B2C (business-to-commerce) is the most viable and cost-effective sales model in today’s business landscape. The mode of doing business has changed since the world’s Information Technology (IT) boom. The advent of eCommerce in the contemporary business world has transformed product development, marketing, selling processes, and communication channels. Yet, its origin can be traced back to 1969, when Dr. John R. Goltz and Jeffrey Wilkins established the first significant eCommerce company, CompuServe.
In the modern day, eCommerce is the most popular way of buying and selling goods and services. Variety of products, better prices with discounts, discreet shipping, easy checkout process, fast delivery options, and shopping from the comfort of home are the primary reasons why people tend to feel more comfortable buying products online than from a brick-and-mortar store.
The rising popularity of eCommerce has led to an increase in the number of eCommerce businesses. According to wpforms.com, there are about 24 million eCommerce websites across the globe. As there is much room for growth in this highly competitive industry, opting for an eCommerce course will assist you in building your website and making money online.
Benefits of eCommerce evolution for small businesses
The development of eCommerce has proved to be a boon for small businesses. According to Precedence Research, the market size of the global B2C eCommerce was valued at $3.86 trillion USD in 2021. The global B2C eCommerce market value is projected to climb to $7.45 trillion USD between 2022 and 2030, as suggested by the latest report by Precedence Research. Now that you better understand eCommerce businesses, we will discuss its advantages for small businesses.
- Low operational cost
One of the great benefits of having an online business is that you do not need to build physical stores at any location and can still sell your products worldwide. With the help of a single e-store, you can operate your business globally at a minimum cost.
- Online reputation building
An online presence of your business is paramount to gaining an edge over competitors. Positive customer feedback adds value to the company and helps influence new customers. You can also create a business account on various social media platforms, such as Facebook, Instagram, Twitter, or YouTube.
- Increased business reach
It’s difficult for a small business to be physically present at multiple locations. At the same time, physical stores at various locations allow their brands to stand out in a highly competitive business environment by creating a unique and engaging brand experience. Small businesses can create an outstanding customer experience without a physical presence with an online presence.
- Ease of product tracking
ECommerce businesses allow owners and customers the advantage of tracking products online. It enables owners to track products that are about to run out of stock in their inventories to store more inventories based on the requirements.
The advantages of studying eCommerce are manifold. It equips you with the skills to sell your product or service to a large audience without geographical limits. Gaining eCommerce skill sets empowers you to increase your business. So, check out the top Canadian universities to sign up for the course!