E-Commerce – A pillar of modern retail business

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The art of selling is very unique and has witnessed several dimensions after the industrial revolution. However the concept of selling remains the same from the age old barter system till today’s mostly used jargon E-commerce. Many business owners of yester decades used their employees to persuade and convince customers to buy or hire their products and services. With the advent of technology, especially the Internet, the art of selling has seen a paradigm shift in the methods of selling or even buying. In today’s context, E-commerce seems to be the best possible way of marketing the products and services through the World Wide Web.

E-Commerce

E-commerce- Greatest propeller of the retail industry

Electronic Commerce or shortly called as E-Commerce or e-commerce is the term used in the modern business around the world. For a common man it simply means trading of products and services by means of Internet. E-commerce follow the same basic principles of the traditional trading with buyers and sellers come together to swap materials or services in exchange of money. Instead of conducting business in a particular place, the new technique E-commerce allows people to transact business over the networked computers. The hassles of renting a place, hiring sales representatives etc are totally eliminated in the new process of trading.

E-commerce websites

E-commerce trading is done through the E-commerce websites owned by the online marketers. These websites have a unique factor in bringing your prospect directly to your point of sale, namely your business website with ease and without any other medium. This seems to be the greatest advantage over the traditional way of commerce.

The key features of the E commerce websites are listed below:

  • It allows clients to trade across national and international levels
  • These sites attract all Internet users who are potential to your business. These users are growing in millions every day.
  • With these sites your products and services can be sold at all hours as 24*7 * 365 days.
  • It reduces drastically the advertisement and other sales related costs and thereby enhances the profit.
  • Frequent promotions can be done by online to improve repeat customers.
  • It allows online business owners to do accurate business analysis and reporting.

Views of experts

In today’s context, the role of E-commerce websites is considered important in propelling the online retail business across the globe. Let us know the views of few giants from the retail world.

Greg Foran, President and CEO of Wal-Mart China emphasis the fact that E-commerce will be one of the key drivers in the future retail market. By hiring the Chinese website, Yihaodian, Wal-Mart has done a sale of $ 430 million in last year. Now one can guess the power of the E-commerce websites around the world.

According to Foran E-commerce in China works faster than in the United States and he has agreed the purchase of Yihaodian has earned them good profits as well as lessons.

Guo Geping, the President of the China Chain Stores too feels that E-commece is the new way of developing business in the retail segments.