The intangibility of the Internet has created room for the sales of intangible goods and services through electronic channels. With the right information, you can easily manage your product and the kind of service you render from one country to another without stress. In this article, I shall unveil what digital commerce is, the open network, bank, platform, and solution. Let’s get into it.
What is Digital Commerce
Digital commerce or electronic commerce is the use of websites and social medial platforms to sell and buy goods and services online from one location to another without even having a physical store. It includes technologies and people from different locations to carry out and offer development content, customer experience, promotions, and pricing for the out customer’s journey in buying products.
How Does Digital Commerce Work?
It works through a channel, such as social media platforms which helps your customers gain easy access to your product and services. It connects buyers and sellers from different parts of the world using various electronic channels. If you are so skilled in what you do, and probably looking for a place to sell and grow your product then you need digital commerce to fast-forward what you do. Starting a digital store is no easy feat, they are a list of things you should put into consideration before starting and there are:
How to start an e-commerce business
To start an e-commerce business you must:
- Choose what to sell first and find opportunities related to what you want to do. Choosing what to sell is often challenging for most people because sometimes, confusion sets in about what kind of product is likely to sell more and increase conversions.
- The next step you should take is to note who your competitors are and write a well-detailed business plan. A good business plan creates more ideas and strategies you can use to make more sales in the business world, having one will do your business more harm than good. It will also lead you to your pathway to success.
- Choose a business name and get it registered. Sometimes it can be challenging to choose an appropriate business name to use.
Here are a few tips on how to find good business tips:
- Research the available names out there. This will not only help you search for better names but, it will also help you get more ideas on the good name to give to your brand.
- Ask for help. If you don’t know the steps to take in getting a good name for your brand then it is advisable you ask family and friends to give you a clue about what name is best for your brand.
- Once you are done with a list of ideas on what name to bear, you need to go back and go through the list of names you have seen so far again to find top contenders.
- Organise and review your ideas properly to avoid misconceptions.
- Have a logo people can use to recognize your brand. Creating logos for your brand enables users to know it is your product whenever they see it.
- Learn how to market and advertise your products in such a way it raises sales more than your expectations.
What Is The Importance Of Digital Commerce?
Digital commerce or digital marketing occurs everywhere so long as you have your wifi or data connected to the internet. It is an online store where products and services are showcased through marketing on social media platforms or websites. Here is the significance of digital marketing.
- Provide experience more personalized through different channels
- Create easy access to varieties of products delivered to your doorstep without visiting any physical store.
- Increase credibility especially when you are perceived as real and honest to your clients
Why Is Digital Commerce Important
Digital commerce helps people to purchase products and services through a self-service experience with other people from different parts of the world. These are the important reasons why digital commerce is so crucial and there are:
- First and foremost, it helps you meet potential clients from different parts of the world, making you exposed and opened to new ideals
- It helps you not just in, measuring sales but help you tracking relevant information about the number of people who visit before a purchase, the time people spend on your websites, and the types of channels people use or the kind of products they buy
- Provides a wide range of highly competitively priced product
- Provide you with a personalized experience through all platforms by customer data.
- It helps you measure your performance and effort.
Digital Commerce Bank
The digital commerce bank was co-founded by Mr.Jeffrey Smith who is also the president and chief executive officer. Mr smith is an entrepreneur with the greatest experience in financing and has helped grow large-scale international businesses. DCBank was founded in October 2007 and ever since then, life has been made easy. People make transactions at their own convenience because it provides and offers clients flexibility, effectiveness, efficiency, and a lot more when it comes to caring out their daily transactions, payment needs, and banking without going to a physical bank.
This bank makes the economy of every country more effective, efficient, and productive and leads to creativity and more. DCBank is real and unique. It helps a lot of customers build successful businesses. Here are the examples of digital commerce;
- Online services: These are businesses that sell their expertise through websites and social media platforms like Facebook, WhatsApp, Instagram, etc. The online experts are graphic designers, digital marketers, consultants, web designers, and many of them.
- Online retails: This involves vendors who sell clothes, bags, home goods, and every other physical product online.
- Digital products: This involves the application on our mobile phones, ebooks, digital subscriptions, software, online courses, etc.
- Online marketplaces: Examples of the online marketplace are eBay, amazon, and Etsy which offer physical goods. Online marketplace connects buyers and sellers from different parts of the world for an endless amount of goods
Digital Commerce Platform
Digital commerce platform provides people from every part of the world with the necessary information to make their choices and decide on the kind of product they want to buy, the rules to follow, and the price orders for payment. A Digital commerce platform enables users to buy their preferred products and services through a self-service experience.
