E-commerce or Electronic commerce refers to making transactions via internet. It allows the user to buy or sell goods and services using internet. 21st century was an amazing start for the technology. It has enabled a local manufacturer to sell its products and services globally. E-business is a form of e commerce. Now business is established online. There may be firms having no physical existence but are successfully serving online. No one can deny the miracles of internet.
Electronic Commerce is a process of buying and selling online as well as sharing data valuables etc. For a remote market there is a specified time in which we are allowed to shop. But online its 24/7 service available for everyone from every corner of the world.
There are countless benefits of electronic commerce. Everyone enjoys the blessings of ecommerce by sitting in any region of the world. Some of the benefits are mentioned below:
- Quick (ROI) Return on Investment
- Delivery of products worldwide
- Minimum Operational Cost
- Economical transaction
- Wide variety of goods
- High quality products
- Rapid sale and purchase
- User friendly environment
- Unlimited brands
- Full time Customer support
- Reduces distance
- User friendly
- Time saving
- 24/7 Service
Types of Ecommerce
The basic forms of E-commerce are mentioned below:
- B2B (Business to Business)
- B2C (Business to Consumer)
- C2C (Consumer to Consumer)
Business to business model is a type of ecommerce. There are two parties. Both are businesses. Under this type, a business offers its products or services to the other business. The products so provided are used by other business to produce some other products or goods. Some common examples of B2B are Amazon, Alibaba etc.
Business to consumer model is another type of ecommerce. There are two parties one is Business and the other one is the consumer or end-user. Business sells its products or services to the consumer or the end-user. The products provided are not then used for any business purpose but for the consumption. Some of the common examples of B2C are Daraz, IBM etc.
Consumer to consumer model is a type of ecommerce where the both parties are the consumers. There is no involvement of any business. Both the consumer parties interact to execute transaction. eBay, Olx and uber are some of the popular examples of c2c model.