B2C, or business-to-consumer, is used to describe a commerce transaction between a business and an end consumer. Traditionally, the term referred to the process of selling products directly to consumers, including shopping in-store or eating in a restaurant. Today it describes transactions between online retailers and their customers.
It is imperative that manufacturers build these relationships and engagements with the end consumers, to take control of the brand and customer experience, otherwise their competitors will and take away market share.
Personalisation is the name of the game, it is the core of every strategy. For personalisation you need to have data on your consumers, this will take time to build up, so it is essential for you to start now so you can begin to gather this information.
B2B eCommerce is an online business model that facilitates online sales transactions between two businesses, whereas B2C eCommerce refers to the process of selling to individual customers directly.
For example, an online retailer that sells office furniture is a B2B business because its primary target market is other businesses. B2B eCommerce also facilitates transactions between wholesalers and retailers or manufacturers and wholesalers and is typically a more complex process.
An example of a B2C transaction would be someone buying a pair of shoes online or booking a pet hotel for a dog. It is likely the model that most people are familiar with.
Benefits of B2C eCommerce
The number one benefit of B2C eCommerce is the global reach it has. Even small businesses operating out of homes can sell to customers on the other side of Trinidad and Tobago. This availability to sell to anyone anywhere makes sure success is inevitable.
No Physical Overheads
B2C has primarily been dominated by in-store purchases where consumers need to visit a physical store in order to buy something from a brand. By introducing an eCommerce element to business, management can lower overhead costs. Shutting down brick and mortar stores which do not make a profit and spending a fraction of the cost on marketing, companies can send consumers to the online store to make purchases. This was done recently in Trinidad and Tobago by Excellent Stores, we expect others to follow.
- More Data to Profile Customers
When you move your business online you open the door to more information about your customers and more ways to target them directly. Using analytics tools like Google Analytics you can discover demographical information about your consumers as well as psychographic information like consumer interests and values. This information can help you create a persona of your consumers that will inform how you talk to them through your website and any marketing material.
- Trackable Marketing
Traditional marketing methods have always been hard to track but, through eCommerce, online marketing can be easy to implement and track conversions. Attribution models seek to show the importance of different marketing channels in achieving business success online. Reports through Google Analytics can show how a customer-first came to your website, how many visits it took for them to convert, and the page that a customer converted on. With this information, you can build a stronger website that converts better than your competition.
Data on your consumers
Increase Market Share
Reduce cost of sales and admin
Reduce Cost of sale
Omni Channel Sales
Growth and Reach
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