In a world at its ultimate peak, yet a consistently rising wave of digitalization, the ways of performing tasks, from the most mundane to even the most exciting, have undergone a revolution too.
eCommerce retail or e-tail, as it’s popularly known, has been one of the biggest trendsetters in the virtual space.
• What exactly is eCommerce retail?
As simple as breaking up the two words – it is the buying and selling of goods or services (retail), electronically (electronic commerce). The internet is the medium used for this transaction and exchange of information.
• What are the basic types of eCommerce?
eComm is growing at a rapid pace and hence, its variations continue to evolve continually. However, there are some basic types that hold true for commerce since early man began to define and understand the concept in its true nature.
Some of these are:
1. Business-to-Business (B2B)
A transaction of goods/services that occurs between two businesses.
India’s eB2B market was estimated at $1.7 billion in 2019 and is expected to grow and reach $60 billion by 2025. Such is the potential of B2B.
2. Business-to-Customer B2C
A transaction of goods/services from business to customer. The eB2C market was estimated at $18 billion in 2019 and is expected to grow by 40 percent.
• Is Amazon an e-tail platform?
With a prominent online identity, Amazon has always been a great example of the B2C model in eCommerce retail. In fact, it is the largest online retailer in the world.
However, growing in the ever-changing global marketplace, the company has expanded into services that go beyond the boundaries of strict e-commerce, which question how legitimate it even is, to categorize the giant as an exclusively eCommerce platform.
For their range of services provided, some view Amazon as a data company first, and a retailer second.
Overall though, it would be fair for us to say that Amazon began as an eCommerce company that has widened its horizons to include other forms of trade and commerce and evolved with the times.
3. Mobile Commerce (M-Commerce)
The most relevant in the current day and age, encompassing both B2B and B2C, mobile commerce sales are projected to reach $3.56 trillion in 2021—22.3 percent more than 2020.
A type that has seen unprecedented growth in recent times, and one that smoothly incorporates other types within it, M-Comm has established itself as a leader in the eComm industry.
• eCommerce and retail, are they linked?
Similar in their final goals, eComm and retail are extremely similar. They both aim to transfer goods and/or services from one party to another, however, one of them is conducted through the internet exclusively.
The most common examples of retailing are traditional brick-and-mortar stores. These include giants such as Best Buy, Wal-Mart, and Target. But retailing includes even the smallest kiosks at your local mall.
Examples of online retailers are Amazon, eBay, and Netflix. Even though they are growing the fastest, they still only represent 12% of the total retail industry.
• Who are the top 10 online retailers in the world?
These 10 e-retailers account for 15.1% of all global e-commerce -
3. Suning Commerce Group
6. Dell Technologies
7. Vipshop Holdings
8. Otto Group
9. Gome Electrical Appliances
These are companies based out of the USA, China, and Germany.
• Does fast food fall under retail sales?
Fast food that is purchased and consumed off-premise by the seller is categorized as retail food.
Numerous reports identify this as a growing field, with grocery industry trends of
2019 reaching 6 trillion dollars in sales for the first time ever. Retail food generally includes all grocery stores, with the biggest U.S. players being Wal-Mart, Kroger, and Costco and Indian players being Jubilant FoodWorks
Domino’s Pizza, McDonald’s, Burger King, and many more.
In fact, McDonald’s is the leading global foodservice retailer and the world’s largest chain of hamburgers fast-food restaurants. It serves more than 60 million people with more than 32,000 local restaurants in 117 countries each day and employs more than 1.5 million people worldwide.
Granted that the map of retail today looks visibly different from what it did before the digital revolution began in the latter half of the 20th century. It is however important to remember that, whether electronically through the internet or in an offline store face-to-face with a customer, it will always be of relevance to collect data, analyze it well, process and implement this analysis and build a personalized relationship with your clients and customers to have a streamlined business strategy.
The virtual and real-world will very much thrive hand-in-hand in this unprecedented Post COVID digital era.