What is E-Commerce?

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What is E-Commerce? E-commerce is the activity of selling or purchasing goods over the Internet, either electronically or physically. The term is also used to describe an entire collection of web-based activities, sometimes involving various markets (virtual or real) that provide value through the exchange of information systems, products, services, and payment systems. E-Commerce is rapidly becoming the preferred way to buy and sell goods and services online.

One key takeaway from understanding what is the e-commerce is that most (if not all) traditional markets such as retail sales, gift and service businesses, cinema theatres, shopping malls, bars, and restaurants are gradually being converted to electronic stores (e-retailers). This is because consumers have become much more demanding when it comes to shopping and they are no longer satisfied to merely go to the shops and buy items as and when they feel like doing so. They want to do it now, with the click of a button! And this is where the opportunities come in for retailers.

In the traditional retail market, there is only one mode of transaction: walking into the physical store, paying for the item, then entering the credit card information and delivering the product to the customer. With e-commerce business, the scenario is quite different: the customer enters the virtual space and makes his purchase using a credit card, then selects an item from a list, selects a payment method, and finally places the order. The entire transaction happens online! In fact, it is this very nature of the transaction that has made shopping through e-commerce businesses such a boom in the industry.

As already mentioned, the reason why most consumers come to purchase their items via the World Wide Web is convenience. They just have to click a few buttons and voila! They have done it! Hence, the need to ensure a perfect e-commerce experience for the shoppers, especially when they come to make their purchases is of paramount importance to any business. It is the ability to offer the right amount of services and ease of access at the same time which plays the biggest key takeaway in ensuring a successful e-commerce business.

One of the most important key takeaway is ease of access. With the right shopping cart in place, it becomes easy for the consumers to locate and select their preferred items. When they are already looking through the online catalog of the business, the checkout process can be completed with ease. Furthermore, the shopping cart allows for easy payment options and discounts or rebates to be availed of. All this ease of access functions make the process of buying goods easier for the consumers, thereby increasing the overall profits of the business online.

Another key takeaway is the promptness of the service and support. The e-commerce site should not only provide the facility of instant pricing in its products and services but also should be able to help solve problems or queries by means of a live chat or even by phone, should the need arise. This makes it an instant source of income for the business, while at the same time attracting more customers to come and shop. Promptness and service of any company should never be overlooked. Such a trait will ensure that the consumers come back to the site often.

Yet another key takeaway is having a physical store that appeals to customers. Having a physical store gives the consumer the sense of being in a brick and mortar store, without having to go through the hassle of online shopping. Moreover, having a physical store adds a sense of security to the customers. Since they can physically touch, feel and smell the product, they are more confident about the reliability of the product. The fact that they can physically inspect the goods further entices them to purchase from the site.

To sum up, there are many things to look for when deciding what is e-commerce. These are things that cannot be overlooked, since they have the potential to make or break the success of the e-commerce business. If a company wants to succeed in this type of business, then these four things should never be overlooked. However, if a company has the resources to both maintain a physical store and also cater to online orders, then it can be said to have successfully embraced the e-commerce business.