An ecommerce business refers to buying and selling of goods and services online. And apart from that, we also do money transactions and information exchange electronically. It is described as a commercial transaction.
Immensely evolved from the traditional practice of physically going to a store and then buying these goods and services.
With the help of e-commerce, we are able to sit anywhere, at home, in a car, anywhere, you can just use your phone or laptop or computer and browse as many products as possible and then buy everything as per your convenience. Another important fact, earlier consumers were trapped by geographical and social boundaries, and therefore it was difficult for them to buy products for the right price and quality. Contrarily, this was an advantage for the merchants to sell the products at a higher price.
Thanks to the technology that because of which ecommerce business makes it possible for merchants to know more about the customers based on their behavior based on their likes based on what they’re frequently buying. And thanks to artificial intelligence, it’s helping ecommerce to understand consumer behavior. And merchants are able to upgrade their websites based on the convenience of consumers so that they can attract more consumers and increase their loyalty base, which is going to be beneficial for the company in terms of profit market share as well as sustainability.
The 6 unique features of ecommerce
It is defined as something that occurs everywhere.
And thanks to the internet, right, it has played a significant role in every area in the entire world. And we know though, like libraries, homes, businesses, people carry their mobile phones and they have access to the internet. And the best part is that the internet is accessible everywhere and by everyone.
We can see that the internet is able to help merchants reach billions of people across the boundaries nationally and internationally.
The Internet has its own universally accepted standards of how information is presented. And this provides a fair amount of equality for all ecommerce businesses, which means that anyone can access information to enter into the market. And they can search for almost any information that they’re looking for.
Similarly every website development adheres to the w3C development standards.
It is one feature that makes customers feel valued. And this gives an opportunity for customers to interact with the merchants online if they have any issues in terms of the product shipping or billing. And another important feature about interactivity is that customers are able to rate products and provide feedback about the purchases which creates a transparency or a visibility for others to review the feedback, review a product rating and then purchase products or services based on their convenience and based on the trust of the information that is made available.
It is another important feature, especially for the ecommerce business owners. It gives them access to information about the competitors, manufacturers, data, resource information, price information, and all important information that can help them compare that with their own business and make changes accordingly. And this helps them in turn to cut costs in terms of information processing, storage and communication. So this also speeds up a service and also provide excellent service to the customers
It is going to bring significant value for customers where ecommerce businesses are not just providing exceptional services in terms of delivering products on time. But they’re able to provide features to customers to make a product based on their own choice and needs. That’s fantastic, isn’t it?
Let’s take this example of a company by the name mission bicycles. So they have a website wherein they allow customers to frame a site bicycle on their own with choosing colors, where is needed, like handlebars, seats, style chain pedals, etc. And then finally make the end product of the bicycle on their own and then book it. That’s what makes a service not just exceptional by perfect service in terms of our needs
Last, and the very important feature is social technology. Now social technology has played a very huge role in the success of e commerce now sites like Facebook, Twitter, LinkedIn, Pinterest, Instagram, and many other social websites have contributed to ecommerce businesses at a significant level. Which means that ecommerce businesses are able to understand the interests, the needs, the likes of the customers, through social websites, and are able to target their customer bases accordingly.
And all these social technologies are changing customer experience for the better. And this creates a fact that companies are now interested in not just maintaining a customer base, but to maintain a relationship, which is a long term relationship with the customers and then are able to bring continuous changes based on the changes in behavior, and likes of customers, which is brilliant