Wherever you are right now in your ecommerce journey, we hope this post gave you some insights that you can apply in your venture. If you’re just starting out and need help picking a platform or deciding on your target audience, go back and read the section on ecommerce types and solutions. Already running a business and want to ensure your success? Read through the ecommerce stories above.
Modern electronic commerce typically uses the World Wide Web for at least one part of the transaction's life cycle although it may also use other technologies such as e-mail. Typical e-commerce transactions include the purchase of online books (such as Amazon) and music purchases (music download in the form of digital distribution such as iTunes Store), and to a less extent, customized/personalized online liquor store inventory services. There are three areas of e-commerce: online retailing, electric markets, and online auctions. E-commerce is supported by electronic business.
If you are selling physical goods, you'll need to consider how you're going to ship them. PayPal and other processors have worked with shipping merchants, including USPS and UPS, to offer one-stop postage processing. You will also need to research your state laws to determine if you are required to obtain a permit for selling online, or if you need to collect sales tax for your state or municipality.
Research from BigCommerce has found that Americans are about evenly split on online versus offline shopping, with 51% of Americans preferring e-commerce and 49% preferring physical stores. However, 67% of millennials prefer shopping online over offline. According to Forbes, 40% of millennials are also already using voice assistants to make purchases, with that number expected to surpass 50% by 2020.
The benefits of e-commerce include its around-the-clock availability, the speed of access, the wide availability of goods and services for the consumer, easy accessibility, and international reach. Its perceived downsides include sometimes limited customer service, consumers not being able to see or touch a product prior to purchase, and the wait time for product shipping.