What is meant by e-commerce ?
E-commerce is the process of buying and selling goods and services over the Internet. E-commerce customers can make purchases from their computers as well as other touch points, including smartphones, smartwatches, and digital assistants, such as Amazon’s Echo devices.
E-commerce thrives in both B2C and B2B sectors. In the B2C model, a retailer or other company sells directly to end customers. In B2B e-commerce, you sell one business to another. In both sectors, the goal of most companies is to enable customers to buy anything they want, anytime, anywhere, using any digital device.
Simply put, big data is larger and more complex data sets, especially from new data sources. These data sets are so huge that traditional data processing programs cannot manage them. But these massive amounts of data can be used to tackle business problems that you wouldn’t have been able to tackle before.
Online business is less expensive to set up and run
Since purely online businesses are location-independent, there are no expenses for buildings, utilities, or parking. They do not necessarily need to maintain a physical inventory. In general, an online business is much less expensive in terms of input costs, which means there is a potential for increased ROI in the long run.
Internet business solutions
Tribe is a completely free e-commerce platform that does not charge any setup costs to get started and there are no recurring transactions or fees afterwards. The solution is designed to offer simplicity and operational efficiency that further reduces manual effort and time.
The solution is self-hosted, making it possible to use quality and cost-effective hosting providers like AWS. Free installation and 3-month technical support for system malfunctions increases the benefit value.
The clan is built using the reliable Laravel web framework, making it secure, scalable and extensible. It is offered with several e-commerce functions such as built-in POS, pre-built APIs, and more out of the box.
Woocommerce is an open source, open source, self-hosted e-commerce solution. Statistics show that it is a more popular e-commerce software as compared to its peers. It is integrated with its WordPress site and is customizable with themes, both free and paid. The Woocommerce plugin itself is free but other plugins you may need can pay. The learning curve to use Woocommerce can be tough, the user needs to be familiar with WordPress to be able to use Woocommerce.
Opencart is a free, open source, customizable e-commerce software. The program can be downloaded for free. The software is lightweight allowing the use of affordable hosting packages. It features an admin dashboard that provides a one-page business overview. Opencart also supports multiple stores and usually requires website optimization.
PrestaShop is a free, open source e-commerce software. It can be downloaded but you will have to set it up yourself. To set it up first, the PrestaShop installation file must be downloaded, a database must be created and to install the file, the file must be uploaded via an FTP client.
Magento is another free, open source e-commerce software. Created with PHP. Just like PrestaShop, Magento takes time to install, and getting used to it requires a steep learning curve. The software is scalable and supports multiple integrations but these add-ons tend to be expensive. Moreover, the support is limited and paid.
Bagisto is an e-commerce software built using the open source Laravel framework. It is scalable, secure and customizable. It offers many e-commerce features via e-commerce integration. Bagisto is free and open source and can be used to develop high quality e-commerce stores.
All of these e-commerce software helps in achieving the same goal of creating an e-commerce website. Examined below, are the basic differences between them.
Online business is always open
When running an online business, everything is always available 24 hours a day and even 366 days a year. The upside to this is you have plenty of opportunities to make sales. The downside is that clients expect you to always be available to help out with their problems, so you don’t get time off unless you hire someone to handle all that stuff for you. This requires significant resources, so the smaller your business, the less likely you are to enjoy long, relaxing vacations.
The value of e-commerce for business
The e-commerce sales growth rate is expected to be a staggering 265%. In 2017, worldwide retail e-commerce sales reached $2.3 trillion, and by 2021 – just four years later – revenue is expected to reach $4.88 trillion.
The explosive growth of e-commerce makes it an increasingly valuable and essential tool that enables businesses to do the following :
- Distinguishing from its competitors
- Reach more customers in more regions of the world
- Reduce costs by selling directly to customers and keeping fewer traditional stores
- Empowering customers to buy anytime, anywhere, using their favorite devices – a capability essential for millennials and other digital natives
- Capture valuable customer data through online metrics
- Testing new products, services, brands and companies on the market with minimal upfront investment
- Provide customers with self-service options, allowing small sales staff to sell to more customers
- Expand quickly and at low cost