E-commerce is the buying and selling of goods or services via the internet, and the transfer of money and data to complete the sales. It's also known as electronic commerce or internet commerce.
Everyone from independent freelancers to small businesses to the largest corporations can benefit from the ability to sell their goods and services online at scale.
E-commerce accounts for trillions of dollars in sales every year. Today it’s almost inconceivable that a company wouldn’t be using digital space to drive sales and bottom lines.
Benefits of e-commerce
Clearly, online commerce offers a plethora of benefits. Let’s look at some of the biggest ones.
- Convenience: Online commerce makes purchases simpler, faster, and less time-consuming, allowing for 24-hour sales, quick delivery, and easy returns.
- Personalization and customer experience: E-commerce marketplaces can create rich user profiles that allow them to personalize the products offered and make suggestions for other products that they might find interesting. This improves the customer experience by making shoppers feel understood on a personal level, increasing the odds of brand loyalty.
- Global marketplace: Customers from around the world can easily shop on e-commerce sites – companies are no longer restricted by geography or physical barriers.
- Minimized expenses: Since brick and mortar is no longer required, digital sellers can launch online stores with minimal startup and operating costs.