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Ecommerce is critical in today's online world. It includes various Internet transactions so that people do not have to waste time going to brick and mortar stores. The Internet broadens our opportunities, and each of us can be a businessman. C2C is the most common type of ecommerce business model nowadays (consumer to consumer or sometimes customer to customer). According to recent studies, an increasing number of people prefer to shop online. The majority of them don't mind buying used items. This fact may explain the rapid rise in popularity of ecommerce websites.

Customer-to-Customer (C2C) websites are a relatively new concept that refers to portals where customers form groups to commonly purchase or offer products, with the host portal charging a commission fee and not taking responsibility for the quality of the products, as opposed to a B2C site where the host is answerable for the same.

Companies benefit from C2C because there is feedback, customer scores, and customer chats. C2C is a channel of communication between businesses and their customers, as well as a means of resolving customer issues through a collaborative effort. Companies can learn about future trends and work toward zero complaints by understanding customer issues and preventing them from recurring. Customer journeys can be made shorter and more enjoyable. Finally, by collaborating with these sites, businesses can identify Customer advocates who can promote their products and services through their networks.

How do C2C platforms function?

Everything is straightforward: vendors sell their wares on the site, and buyers buy what they want. C2C websites make money by charging commission fees for listing goods that are normally paid for by the seller. Online payment systems such as PayPal or credit card are used to complete transactions. When it comes to PayPal, each online transaction is charged a small percentage of the total amount paid. In any case, e-commerce websites are merely intermediaries and bear no responsibility for product quality, payment security, or refunds.

The primary benefits of C2C ecommerce

The main benefit of C2C business is that both sellers and buyers can be reached. It is also simple and convenient to use, taking little time. Furthermore, a single customer can be both a seller and a buyer. Furthermore, it provides a wealth of social connections. There are numerous community and forum discussions available.

Buyers benefit from C2C

Buyers benefit greatly from using C2C websites, owing primarily to the lower price. Furthermore, they can work with a variety of sellers. Aside from that, there are criteria-based searches available. For example, you can choose the best sellers, most popular products or offers in your area, and much more.

Advantages of C2C for Sellers

For vendors, the main benefits of C2C are high profitability due to direct sales. Sellers benefit primarily from lower overhead costs. This means that entrepreneurs won't have to spend money on things like rent, office supplies, or salaries. Furthermore, because it covers both the national and international markets, this type of ecommerce broadens the pool of potential customers. The fact that the transaction costs are low is unquestionably a plus. Efficiency in selling personalized or one-of-a-kind items, such as handmade items, is essential.

 

Benefits of Customer-to-Customer (C2C) Interactive websites

Given that the C2C interaction could be extremely beneficial to you in:

  • Creating a Customer Base
  • Interaction and relationship with customers
  • Self-service for customers relieving you of stress
  • Getting customers to come up with new ideas and new ways to use your products.
  • Getting to know and understand your customers' needs, as well as keeping your finger on the pulse
  • Using the Customer score to go beyond brand building

The main disadvantages of C2C ecommerce

Ecommerce is not regarded as the safest option. It is commonly associated with deception and fraud. Buyers and sellers may be sceptical of their counterparts. Furthermore, swindlers may use a well-known brand on their websites to mislead users. There is also the risk of identity theft.

Buyer Disadvantages of C2C

The main disadvantage of purchasing on C2C e-commerce is a lack of quality control. Nobody will guarantee that the item purchased is of high quality or worth the money paid. Another issue is the lack of a warranty, which is common in regular stores. Because refunds are extremely rare, there is no recourse against a dishonest seller if something goes wrong.

Sellers' C2C disadvantages

Payment cannot be guaranteed when selling on C2C sites. In most cases, after a transaction is completed, the parties' cooperation comes to an end. As a result, information that could lead to incorrect shipping is not shared.

 

C2C business models

Consumer to consumer business can take several forms, with consumers having access to a variety of platforms to buy and sell items and exchange payments. Consider the following types of typical C2C businesses:

  • Online auctions - Auction sites allow consumers to search for and bid on items that other consumers want to sell. This usually takes place on a third-party website where both consumers have profiles or memberships.
  • Ecommerce sites - are divided into several categories, such as handmade goods websites or e-commerce platforms, which allow customers to create their own online store. Those thinking about starting their own C2C business can use these e-commerce sites to reach a larger audience or a niche audience of consumers looking for specific items.
  • Money transfer platforms - Another popular type of C2C business is money transfer platforms. This is due to the fact that many consumer-to-consumer businesses lack their own sales and accounting departments. Money-transfer platforms enable C2Cs to accept payment from consumers in a secure environment. These can also assist business owners in tracking earnings and determining which products are the most popular.
  • Social media sites - Social media sites have also begun to include online store features, allowing members to sell used items or promote their original products. Social media platforms also provide unique marketing techniques such as hashtags and sponsored advertisements that can encourage social media users to visit your page.

How to Launch a C2C Business

If you've determined that a C2C business model is right for your company, you might be wondering what to do next. Here is a step-by-step guide to getting started with your C2C business:

  • Consider the goal of your business - Consider what you want to achieve with your C2C business before making any other decisions. If you make T-shirts, jewellery, phone covers, artwork, or other products, your goal is to sell them to customers who are interested in them.
  • Select a platform - After you've determined the purpose of your C2C business, you'll be able to better determine which C2C platform will work best for you. If you have a lot of antique items, you should think about setting up an online profile on an auction platform. If, on the other hand, you make your own products, you might think about selling them on a handmade goods platform.
  • Create a consumer network - You can begin building your consumer network after you've created your online store or profile. To increase your business's legitimacy on the C2C platform, enlist the help of family and friends who can recommend your products to others, leave positive reviews, or even purchase items.
  • Make use of organic advertising methods - Social media is an excellent way to increase organic traffic to your website. You can either develop your business on your personal profile or create a separate business account to help boost your company's online visibility.

 

C2C ecommerce is a new and rapidly expanding trading channel. It simplifies how we sell and buy, but it can also be dangerous and lead to fraud. Customer oriented eCommerce is based around understanding customer needs and satisfying them. Incorporating customer feedback is key for continuous success. It is generally recognized that it is much more expensive to attract new customers than retain existing ones. The customer orientation strategy will probably be initially expensive, before it leads to a "fan-base" and becomes rewarding.  

  Apr 03, 2021       by Adekunle Oludele       205 Views

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© Copyright The Watchtower 2010 - .

© Copyright The Watchtower 2010 - .