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Here is a look at everything you need to know about e-commerce and the opportunities it holds for communities and businesses.
What is e-commerce?
Internet commerce or electronic commerce is referred to as e-commerce. It involves purchasing and selling goods via the Internet, while payment for the same is made through the many online payment processors available such as PayPal.
Conversations around e-commerce are often confined to buying physical products through the Internet. Later on, you receive these products after they are delivered to your doorstep. However, e-commerce also encompasses any other commercial transaction provided it is executed through the Internet.
Do not confuse e-business and e-commerce. The former is more of a general term that describes the operations of the online business while e-commerce is all about transacting goods and services.
The concept of e-commerce dates back to 1994, when the website NetMarket was introduced. Through this platform, the first sale of a CD was made, setting the precedence of how future businesses would operate. Barely two decades later, Internet commerce is so widely developed that it is almost a norm to buy your next big purchase from online retail platforms.
Types of e-commerce
e-commerce is divided into various categories based on the kind of transaction entered.
- Consumer to Consumer – Takes place when a consumer sells to another consumer. This mainly happens with used items like old furniture. eBay is one of the platforms that foster this kind of transaction.
- Business to Consumer – Happens when a store sells its products to an individual consumer. For instance, you may visit online retail to buy a laptop. B2C is the most common type of e-commerce.
- Business to Business – Involves one business selling to another company. A good example is software as a service.
- Consumer to Business – Entails consumers selling their products or services to the organization. For instance, social media influencers may be contracted by an organization to revamp its social media presence.
Benefits of e-commerce
There is no doubt that we have more to gain from e-commerce than initially thought. Some of the benefits realized so far include:
- Businesses have access to a broader market as more people are connected to the Internet and join social media platforms.
- Businesses keep tabs of consumer trends and instantly respond to them.
- Customers can compare products sold by various vendors in terms of prices and features before making the final decision.
- Consumers can get any legally viable products that they want without leaving the comfort of their homes.
