Ecommerce is the process of using digital technologies to purchase or sell products or services over an electronic network, primarily the internet. To buy something online, users go through an e-commerce platform to find information on products and services that they may want to buy online.
There are many types of e-commerce platforms; one large example would be Amazon. An additional example is eBay, which operates as an auction-based website for buying and selling different items.
Some people even define “e-commerce” as merely purchasing any product online, but not all companies use digital technology to make sales; some still rely on traditional methods like driving their goods around in trucks (ex: Walmart). The definition of “e-commerce” is still debated among scholars but typically includes any transaction that uses the internet and digital technology to sell products or services.
Who came up with e-commerce?
Ecommerce was first conceptualized in 1979 by the British billionaire Michael Ald. Using his TV shopping network as a proof of concept, he convinced significant retailers such as Harrods and Sears to test the new technology.
Throughout the 1980s and 1990s, ecommerce boomed due to increasing computer power and connectivity emerging from personal computers (ex: IBM) and home computers (ex: Commodore 64). In 1994, Amazon was founded as an online bookstore where individuals could buy books directly over the internet without going through a bookstore. This company has since expanded beyond just books, selling clothing, appliances, and many other types of products.
Since then, ecommerce has grown exponentially in popularity with the rise of the Smartphone (ex: iPhone). Companies have begun to develop smartphone apps or mobile responsive websites that allow users to purchase items directly on their phones without waiting until they are home to use a laptop computer where they would be able to input their payment information.
As technology advances, more companies are beginning to accept online payments over conventional methods like cash or credit card because the speed at which they can receive money makes it highly efficient.
How much is e-commerce worth?
According to Statista, ecommerce sales made up 10% of total retail sales in the United States in 2015. This number is expected to grow as more companies continue to begin selling their products online.
By 2020 it is estimated that over 25% of total retail sales will be made up through ecommerce transactions. It is believed by many scholars, though not all individuals agree on this number, that eCommerce will become the dominant form of how people buy and sell things throughout the world in the near future.
How can e-commerce impact company performance?
Ecommerce has the potential to improve some aspects for companies. When businesses sell their products online, they are not limited geographically by where their stores must be located; instead, since customers can now purchase from them anywhere globally, they now have access to a larger market than ever before.
Transactions can also be significantly sped up as there is no longer a need for people to pick up items physically; therefore, the time it takes for an individual to receive their product is significantly reduced.
Ecommerce can also allow companies to save money on resources such as rent because they do not need physical locations for customers to come and their goods (ex: Amazon). Finally, ecommerce can give businesses a larger share of the market because they can produce their websites where customers can see their product listings.
What are the positives/negatives about E-commerce?
Some scholars believe that one advantage is that it allows companies to sell items internationally, which helps increase sales. For example, according to Statista, in 2018, 24% of total ecommerce retail sales happened outside the United States.
Another possible benefit is that online transactions take less time than traditional stores, which helps save money for companies since they do not have to hire as many workers who spend most of their time waiting on customers.
It’s simple: Put the cart before the horse. That’s how you end up with a cart hitting a horse in the ass. Having an eCommerce website and no way to drive traffic is like having a cart without a horse or an ass without anything getting hit by it. Refer to RemoteDBA.com to know more.
A smart business owner would pay attention to who exactly is going to be driving that cart – we’d all prefer we passed through more populated areas. Traffic isn’t simply enough of whatever random people may happen upon your site (think of those less-than-stellar billboards along high-traffic highways).
With this guide on “eCommerce marketing,” I expect you’ll pick up some tricks of the trade that will help you grow your revenue and become a more successful business owner.
Projections for eCommerce growth show no signs of slowing down. Several studies and market analysts (like Forrester Research, eMarketer, and Bizrate Insights ) agree that the next five years will be suitable for online retail, with expected double-digit growth of 15% to 20%, also visit mm2 value list.
Just as brick-and-mortar stores turned to internet shopping for holiday sales (with some even offering free shipping) – so will more and more individuals make their purchases via the web. Additionally, this is true across multiple age demographics – not just teens and young adults on their phones.
Businesses look at dollars first; we are going to first focus on traffic. Some may prefer to focus on lots of easy, low-quality traffic. But if you want to make more money (and I assume you do), it’s better to pay attention to all the factors that lead up to dollars first – then backfill with the conversion strategies that will help you earn those dollars.
By first focusing on quality traffic, we can ensure that our marketing efforts work towards one goal: generating the highest return on investment.
What Are The Best Ecommerce Marketing Strategies?
Design Your Store For Maximum Desire And Conversion. One of the most important aspects of running an online store is getting your audience to come and shop at your store. If nobody goes there, nothing will happen.