Over the last decade, there has been a rampant increase in the growth and spread of internet use across the globe. As a result of the internet’s fame and widespread usage, there has been a slow revolution in the business world. This has seen the growth of a new business trend; eCommerce. Electronic commerce refers to any kind of commercial transaction or business that involves transferring information across the internet. It covers a wide range of businesses from consumer based retail sites, through music and auction sites to trading services and goods between corporations. Business analysts and experts agree to the fact that this is an emerging trend that is set to bring a revolution to the global economy.
E commerce gives consumers the ability to exchange services and goods without any barriers of distance and time. For the past five years, electronic commerce has been on rapid expansion and the trend is set to continue in years to come. In a few years to come, the boundaries between electronic commerce and conventional commerce will become blurred and many businesses will opt to move some sections of their operations onto the internet.
B2B or Business to business refers to electronic commerce between businesses and not the usual one between a business and customers. B2B businesses usually deal with hundreds or even thousands of other businesses either as suppliers or customers. Engaging in electronic transactions offers a highly competitive edge compared to other traditional methods. With proper implementation, you will realize that eCommerce is cheaper, faster and more convenient compared to the traditional trading methods of bartering services and goods.
For quite some time now, electronic transactions have been in existence in the form of Electronic Data Interchange. Electronic Data Interchange requires every supplier and customer to establish a dedicated link and electronic commerce provides a cost-effective method for firms and companies to establish multiple ad-hoc links. Electronic commerce has also spearheaded the advent of electronic market places where suppliers and prospective customers are brought together to engage in some mutually beneficial trade.
The road to establishing a successful online store can be very difficult and daunting particularly if you are not aware of some of the most basic electronic commerce principles and what eCommerce is supposed to deliver for your online business. Researching, familiarizing and understanding all the guidelines required for the proper implementation of an e-business plan is vital to succeeding with your online store building.
Many people who run online stores can agree that shopping cart software is very important. This is because it is an operating system used to give customers the ability to buy services or goods, keep track of all transactions and tie all aspects of eCommerce into a single cohesive whole. An online store should also have a shopping cart. This means that when you access an online store, you should come across a virtual platform where you can place products that meet your demands. It is basically a virtual shopping basket. Prior to starting an online store, it is important to identify a niche of products that consumers hardly find in departmental stores and malls.