“What is eCommerce?” ¬†You probably already know the answer to this question roughly: ¬†it’s buying and selling products and providing services over the internet. ¬†You’re probably most familiar with eCommerce websites like Amazon and eBay, but eCommerce actually means much more than the most popular offerings.
Here are some unique ways e-commerce is conducted you may not be familiar with:
Real estate – Sure, you can browse homes and properties at sites across the web. ¬†But, did you know you can directly purchase real estate online at sites like eBay?¬† Maybe give it a try as many people already do.
Banking – This one you probably already know about. ¬†But, did you know that interacting with bank websites, and by association, credit card websites, has traditionally been one of the largest drivers of eCommerce?
Online ticketing – While eCommerce typically falls into the category of product and service sales, selling tickets for sports events, flights, plays, and movies takes up a considerable percentage of the e-commerce trade.
Where Will it Go in the Future?
The future is always hard to predict, and in 3-5 years, if you read this post, you might laugh out loud at some of these predictions. ¬†But, what the heck, it’s fun to talk about where eCommerce might go in the future.
> Differentiated sites will survive – Let’s face it, if people can buy something on Amazon, they will. ¬†And, you know Amazon, because it’s the behemoth, will always have a very competitive price. ¬†The best way for smaller sites to stay in the business is to create a product or service that only they can make. ¬†Or, they have to do a great job of marketing the unique properties of their product.
> Listeners will win – Businesses who listen to what their market is telling them will beat out the competition. ¬†So many companies will be able to show their products and services on the web that it will become saturated in the eyes of the customer. ¬†Technology makes these changes happen faster, so responding to the market will become more difficult. ¬†Those businesses who do so the best, however, will find themselves ahead.
> Personalization results in separation – As traditional retailers move their businesses online, the exclusively online retailers will continue their shift towards a more personal experience. ¬†Those who create a unique, personable experience will find themselves beating out other retailers and possibly competing with some of the traditional retail powerhouses.
As with everything in the digital world, the answer to the question, “What is eCommerce?” changes quickly. ¬†Hopefully these insights help clarify your understanding and give you a better idea of which direction to go in the future.