With the arrival of ecommerce the entire business model has changed drastically. Ecommerce deals with the buying and selling of goods over the internet such that the entire business is conducted electronically. Ecommerce has now become the market place of the world. Transactions can now take place via B2B, B2C or even C2C. Ecommerce has gained such wide popularity that traditional businesses are converting their entire business activity into an electric format to keep up with the changing environment.
Ecommerce not only helps the businesses to reach out to a large number of audiences but also the expenditure incurred is minimal. Social networking sites are greatly used to find a range of potential consumers by the businesses. Sellers have started using social networks like twitter and face book to directly interact with the audience, taking in their input and promoting the products. Sites like LinkedIn are used to connect with professionals around the globe. When dealing with a business online it is essential to attract sufficient traffic to the sellers website which can be done via SEO’s or promoting the company name and products through different social networks.
Ecommerce not only makes it convenient to reach out to the consumers and make sales but also helps keep a close tab on what the competitors are doing. Majority of the customers prefer to shop online nowadays and are within the age group of 18 to 35 years. E-Commerce has become an essential business tool for not only to sell to customers but also to keep them engaged. E-commerce has led to lead to a more intense price competition, since consumers’ can now ability to gather information about products and compare prices of different sellers. The Legal issues relating to e-commerce varies as per different business models. The main players of the ecommerce market include Amazon.com, Google, E-Bay and PayPal. Lately, clothing sold through the internet has become a big business in the U.S.
India, China, United Arab Emirates, Singapore and Hong Kong are some of the fastest growing ecommerce markets in the world. The ecommerce market in UK is expected to grow by 10% till 2015. The e-commerce presence in China continues to expand at a strong pace. The main reason for the huge growth in Chinas electronic shopping has been because of the improved level of trust amongst the shoppers. China is now looking to expand into the Middle Eastern regions.