Why a platform is a must-have in digital commerce
A digital commerce platform is important and a must-have because it enables individuals from different parts of the world to [purchase products and the services they want from different locations.
In essence, digital commerce platforms provide clients with flexibility and a stress-free shopping experience. Also, it allows vendors to have larger clients reach than what a mortar store would do.
How does a digital commerce platform shape our lives and business
A digital commerce platform facilitates more of our interactions whether in our personal lives or at work. It intermediates communication and the flow of information from one destination to another. In addition, digital commerce platforms are so significant to our societies and economy.
Open Network For Digital Commerce
Open network for digital commerce is an open e-commerce protocol propagated by the Ministry of Commerce, Department of Promotion of Industry and Internal Trade (DPIIT). Under the open network for digital commerce buyers registered on the e-commerce site can purchase goods from a seller on another e-commerce site. For example, a buyer needs to go to eBay to buy a product from a seller on the same site.
There are a lot of benefits the open network for digital commerce offers they are:
- The open network for digital commerce gives customers the freedom to make their buying choices
- Aims at fostering open networks
- Use open network protocols, and be independent of every other platform
- Innovates and transforms businesses in sectors like mobility, food, etc.
- Empowers customers and suppliers.
- Sets protocols for price discovery and cataloging
Digital Commerce Solution
Digital commerce is literally everywhere and in all parts of the world with more than 90% of people buying and selling varieties of goods and rendering services through digital commerce platforms or channels. It has really helped a lot of businesses grow, improve, and born new ideals. With digital commerce, one doesn’t need to step out of their comfort zone to get to buy or sell products.
With digital commerce solutions, you gain more strength to innovate, transform lives with your product or services, drive savings, earn more conversions, and deliver customer experience right on all channels.
The benefit of using a digital commerce solution is that:
- It increases your conversion rate or percentage
- Improve your customer service digital experience
- Helps you get and reach more potential client
- Helps in delivering customer expectations with flawless fulfillment.
- Help sellers explore their social media platforms
- Improve and evaluate what your competitors are doing.
- Help you with a website where people can easily locate your products.
- Helps in promoting your content thereby earning you more income and reviews of your products.
- Choose the best-selling channels to help you market and sell your products.
Is Amazon An Example of Digital Commerce?
Amazon is one of the online marketplaces which provides sellers with warehouses to store their various products. It is also one of the biggest digital marketplaces where people advertise and sell a lot of products and deliver services to their customers. It is one of the five biggest companies in the united states technology industry, founded by Jeff Bezos in 1994. Generally, it was created just to sell books online but right now it offers a wider range of products like, items of furniture, food, video games, and a lot more. It has also surpassed other online markets. Amazon helps millions of people every day to sell their products and access a wide range of additional selling tools, like homemade and handmade which will enable you to find customers.
What Comes Under Digital Commerce?
Digital commerce does not only entail the transactions carried out by customers and every other individual online. But, compasses and includes things like data analysis and a lot of things that enable customers to buy products and services through a self-service experience and there are:
- Customer services
- Product Description
- User experience mapping
- Supply chain management
- Content marketing
- Data Analytics
- Marketing
What Are the 7 Types of E-commerce?
These are the most common types of digital commerce and there are:
B2B(Business to business)
This model is all about selling products and services to another business. The B2B business model generally has a longer sales cycle but has a higher order value and more constant purchases.
B2C(business to consumer)
The business to consumers model is the selling of products from businesses directly to consumers. The decision-making process for this model is actually shorter than a business purchase, especially for lower-value items.
B2B2C(business to business to consumers)
In the business to business to consumers model products or services are sold from the main company in partnership with another company and finally to a consumer.
B2G(Business to government)
This is an e-commerce model where business organizations advertise and sell their products to public administrations. In this kind of model binding contracts are made.
C2C(Consumer to business)
In this ecommerce model products and services are sold and rendered to companies by individuals or consumers. An example of a consumer-to-business is an Affiliate marketing service. This model helps consumers post their work and have businesses bid for opportunities.
D2C(Direct to consumers)
This is a business organization that sells its products directly to its customers, without help from a third party.
C2C(Consumers to consumers)
This e-commerce model helps a consumer connect to another consumer either face to face or online to exchange products and services with each other and make good money through listing fees or by charging transactions.
Summary
In summary, Digital commerce is the transaction of buying and selling products and services through the use of different digital channels such as mobile networks, and the Internet. Today, technology has made things easy for a lot of people. They can now buy and sell their products from one country to another through the use of electronic channels. With e-commerce people from different parts of the world are able to connect and make transactions without any form of hindrance. Commerce is no longer something we search for or make inquiries about, it has already blended into our daily lives and also shaped the lives we lead.
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