Ecommerce has transformed the business process worldwide, it is one of the most popular and essential form of business tools. Every business organisation is a part of it regardless of its size, due to the various addons factors and the outreach it offers. With the advent of technology worldwide, it has become convenient and easier for the sellers to conduct business transactions worldwide. The worldwide sales of ecommerce for 2014 was $1.505 trillion dollars. Most of the revenue worldwide was generated from Asia Pacific and North America. Ecommerce contributed to around 2.28% of the world wide Nominal GDP, it is expected to grow more in the next 5 years. China is the leading ecommerce player worldwide followed by USA.
Earlier, it was essential for a Seller to have a brick and mortar store to sell his products. The problem with this was he couldn’t reach to wide range of customers and it used to involve huge costs. Ecommerce has changed the business process, a seller can sell his products regardless of existence of brick and mortar store and can target consumers worldwide. The most common form of business transactions online are B2B, B2C, C2C and C2B. In North America and European Markets, B2C is the most common form of business model and in Asia Pacific and developing countries it is C2C. The most popular forms of products on ecommerce websites are Clothing, Bath & Beauty products, Electronics and Home Decor & Accessories.
Small Business Enterprises are major players in the Ecommerce business. Unlike Big business retailers they don’t have the capital to set up Brick and Mortar stores. The cost of setting up a website and conducting business online is affordable to SMB sellers and gives them better outreach as they can sell their products to International customers too. Retailers are shifting rapidly to the ecommerce model, as the old concept of brick and store model is dying. Unlike, in the last decade consumers don’t have time to go hours for shopping and stand in queues, they want the process to be quick and convenient. By setting up a store online, retailers can connect with their consumers and sell their products. The amount of sales revenue generated from ecommerce websites is higher compared to brick and mortar stores. As retailers are able to connect with new consumers and operate in new markets.
Popular ecommerce websites worldwide