No matter what type of business you’re in, you’ve likely considered how e-commerce could help grow your business. Perhaps you’re already running your own e-commerce business and you’re wondering how you can improve functionality and streamline operations. Now more than ever customers are looking to the web to buy products, subscribe to services, and make transactions.
Here, we’ll discuss the basics of e-commerce, how businesses can expect e-commerce to change in 2021, and how your business can benefit from a custom e-commerce solution from IS&T.
E-commerce, short for electronic commerce, refers to online transactions. Typically, this means the buying and selling of goods and services over the internet using the transfer of money or data electronically. Everything from buying clothes online to paying your accountant via their online invoice constitutes e-commerce.
As the internet revolution took over, e-commerce became an integral part of running nearly any business. Consumers and businesses now look at online payment, online ordering, and online retail as the easier, more common option than physical transactions and in-person shopping. Everyone from small business owners to mega corporations benefit from and utilize e-commerce tools to grow their businesses online.
Types of E-Commerce Models
Generally, there are four distinct types of e-commerce models:
- Business to Consumer – Also known as B2C, this refers to businesses that sell goods or services to an individual consumer.
- Business to Business – Also referred to as B2B, this refers to businesses that sell goods or services to other businesses.
- Consumer to Consumer – Also called C2C, this refers to consumers that sell goods or services to other consumers.
- Consumer to Business – Also known as C2B, this refers to consumers that sell goods or services to a business or organization.
E-commerce needs may vary depending on what kind of business model you are working with. For example, a business who sells physical products to consumers will need shipping functionality while a consumer who sells their services to a business will not. That said, it’s best to work with an e-commerce developer who has experience with multiple types of e-commerce models and can customize your e-commerce features and functionality for your specific business.
E-Commerce Evolution in 2021
As we usher in 2021, it’s important to consider the ways in which consumer behaviors are likely to evolve based on the circumstances and experiences of 2020. Between advancing technology and the COVID-19 pandemic, e-commerce is expected to become a bigger part of consumers’ everyday lives and, as a result, will have to change in accordance with the needs and expectations of consumers.
According to the “Future of Ecommerce” report by Shopify, the pandemic has not only resulted in shoppers turning to the internet more frequently for everything from clothes to household items like groceries, but also has increased their desire for immediate, convenient, and innovative shopping experiences. This means e-commerce will need to become more streamlined, effective, and quick to satisfy the needs of busy consumers. In addition, it will need to include more advanced features to replicate an in-person shopping experience. From “buy online pick-up in store” options to mobile payment to augmented reality, at-home try on functionality, shoppers will expect features and functionality that will help limit in-person contact while still advancing and improving the shopping experience.
To keep up with ever-evolving e-commerce trends, businesses should partner with experienced web developers who can provide innovative, scalable, and customized e-commerce solutions.
IS&T – E-commerce Experts
For over 20 years, IS&T’s experienced web developers have been creating custom e-commerce websites and applications for businesses large and small. We specialize in developing e-commerce solutions that come complete with merchant services, shipping integration, inventory management tools, and third-party integration. Our expansive experience in a variety of industries allows us to provide online shopping cart and e-commerce solutions for businesses of all kinds. In addition, our custom approach to e-commerce means that clients can add on and create features and functionality that is completely unique to their specific business model.
Having an expertly created e-commerce solution from IS&T starts with a one-on-one consultation and ends with a fully custom e-commerce website or application that is backed by our ongoing support. Contact us today to see how we can help your business succeed in e-commerce.