E-commerce is the action of electronically buying or selling products on the Internet. The transfer of data and money over the Internet is also considered e-commerce.
There are different types of e-commerce this include: B2B(business to business), Business to consumers, Consumers to business and Consumers to consumers.
- B2B(business to business) is the type of e-commerce that involves companies doing business without including the end consumer.
- Business to consumers is e-commerce that involves a company selling products to the end consumer. The end consumer can purchase by visiting a company’s website to see pictures of goods, prices, place orders, and more.
- Consumer to business is the type of e-commerce that involves a consumer selling products or services to a company. An example is a lawyer providing services to a merchant.
- Consumer to consumer is the type of e-commerce that does not involve any company in trading services or goods. An example is eBay, where individuals can sell personal belongings to others not associated with any business.
E-commerce has become the new way of shopping and doing business without the geographic location limitation. There are many benefits for merchants and consumers. For example, it can lower transaction costs and reach clientele 24/7, which means more sales and profit. Furthermore, it eliminates the need to include third parties because customers and merchants can communicate directly, giving a personalized touch to businesses.
Moreover, it allows for faster shipping at the cost and speed of shoppers instead of the merchants; most businesses allow customers multiple shipping options; the buyer then chooses based on needs, all of this effortless from both parties.
How can you upgrade and take over your business future?
- Get creative with your products by innovating traditional to trending; this will capture consumers attention.
- Invest in your online business without expending all your capital; a merchant service provider can assist you with menu building; it can also offer branding and positioning while providing a Payment gateway at a lower cost.
- To illustrate your website, include the best quality images of your products; this will help you attract customers. Many types of research have proven that a significant percentage of the population are visual learners, and they will buy a product attractively presented.
- Reward customers with loyalty programs; if a customer is likely to repurchase a product, create automatic re-orders to speed up the checkout and reward them every time they re-order. Similarly, give first-time shoppers a discount on the next order to motivate them to come back.
- List a limited number of products to avoid shopping cart abandonment; this will create a rush for shoppers to order right away with the fear that the service or product will sell out.
What are some e-commerce legislations to be aware of before starting or upgrading your business?
There are e-commerce regulations and laws locally and internationally to comply with, which will help you avoid fines and future obstacles, such as:
- Payment gateways
- Business insurance
- Licenses and permits
- Customer privacy
These are just some to mention.
A&B PAY helps merchants accept credit cards online with secure e-commerce payment gateways and services that make accepting electronic payments quick, easy and safe.
- Increase online sales by accepting credit cards, debit cards and ACH payments on your website.
- Choose from a wide variety of shopping carts and e-commerce platforms into which BluePay seamlessly integrates for fast, secure transactions.
- Comply with PCI DSS standards to protect online data.
After reading this script, if you need more guidance on e-commerce and are ready to start or upgrade your business, contact us; we have a team of specialists ready to guide you through this process.