E-commerce (just like all other business tools) has benefits and some disadvantages if not used correctly, many of which will we talk about in brief, here. If you want to know the pros and cons of electronically buying and selling your products, continue reading!
What is e-Commerce? E-Commerce is electronically buying or selling products on online services or over the internet. There are three main types of e-Commerce. Business to Business (B2B), Business to Consumer (B2C) and Consumer to Consumer (C2C).
So how does e-Commerce work? Customers come to your website or your online marketplace and purchase their desired products/services with an electronic payment. Upon receiving the payment, the business will ship the product/provide the service.
There are many benefits of e-Commerce, such as:
- A larger market
- Customers can make purchases anytime and anywhere
- Eliminates the operation cost
- Detailed product information offered
- Quicker buying process for customer
However, there are also negatives, such as:
- The possibilities of fraud are increased, without the necessary measures in place
- Lack of personal customer attention, and face-to-face contact
- Reduced opportunities for customer engagement and possibly upselling
- The customers can’t try the product before purchasing it
A larger market benefits your business because it increases sales and profits, and you can reach new customers who don’t like physically going to the shop. Customers can make purchases anywhere and anytime, this is beneficial because it means that customers can continue to buy products, even when a physical shop would be closed. This means that your business is making money in its off-hours, increasing revenue.
There are some negative factors that you can’t change about e-Commerce. Not everyone has the fast internet needed for most websites to be as good as they can be. Meaning, people with slow internet aren’t going to experience the websites as well as someone with fast internet would. Not to mention, some people don’t have the internet at all, so if the business is completely E-commerce, you’ve got to ensure that you know your customer base very well and attract the right clients.
At Dexterous Designs, we are experts in e-Commerce and can help your business with a new Website, whether e-Commerce or otherwise. If you want to discuss an idea or a new opportunity, or simply have an old e-Commerce shop that needs a revamp, talk to the team of experts today!