Expanding Your Business Through eCommerce

If your company has not yet participated in some form of eCommerce, now is definitely the time to take action. ECommerce, or electronic commerce, is growing so rapidly that companies who do not jump on this bandwagon could find themselves falling desperately behind their competition. In basic terms, eCommerce is the process of electronically buying and selling online. Just as social media has quickly become a top contender in advertising, eCommerce has also risen toward a “must do” status among successful companies.

Luckily, regardless of whether you are a product-based or service-oriented company, there are a number of ways to utilize an eCommerce strategy to help expand your business clientele and notoriety within your industry on both a domestic and global level.

The four types of eCommerce

1. Business to Business (B2B): This strategy simply refers to transactions between businesses. For example, a web-based wholesaler provides a product to a distributor or manufacturer.  Also, online recruitment services who provide qualified job candidates to other companies looking to hire new associates are also participating in Business to Business commerce.

2. Business to Consumer (B2C):  Any time a customer purchases a product or service directly from a company, they are involved in a Business to Consumer transaction; which is also one of the more broadly recognized eCommerce practices.

3. Consumer to Business (C2B): This variation is a relatively new model, nevertheless a pivotal aspect of many companies, especially for non-market establishments who may not automatically gravitate toward an eCommerce strategy.  In this case, consumers or clientele actually provide a product or service for the company, and thanks to the internet, this has become increasingly easier to do. For example, businesses may ask their customer base to provide written content for their company websites, blogs and social media sites; perhaps complete reviews, surveys, polls, and employee referrals; or even, for those who are inclined, offer stock photos for their websites and social media pages.  For their efforts, a company will often present these individuals with incentives, discounts, and other advantages, based upon the nature of what their company has to offer. Therefore, the Consumer to Business eCommerce model, if carried through correctly, can certainly be a win-win for both the business its patrons.

4. Consumer to Consumer (C2C): In this archetype, the business owners operate and manage the forum, while consumers have the ability to sell to one another.  Examples of this concept are websites that offer auction and fixed-pay options among buyers and sellers, such eBay and Etsy, and Amazon.

Ways to incorporate eCommerce into your business model

All businesses, no matter their industry, can benefit from incorporating eCommerce into their business models. While not all companies will want to, or should, pursue all four eCommerce types (especially C2C), most will benefit by incorporating B2B, B2C and even C2B. Here are a few simple ways to integrate additional eCommerce strategies into your business.

• Social media. Perhaps one of the best ways to incorporate eCommerce into your business plan is via social media. Facebook is not only immense, but an immensely successful platform for all companies to participate in.  Creating and maintaining an interactive Facebook page dedicated to your organization is crucial in today’s corporate climate. What’s more, Facebook offers businesses the option of attaching a virtual store to your page; which means consumers and other businesses can directly access your products and services through just one click.

• Smartphone applications. There are few options in today’s technical world as popular and widely held as Smartphone apps. It’s safe to say that most individuals not only enjoy, but rely heavily upon their applications, especially if they are free and provide them with exactly what they want. Businesses can easily offer Smartphone apps that provide interesting and useful content to attract users and keep them engaged. There are a multitude of incentive options to offer through a well-developed Smartphone application, such special alerts, vouchers, free gifts or drawings; which can help you draw more potential business to your organization.

• Webstores/Websites. If your company provides the public with physical or digital products, a well-designed webstore will greatly increase your bottom line. The trend for online shopping has exponentially grown into a mainstay, so it is important for any product-based business to be involved in this form of eCommerce before they are passed by their competitors. As long as it’s user-friendly, a webstore can be as simplistic or involved as desired. There are plenty of low-cost shopping cart programs to integrate into your website so that consumers can directly shop your merchandise online. Shopping carts range in price and capability, and some even offer a free trial period, which is an effective way of testing to ensure they meet your specific needs. For service-oriented companies without a tangible product, it’s important to not overlook the power of a comprehensive website.  While social media pages are undoubtedly essential, your own website offers you the most expansive platform for explaining the nature, importance, and best use of the services you offer.  Providing users with direct links and access to contact representatives, pricing packages, and customer testimonies, are all valid and effectual ways to increase your business growth.

Regardless of your industry or business niche, eCommerce is a central part of the merchant world. While a company does not necessarily need to incorporate all platforms, they should definitely be immersed in some form of eCommerce by searching for the most appropriate designs among the group, and formally integrating the right eCommerce strategies into a long-term business plan for maximum success.

By Fred Coon, CEO

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