E Commerce refers to trading over electronic systems such as internet and other networks. It consists of the buying and selling of products or services in real-time to facilitate the financing and transfer of funds in secure and trusted way. E-commerce can be said as a system that allows online movements buying , selling goods , services, and information. Describing E-commerce as an electronic market for communicating with buyers and sellers, offering products and services and making payments digitally or virtually, will not be wrong.
It is an important facet and measure as a sales phase of e-business or online business. It facilitates and change the way your potential customers locate, compare and purchase goods – forever. And in the recent few years it has gained more importance and attention with the success of eBay, Yahoo, Amazon and many more portals. The sales graph of these companies is a proof of the success of e-commerce implementation. So, having an e-commerce website can prove out to be useful for your business as well.
Lets have a look at the benefits of having your own e-Commerce website or Online Shopping Cart:
1. Reach millions of customers without any Geographic limitation & time zone: Internet is a hub, where millions of people access, purchase & sales every day. According to internet world stats, internet is growing incredibly from 16 millions users in December, 1995 to a great pace of 1,971 millions users in Sep, 2010. Internet helps you to reach worldwide, communicate; sell your products in any part of the world with the ease of website regardless their location and time zone because with a branch or office you can reach to the specific location or nearby only. So, having your own e Commerce Website allows and helps you to reach millions of people and create new business relationships. Thereby increase profit and overall sales.
2. Cheaper upfront cost & low cost of sales: Cut off office setup cost like leases, phone bills, stationary, maintenance, etc. The direct cost of sale is lower from a website than the traditional methods. All the formalities and payment is made online and sincerely need no human interaction. It also reduces number of sales staff, customer service rep. and other staff. Not to mention, it is cheapest means of doing business.
3. 24/7 support: 24/7 support without having need for you to be active or online. Website process is automated. An e Commerce website gives your customers ability to order and shop also, while you sleep. User from any location can purchase goods and pay at the instance. He will get in touch with you via email, phone or fax.
4. Establish Customer Loyalty: e Commerce storefront is a unique way to showcase products in an appealing and interactive way. You can update them with sale, discount, offers and new products. Every time a customer visits your e Commerce website he becomes more loyal with increase in customer satisfaction.
5. Automated Billing Process & Safe transactions: Transactions can be done online and securely through credit card or other transaction way you choose and the amount safely gets deposited in your account.
6. Increase awareness: You can reach millions of consumers looking for the product you are selling. Having an online shopping cart also enable you to aware people and make your company a brand name.
Some interesting facts about e Commerce:
As stated by some online studies “online retail revenues will surpass the quarter-trillion-dollar mark by 2011.” With rapid progress and increased public awareness, Online Shopping is experiencing an increase in competition. So, Are you ready to earn more profit with less investment and make your business a brand name?