We are offer retail of selling consumer goods or services to customers through multiple
channels of distribution to earn a profit. Retailers satisfy demand identified through a supply chain.
E-commerce (electronic commerce) is the activity of electronically buying or selling products on online services or over the Internet. E-commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems.
eCommerce refers to any form of business transaction conducted online. The most popular example of eCommerce is online shopping, which is defined as buying and selling goods via the internet on any device.
Covid 19 Retailers Challenges - Offline To Online
It is important to understand the pros and cons of not going online
What are the Different eCommerce Business Models?
Global market. A physical store will always be limited by the geographical area it can serve. An online store, or any other type of eCommerce business for that matter, has the whole world as its market. Going from a local customer base to a global market at no additional cost is really one of the greatest advantages of trading online. In 2018, 11.9% of global retail sales came from online purchases and this is only set to increase year on year.
Around-the-clock availability. Another great benefit of running an online business is that it is always open. For a merchant, it’s a dramatic increase in sales opportunities; for a customer, it’s a convenient and immediately available option.
Reduced costs. eCommerce businesses benefit from significantly lower running costs. As there’s no need to hire sales staff or maintain a physical storefront, the major eCommerce costs go to warehousing and product storage. And those running a dropshipping business enjoy even lower upfront investment requirements. As merchants are able to save on operational costs, they can offer better deals and discounts to their customers.
Inventory management. eCommerce businesses can automate their inventory management by using electronic tools to accelerate ordering, delivery and payment procedures. It’s saving businesses billions in operational and inventory costs.
Targeted marketing. With access to such a wealth of customer data and an opportunity to keep an eye on customer buying habits as well as the emerging industry trends, eCommerce businesses can stay agile and shape their marketing efforts to provide a better-tailored experience and find more new customers. Just consider for a moment that you have a chance to address thousands of your customers by their first name; that is something already.
Serving niche markets. Running a niche brick-and-mortar business can be tough. Scaling a niche product to become popular is effortful. By tapping into a global market, on the other hand, eCommerce retailers can build a highly profitable niche business without any further investment.