E-Commerce is a platform where anyone can buy and sell goods, products, or services over the internet. E-commerce is also known as electronic commerce. where services provided online over the internet network.
The standard definition of E-commerce is the electronic transactions which are happened over the internet.
Online stores like Amazon, Flipkart, Paytm, Myntra, eBay, Quikr, Olx are examples of E-commerce platforms where happening online transactions day by day. Nowadays global retail e-commerce can reach up to $27 Trillion. Where you have many opportunities to start selling your product or services?
E-commerce is a popular term for the meeting of buyers and sellers on the internet.
Types of E-Commerce Models
E-commerce can be classified into four main categories.
- Business to Business:- E-commerce is that platform where the final user is not involved. the transaction involved with the manufacturer, wholesaler, or retailer, etc.
- Business to Consumer:- This is also a way some platform for Business to Customer. Where Businessman can deal with direct his target customer. the best example is Amazon, Flipkart, Snapdeal, Myntra, Paytm, Etc
- Consumer to Consumer:- E-commerce is the best platform for the consumer also where he can deal with the consumer to the consumer level, For example, OLX, QUICKER, etc
- Consumer to Business:- E-commerce is not only made for businessmen but also the consumer. So the consumer also can sell their product to direct business.
Advantage of E-commerce
- E-commerce provides sellers with a global reach. where They remove the barrier of place (geography). Now sellers and buyers can meet in the virtual world.
- E-commerce will substantially lower the transaction cost. This allows companies to enjoy a much higher margin of profit.
- It provides quick delivery of goods with very little effort on part of the customer.
- Customer complaints are also addressed quickly. It also saves time, energy and effort for both the consumers and the company.
- A customer can shop 24×7.
- The website is functional at all times, it does not have working hours like a shop.