What is E-Commerce?
The days of counting coins and mailing checks are all but over, soon to be a nostalgic memory.
Nowadays, you’d probably order a book from Amazon, bid on an antique clock on eBay, or even check out at the grocery store with Apple Pay without a second thought. These are all everyday examples of E-Commerce.
A way of life for consumers, these features form an important component of contemporary business. Chances are, your company has at least basic E-Commerce functionality—imagine how much business you’d lose if your customers couldn’t purchase your products with a few clicks!
However, E-Commerce encapsulates much more than a simple “Buy Now” button. If you feel overwhelmed or confused by the complexities of E-Commerce platforms, you probably aren’t taking full advantage of them.
At SCS Cloud, our team of specialists can help you tackle even the toughest E-Commerce conundrums and assist you in making the most of your software.
Read on to learn more about E-Commerce and how you can use it to bolster your business.
In simple terms, E-Commerce is any transaction completed through the internet.
The term “E-Commerce” is actually a catch-all for a multitude of digital financial functions. This could include buying a physical product over the internet or simply exchanging money digitally for a service.
The Evolution of E-Commerce
The history of E-Commerce can help you better understand its varied uses.
Believe it or not, E-Commerce actually started in the 1960s. Electronic data interchange (EDI) on value-added networks (VANs) made it possible to send payments electronically.
The first E-Commerce transaction for a physical product happened in 1994: a man sold his friend a Sting CD through NetMarket. Increased internet access from the 1990s to-2000s brought a higher demand for online stores and, therefore, E-Commerce transactions.
Ever since that first transaction, E-Commerce has completely blown up. According to Statista, worldwide E-Commerce sales in 2020 hit $4.28 trillion and made up 18% of global retail sales. The market share of E-Commerce is expected to grow to 21.8% by 2024.
Nowadays, this software embraces myriad applications. The SCS Cloud team can help you determine which features are right for your company and customize your software accordingly.
E-Commerce Trends & Statistics
Since E-Commerce is all about transactions, it makes sense to look at it by the numbers. Here are some calculations relating to this computerized system:
- Retail E-Commerce sales in the US are expected to be over $740 billion by 2023.
- Mobile commerce sales rose to $2.91 trillion in 2020, up from just $0.97 trillion in 2016.
- 53% of consumers who shop online every day use their smartphones, according to Episerver. Mobile purchases have now surpassed desktop E-Commerce purchases.
- Mobile commerce sales from smartphones are expected to rise from $268.1 billion in 2020 to $432.24 billion in 2022.
- As of September 2019, the most popular mobile shopping apps in the US are Amazon, Walmart, and eBay.
- A study from the Global Consumer Survey Report in 2019 found that one-third of interview participants purchase online products once a week or more.
Our E-Commerce Solution: NetSuite SuiteCommerce
At SCS Cloud, we help our clients harness the capabilities of cloud computing in every area of their businesses.
With its ability to remotely access information, link devices, and accomplish numerous tasks, the Cloud is particularly suited to E-Commerce projects. We typically use NetSuite’s renowned SuiteCommerce platform to build solutions for our clientele.
What is SuiteCommerce?
SuiteCommerce is the E-Commerce portion of NetSuite, responsible for handling order management, inventory, CRM, and finances.
The primary benefit of this system is its “omnichannel” features. SuiteCommerce allows for streamlined shopper experiences on various devices. Modern customers expect to have the same shopping experience, whether they’re browsing from a smartphone, tablet, or laptop. This means that separate E-Commerce programs for each simply won’t do.
Benefits of SuiteCommerce
SuiteCommerce provides personalization across all channels – thus, “omnichannel.” This enhanced customer experience operates from a single unified platform and includes:
- Point of Sale functionality.
- Easier order management and simpler order fulfillment. SuiteCommerce’s intuitive interface allows you to handle every customer’s needs from a single platform. The Cloud also allows you to instantly share data with collaborators, such as vendors or shipping partners. In addition, you can plan for the future with real-time inventory updates.
- Better branding, especially since SuiteCommerce collects data to individualize customers’ purchasing. SCS Cloud can also help you design one or more sites to suit your exact specifications and reflect your company’s unique image.
- More effective marketing, with the entire process automated and comprehensive data tracking that highlights important opportunities.
- Seamless integration between other programs, such as CRM (Customer Relationship Management), marketing, merchandising, financial tracking, and more.
These are just a few of the vital features SuiteCommerce provides.
Contact SCS Cloud Today
Your business needs omnichannel E-Commerce software to keep up in the twenty-first-century marketplace. Contact our team of specialists today to schedule a free consultation and learn more about our E-Commerce solutions!