Electronic commerce (E-commerce) is a platform where purchasing and vending goods and services take place. Along with that users share their personal information for example address, card information to transfer funds. These transactions are among business to business or business to the consumer also popularly known as B2B and B2C. These transactions also take place in consumer2consumer, for example, Olx and Consumer to Business where value is created by the consumer and businesses consume that value such as online marketing websites Google AdSense, and Amazon. Ecommerce platforms are marketplaces where sellers sign up to sell their products. These platforms are “Software as a service (SaaS)” tools that enables the customers (sellers) to rent online shop infrastructures.
Amazon is ranked 2nd among the Fortune 500 in terms of revenue in $Millions ($386,064), which is around a 37.6% increase as compared to last year. Profits recorded by amazon in 2021 are around $21,331 ($M) – 84.1% change. Reasons for amazon being second on the list is because some of the features are so unique that it makes it stand out from other e-commerce sites.
Some of the features that amazon – E-commerce are business report generation, multiple user permissions, Gift options, info and policies, and availability to create promotions. Increase in sales, access to proactive report and search tools, unlocking the feature of the Sponsored brand,
Representing your product globally at minimum cost.
- Business report generation is a facility for the seller of amazon in which he can monitor his overall sales, which product is performing well, what kind of traffic is generated on which product, and what kinds of products are more popular. Also, I allow the seller to look into conversion rates.
- Multiple user Permission is the key feature provided by Amazon and there is a minimum of other e-commerce sites that gives this facility. It gives the facility to the seller to operate his account with help of multiple user accounts.
- Gift options include gift messages and gift wraps which help to increase sales conversion rates by offering an enhanced buying experience. Gift messaging allows the customer to add a personalized message as a gift message. Gift wraps can be opened for selected products for customers in which they will pay for the wraps which are visible at checkout.
- Info and policies are not the same for all of the vendors each vendor has the facility to customize their policies and info accordingly.
- Promotions are created to generate sales in general, to push old inventory to make room for new products, take advantage of the festivals like Christmas, New Year, Easter, etc.
Some of the major reasons for vendors to amazon as their E-commerce platform for 2023 is that there is a guarantee for an increase in sales, the brand will have an international expansion, and amazon has low marketing costs as compared to regular marketing strategies. The cons that can also be considered as pros are the availability of competition which can also be tackled by increasing or decreasing product pricing to engage and attract customers.
eBay “Rank 276 fortune 500”
Other than amazon eBay is the second best-known E-commerce site which is ranked in 276 on Fortune 500 list. eBay is considered an Auction house. Where sellers list their products that are required to be auctioned at a certain time. eBay is seller-oriented as compare to Amazon which is buyer-oriented.
eBay follows a wholesale pricing strategy on their e-commerce platform where buyers bid on items for sale on eBay sellers list auction items, having a timeline of a maximum of 10 days. Products are sold at the highest bid. eBay also has items that can be bought immediately without any bid. These products are mentioned under the “but it now” list.
Some feature that makes it one of the top 5 E-commerce sites are:
- The customer satisfaction rate is high on eBay according to the source in 2019 satisfaction rate was 79% (Coppola, 2021). This insight adds the essence of instant trust because customers have protection against scams and bad service which will automatically benefit the seller.
- The uniqueness of Auction and having an option to set a reserve price.
- eBay has a great SEO after amazon.
- In comparison to Amazon, eBay has lower fees. Amazon charges 15% whereas eBay charges 10% which means a bigger profit.
It is an e-commerce platform with a different essence. It empowers its sellers to create a website using its platform. This is the platform where a seller/ brand gets his online presence and helps him to connect with consumers and online shoppers. It offers tools and resources to help the vendor/seller manage his website and business.
Eye-catching templates that engage customers and let them enjoy the view of the website because of which they are hooked to explore and end up buying products. Having access to different integration tools in big-commerce helps the seller to get the most out of big-commerce essentials without abandoning preferred applications. Availability of Exceptional Partners gives the seller a chance to work with professionals to make their website outstanding, getting marketing help, designing with the theme of your product, etc. it also has built-in multilingual support, newsletter feature, and API.
Shopify is more of a subscription-based e-commerce service and has a super easy setup. It doesn’t require any technical expertise to launch a basic Shopify store because all of it is provided by Shopify. It is secure and fast in hosting. Shopify maintains all sensitive data and makes sure it’s secure, plus it maintains and upgrades the store automatically. Availability of 24/7 customer support increases customer interest in the brand. It’s mobile-friendly beforehand no special modifications are needed.
Adobe Commerce powered by Magneto
This e-commerce site offers solutions for all kinds of businesses of different sizes. Whether you are a small business owner or an enterprise, they entertain all of them. They have affordable monthly subscriptions for expanding business globally through their e-commerce platform. They promise to assist you with their all-in-one solution which is scalable, affordable, and unlimited customization opportunity for the seller. Some of the features are B2B, Omnichannel, global expansion, Digital transformation, and Mobile Commerce.