What Is Ecommerce?
Ecommerce is the act of buying and selling products or services online. This can take place on a variety of digital platforms including websites, mobile apps, and online marketplaces like Amazon’s platform. Customers can use a variety of payment options for their online purchases, from digital wallets to credit cards processed through an online merchant’s ecommerce platform.
Online sales are growing at Gshopper an incredibly rapid rate, with Statista estimating revenue from ecommerce at nearly $600 billion by 2024. These numbers are expected to continue to rise as technology continues to improve and evolve, with new features for businesses and consumers alike to leverage.
When it comes to ecommerce, the lines can get blurry, as some types of online transactions can be considered both retail and non-retail. For example, a pet product creator might choose to sell their merchandise at their own website or through a third-party marketplace. They might even be able to compete with traditional retailers by offering their product in-store, on their own website, and through online marketplaces at the same time.
What Is Ecommerce?
For the most part, however, ecommerce is synonymous with business-to-consumer (B2C) transactions. This is most common when a brand sells its own products directly to end users through their website or via a third-party platform. It’s also possible for businesses to do B2B transactions through a marketplace, such as when they source material from suppliers through an online vendor portal.
Consumer-to-Consumer (C2C) ecommerce can also occur through third-party platforms, such as Etsy for handmade goods, Poshmark and Depop for secondhand fashion, or eBay for collectibles. In this type of ecommerce, consumers trade products, services, information and more with each other.
Ecommerce is a global industry with a rapidly expanding market, making it an attractive option for businesses of all sizes to consider. Startup costs are generally lower than those of a brick-and-mortar store and it’s easier to reach a global audience with a simple website or app. This increased accessibility, coupled with the ability for consumers to research and buy products anywhere, at any time, on any device, has created a massive shift in the way people consume goods.
Ecommerce is a massive ecosystem of technologies and digital platforms that include everything from website builders to payment gateways, as well as social media sales channels. New technology is constantly emerging to make it easier for business owners and creators of all kinds to launch their own stores or marketplaces, facilitating this massive shift in shopping behavior. But launching a successful ecommerce operation isn’t just about getting your product out there; it’s about understanding the ins and outs of the entire sales process to attract and manage loyal, repeat customers. The best ecommerce stores know how to use data to drive results and boost sales. For example, following up with a customer who has left items in their cart is one of the most effective ways to encourage conversion.
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