The Online Retail Industry Is Part Of Ecommerce, But Not All Ecommerce Involves Online Retail

 

Online Retail

According to Coherent Market Insights, The Online Retail Market was valued at US$ 2,171.22 billion in 2016 and is expected to expand at a CAGR of 18.28% to reach US$ 9,572.96 billion by 2025.

An example of Online Retail is when a company uses a website to sell products or services to customers directly. The website might be their own, or it might belong to a bigger merchant or online market like Amazon. Similar to brick-and-mortar retail, online retail is a concept. Upon entering the business, customers browse an orderly inventory of goods before paying for their purchases at the register. Just like brick-and-mortar retail, Online Retail happens in person as opposed to via the Internet.

Online retail vs. eCommerce- eCommerce is the practise of purchasing and reselling products, services, or information online. eCommerce models come in a variety. The most popular models are as follows: B2C: Online merchants who conduct business directly with customers through their own websites or marketplaces.

Business-to-consumer (B2C): Online Retail merchants who conduct business directly with customers through their own websites or marketplaces.

Examples:

·       Netflix

·       Bank of America

·       H&M

Business-to-business (B2B): Online Retail merchants who provide products or services to corporate clients via their own websites or marketplaces.

Examples:

·       Salesforce

·       McKesson

·       DocuSign

 

Consumer-to-Consumer (C2C): To other consumers, consumers sell their own products or services. Customers generally use a middleman website to facilitate the transaction.

Examples:

·       Craigslist

·       eBay

·       Etsy

Consumer-to-business (C2B):  To businesses, consumers offer their own products or services. They might carry out this activity through a personal website or an online market.

Examples:

·       Upwork

·       Shutterstock

·       Instagram influencers

eCommerce has a retail component. Typically, it belongs to the B2C or B2B category.

Benefits of Online Retail-

·       Since internet shops are open around-the-clock, proprietors can make money even when physical shops close for the day.

·       Online sellers are able to reach customers all around the world, generating more revenue for their companies.

·       Customers have a handy way to browse a store's products and make purchases online.

·       Customers can increase their confidence in making a purchase by accessing far more information about a retailer's products, such as user reviews and ratings.

·       Through online account management, order tracking and administration, rewards programmes, and other features, online retailers may provide customers with extra value.

·       Online shops don't have to invest for a physical storefront, staff it with personnel, etc. because their overhead expenses are often low.

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