The process of sell and purchase performed electronically is called e-commerce or simply ecommerce. The most popular electronic mode of transaction is the World Wide Web (WWW) and the second most popular model is mobile apps. These transactions using the Internet are also called online transactions. The E-commerce industry has seen immense growth since it's inception in both turn-over terms and number of users terms. Despite the COVID-19 pandemic in the year 2020, the e-commerce business still surviving. Even a few categories have witnessed the sells growth in the online business. It looks like the right time to start an e-commerce business.
Following are the benefits of an e-commerce business:
1. The ease-of-doing-business
2. Lesser establishment cost
3. Lesser management cost
4. Trade beyond the geographical border
5. Easy customer access
6. Round-the-clock orders
Above all, the scope of e-commerce is brighter. As of now, only 10% of global offline retailers are practicing e-commerce business. In this way, the customers of 90% offline retailers have still to shift to online. It's a huge growth the e-commerce business is eyeing. The globalization of the market has a good contribution to the growth of e-commerce. eBay and Amazon are the older players in the e-commerce market.
Let's understand first, how does e-commerce work? A customer browses through the catalog of an e-commerce website or e-commerce mobile app. Then the customer selects products to purchase and adds them to the shopping cart. The customer checks the order details and then checkout to pay online. E-commerce seller receives the order and confirms it to the buyer. The seller packs the product from inventory and processes it through a shipping company like FedEx. Shipping company collects the product parcel and ship to the customer's address. In between, an online FedEx tracking service is available to the customer through the link provided. The customer receives the product ordered and write a review for the product and seller's service.
It’s easy to follow the business processes. If you too believe that it interests you then you can certainly go for it. There is no need to put a second thought on it. The business scope is vast and offers a good return on investment. Start to sell products online with our best wishes.