If you are reading this eCommerce post, my best guess is that you must have heard or read about an “online store” multiple times on the internet.
What is an online store? An online store is a marketplace that can be accessed via the internet. It is not like a physical store where people stop by and make purchases with physical cash. Take online stores as a virtual marketplace where you go shopping for goods just as you’d do in traditional stores. After shopping for an item, you pay with a credit card and have your package delivered right to your doorstep.
This brings us to eCommerce – electronic commerce – an electronic way of buying and selling. This post is a beginner’s guide to eCommerce. You can learn what is eCommerce and how to make money with an online store.
How Life Has Evolved So Fast With Electronic Commerce
Life is changing so fast. Back then, the only way we knew how to shop was to visit a brick-and-mortar store to get what we want. The transition from traditional shopping to eCommerce has changed the way we shop and do things. Tastes and preferences are changing so are our instincts, hence, the rise of eCommerce businesses. With the help of technology, it is now easier to buy anything.
Think of anything, say Chocolate, and by visiting a chocolate store online, you can get your craving at your doorstep in no time. People now prefer to shop at home, work, in the car, or even in the bathroom. Convenience is crucial in eCommerce. The idea is for a consumer to get what he/she wants at their convenience and that is exactly what eCommerce businesses offer.
What is eCommerce?
An eCommerce business is a business model where people buy and sell services through the internet. The retailer (the seller) owns a website, which represents the physical shop where he uploads products and when a buyer visits the site, he can place an order and have his product delivered to his doorstep. Easy pizzy.
If you are looking for an online business model, then you can consider starting an eCommerce business. Own a store, sell stuff and make money. Before starting an eCommerce business, there are a lot of things to consider. While this article introduces eCommerce, I have written a comprehensive guide on what you must consider before starting your own website. In the meantime, let’s consider some amazing statistics about eCommerce.
E-COMMERCE WEBSITE STATISTICS
eCommerce website statistics is such an essential tool help retailers to learn consumer behavior and buying habits and the possibilities out there to explore.
- According to OptinMonster, 93.5% of internet users all over the world have purchased at least one product online.
- According to YMNTS, at least 52% of shoppers who switched from traditional stores to online stores vow to never return to their old shopping habits.
- A statistic by Nasdaq reveals that 95% of all purchases will be through online stores by the year 2040.
- BigCommerce estimates an average of 4.55 posts per week on average from eCommerce sites.
- According to OptinMonster, 60% of consumers attested that they have made a purchase based on an email marketing message received.
- Wolfgang Digital says that email marketing contributes to 20% of traffic driving eCommerce sales.
- A statistic from Practical eCommerce reveals that both Black Friday and Cyber Monday recorded more than $2 billion in sales in 2018 from Mobile Commerce (mCommerce).
- According to Shopify, Instagram has the average order value for customers ($65.00), followed by Facebook ($55), Twitter ($46), and lastly, YouTube ($38).
WHAT DOES THIS MEAN FOR ASPIRING E-COMMERCE BUSINESSES?
Simply, the eCommerce industry is booming exponentially. Online purchases are accelerating each day and this will be a lasting change. This shift is indicating that eCommerce will only get better. Things only got better for the eCommerce sector during the advent of the COVID-19. The restriction gave people no option but to shop online- and this doesn’t seem to change any time soon. So long as buyers enjoy shopping online in their comfort zone, eCommerce will only get better.
Thanks to the internet, you can leverage the rapid growth of online stores. So many businesses are migrating from local stores to online stores. You too can own an online store and start selling to make money from the large market share. In years to come, traditional commerce will lose its savor. Like any other business model, eCommerce has its pros and cons. Notwithstanding many retailers are cashing out with this business model. If you think this is an ideal business for you can give this a try.
We hope you find this article helpful. You may also click here to see other amazing tips on how to succeed as a freelancer.