Magento Role of Magento in ecommerce website development
E commerce is the system for buying and selling of goods and services or transmitting funds or data with the help of internet. These business transactions occur as either business to business, business to consumer, consumer to business or consumer to consumer.
There are two types of e-commerce
- According to commercial profile Business to business
Business whose client are also business or organization
Business to consumer
Businesses that sell their products or services directly to the consumer.
Consumer to consumer
Business that facilitate the selling of products among consumers.
Consumer to business
A consumer offers products or services and business bid on them.
- Business model
Technology is always changing and the new online businesses that are growing up and trying to meet the new needs depending on how income is generated or how the exchange is between the buyer and seller takes place.
- Online shop with its own products
Same characteristics as physical store but in online version
- Drop shipping
Retail fulfillment method is where a store doesn’t keep the products it sells in stock. when a store sells a product, it purchases the item from a third party and has it shipped directly to the customer.
Using periodic subscriptions these type of membership are in fashion called "surprise boxes". These boxes are sent each month with different products.
E commerce business doesn’t have only selling products there are so many viable option like training, monitoring, counseling, mentoring etc.
E commerce speeds up the buying process and save time for customers, it helps the customer to choose from a wide range of online accessed products available and get it delivered speedily. It is one kind of personalizing store where every customer has a different front page because of their location and previous purchase. In e commerce there are many ways to retarget the customer like share a coupon when customers leave the checkout page, by sending mails which are pitching up sell and cross sell. And more importantly impulse buying is one of the techniques where it works as a common behavior of customer perception towards a particular product, and it help customers to build more trust over a particular product by seeing the all reviews.
ROLE OF MAGENTO IN E- COMMERCE
In e-commerce Magento is open source platform which is written in PHP. This software was developed by a US private company Varien. Magneto has coined its name the eminent E commerce development company and keeps researching about the topic associated with this field. Here are some trends:
- ARTIFICIAL INTELLIGENCE
It is an area of computer science that foregrounds the creation of intelligent machines. The basic problems of artificial intelligence encompass programming computers for certain traits like problem solving, reasoning, perception etc.
- BIG DATA ANALYTICS
Big data plays a crucial role in respect of tracking the entire journey of a customer right from entry to exit and purchase from beginning to end.
It is used by various e commerce companies and is loaded with a pool of information and feedback in order to take the conversations and continue the payment process.
- INCREASED MOBILE USE
It gives opportunity to anywhere anytime, also called m-commerce. Safe payment system on mobile and no need of cash.
Online shopping platforms are all set to cater a superfluity of opportunities to make each individual feel so special.