase of the store and directly take up the marketing phase.
3. You gain a professional website
The benefit includes getting a professional website designed by an expert.
HOW TO START AN ONLINE STORE / BUSINESS?
In e-commerce, you translate a brick-and-mortar sales environment to the Web. This means you take traditional businesses online. There are four simple steps to do it
Step 1: Decide what the online business will be.
- an e-commerce business
- a blog/news site that will create your revenue from advertising
- a software as a service (SAAS) business
- a services business
Step 2: Start building up your business.
Brainstorm a business name and register your domain name. Write and finalize a business plan revolving around;
- Personal planning
- Management planning
- Technical planning
- Marketing planning
Step 3: Do the ‘online’ part of the business.
Set up a website for your business with an online store builder. When it comes to creating an e-commerce store, there are many platforms to choose from, which allows you to customize your online store.
Step 4: Find the customers for your web store.
This is the marketing part through online sources. The best bet for immediate results is social media.
E-BUSINESS IDEAS FOR BEGINNERS :
Building an online store may seem difficult, especially when you are not techy. Here are some ‘Easy to start’ business ideas for beginners.
- Start a Blog and Monetize it
- Get Started With Affiliate Marketing
- Self-Publish a Book on Amazon
- Become a YouTuber
- Start App development
- Facebook Advertising
- Become a Copywriter
- Skype Coaching
- Start a Podcast