E-commerce – a tool to save the business world!
Beyond the expected and the unexpected, the world is being shaken by a frightening challenge called Covid-19. With the closure of thousands of businesses and other activities, people are faced with the inevitable question: How to make it work?
With the situation changing rapidly around the world, the buying habits of consumers have changed as well. Consumers have switched from offline activities to e-commerce. This brings relief for the economy and sets the course for a rapid recovery.
With businesses allowing workers to work from home, a visible step was made towards social distancing and a transition to the digital world.
E-commerce service will open up completely new selling opportunities and allow businesses to position their goods and services to a wide audience in the country and the world. This is a very effective way of increasing sales in a very efficient way, advertising goods or services on websites and accepting online payments immediately.
How to survive in business during the Coronavirus crisis?
Digital approach has now become the popular stream where every business is stepping into the new strategy to build a high competitive strength. To increase the customers as well as to make the business a supreme, starting digital is the leading way to foster the business.
There are a large range of companies that can profit from their own e-commerce platform, from start-ups and small businesses right through to big brands, where they can offer their own goods or services.
E-commerce allows commercial transactions to cross cultural and national boundaries more conveniently and cost-effectively than is possible in traditional trade. As a result, the potential number of customers and associates increases significantly. Practically the size of the market is approximately equal to the size of the online population. To penetrate and be part of it, businesses need to reevaluate their business process in order to adapt to e-commerce.
Most processes within the e-commerce system are performed through the Internet. Products and services are featured in online catalogs on the websites of companies with e-commerce features, such as product and service profiles, online financial transactions, and all services related to the normal functioning of online buying and selling processes. Customers can order online items and then pay for them in various ways via credit / debit cards, PayPal, bank transfer, payment by phone credit as well as payment by hand when the purchased product is delivered.
E-commerce emerges as a platform for promoting products and services that will rebuild the existing economy. This will affect the organizational structure; will require different planning skills, new regulatory and legal framework. The evolution of e-commerce will have a profound impact on competition as well as the effect on consumer behavior, changes in how work is defined and managed.
Through e-commerce, businesses will be able to save time in sketching the product, designing according to the individual specification of the customer, ordering and distributing components, traveling sales and getting feedback from customers.
Ways of improving your business:
New technology transforms business processes, the way in which products and services are created and marketed, the dynamics of competition, the organizational structure of the enterprise and the nature of the enterprise itself. This includes marketing, customer supply management, sales management, product development, and more.
Transparency makes business strategy more effective. Many businesses have already started recognizing key customers, employees and major suppliers. E-commerce will lead to better customer service, more personalized products, lower costs, process efficiency and faster market delivery. The most important aspect of e-commerce is the new market development.
Expanding the market: This is one of the main advantages of doing business online. A small company now has the ability to reach markets beyond its traditional capabilities while also gaining access to markets beyond the current customer base.
B2B and B2C solutions
There are many ways to classify e-commerce transactions. One of them is the analysis of the nature of participants in e-commerce transactions. The main categories of e-commerce are e-commerce business-consumer (B2C) and e-commerce business-to-business (B2B).
B2C, the acronym for “business-to-consumer”, is a business model based on transactions between a company, that sells products or services, and individual customers who are the end-users of these products. B2C e-commerce definition suggests the commerce transaction through a company website featured with online catalog.
Most Internet users are familiar with the B2C e-commerce model. Consumers appreciate the convenience of online shopping where they now can purchase clothes, electronics, media subscriptions and services via the internet.
Business to Business, in which businesses focus on selling to other businesses, is the largest form of e-commerce. Examples in this regard are related to online distributors, electronic procurement, exchange of goods, creation of private industrial networks, etc. Through this virtual ecosystem, the companies involved have the opportunity to communicate more efficiently and expand their capacities. Thanks to the advanced qualities of information technology, companies are able to cooperate by avoiding the barriers that appear to standard business.