The business transactions, that is, buying and selling of products electronically, over the internet, is known as E-commerce. Whenever anyone buys or sells over the net, they engage in E-commerce, and with the fast rise in acceptance of online marketing, E-commerce is a rapidly growing field. Some notable examples of online stores that should give you a picture of what E-commerce is all about are Amazon, e-bay, Shopify, OLX, Flipkart, et cetera.
Today, E-commerce is mainly classified into four major categories based on the respondents of the trade;
- Business to business (also known as B2B)
As the name implies, the companies do business transactions between themselves. The final consumers of the product are not involved in this trade as it only affects the manufacturers, the wholesalers, and the retailers, et cetera of the product
- Business to consumer (alias B2C)
In the business to consumer category of E-commerce, the company sells directly to the consumer. They advertise their products on their websites and allow the consumer to browse through to pick their preferred item. The chosen product is then shipped directly from the company to the customer’s pickup location.
- Consumer to consumer (alias C2C)
Here, consumers are in direct contact with other consumers. People use this platform to sell their items, goods, or assets directly to any interested person. You can sell your car, bike, electronic devices, et cetera to another party without the influence of any organization or company.
- Consumer to business (alias C2B)
This is the direct opposite of the business to consumer model. You may be wondering what someone has to sell to a large organization, right? Well, there are many options. An individual might be willing to freelance for an organization or sell their invention to a company for an agreed price. These transactions are C2B transactions.
To start an E-commerce project, you will need internet-supported devices like your computer or phone. You can get some of these electronics from online stores, but you should make sure to read reviews. For example, reading a computer business review will enable you to know how reliable and trustworthy they are in transacting business.
You should also make sure to create an excellent business plan before diving into the waters of E-commerce. It would help if you answered the questions, “what are you selling? To whom would you be selling to? and How would you source your product?”. A good answer to these questions accurately mapped out skewers down your initial obstacles and goes a long way to secure the business.
How do you start your E-commerce project?
To start, you will need to register a domain name for your business. This name should be related to the products you sell and easy to memorize. You should also get a secure SSL certificate that would protect the communications between you and the customer.
You should also;
- Decide on your website host
- Pick the best platform for your business
- Make good use of E-commerce SEO tools
- Strategize on good customer management.
These days, social media is a potent tool to generate awareness to a business and for advertisement, share relatable contents, run promotions, and communicate with prospective customers directly. Technology plays a vital role in E-commerce, so an entrepreneur should tap into its many advantages.