What Is E-COMMERCE?

INTRODUCTION :

E-commerce ( electronic commerce) is the purchase and selling of goods and services, or the transfer of funds or data, through an electronic network, primarily the Internet.

 Each time individuals and companies buy or sell goods and services online, they engage in e-commerce. The terms e-commerce and e-business are also used interchangeably. The term e-tail is also often used in relation to transactional processes for online shopping.

History of E-COMMERCE :

The history of e-commerce begins with the first ever online sale. On  August 11, 1994, a man sold a CD by the Sting band to his friend on NetMarket website, an American online forum. This is the first example of a customer buying a product from a company via the World Wide Web — or "ecommerce" as we generally know it today.

 

E-commerce has since developed to make it easy to find and buy goods across online stores and markets. Registered freelancers, independent businesses and big corporations have all benefited from e-commerce, allowing them to market their products and services on a scale that was not possible before e-commerce. 

Growth of E-COMMERCE :

E-commerce has of course, expanded by leaps and bounds ever since. The emergence of e-commerce companies like Amazon and Alibaba in the mid-1990s changed the face of the retail industry.

We have also capitalized on the increasing internet penetration and digitalization of the financial sector, 

this has led to a decline in revenues for other brick-and - mortar companies. The increase in e-commerce has also shifted the workforce to retail.

Future of E-COMMERCE :

U.S Bureau of Labour or Statistics (BLS) has revealed that from 1997 to 2016, employment in the ecommerce sector increased by 80%.

BLS also estimates that the number of e-commerce jobs will continue to rise and exceed 450,000 in the US by 2026. 

Types of E-COMMERCE :

E-commerce can take on a number of forms, including various transactional relationships between companies and customers, as well as different items being exchanged as part of these transactions.

1. Business - to - consumer (B2C) :

This is when businesses offer goods, services or details directly to customers.

The word became popular during the dot-com boom of the late 1990s, when internet stores and stores of products were a novelty.

Today, there are numerous online retailers and malls offering all sorts of consumer products.

Example :

Amazon, which dominates the B2C market, is the most known example of such pages. 

2. Business - to - business (B2B):

The two parties participating in the B2B ecommerce model are companies. In this type of transaction, one business provides products and/or services to the other.

Example :

Slack, a forum for collaboration between remote businesses, and Xero, a cloud-based accounting service for businesses, are examples of B2B companies. 

3. Consumer - to - Business (C2B) : 

It is the form of e-commerce in which customers make their goods and services accessible online for businesses to bid and buy. This is the opposite of the conventional B2C business model.

Example :

A common example of a C2B platform is a market that sells royalty-free photos, videos, media and design features such as iStock.

4. Customer - to - Customer (C2C) :

This type of ecommerce happens when two parties involved are consumers who trade with each other.

Example :

Online auctions and classified advertisements are two examples of C2C platforms, of which eBay and Craigslist are two of the most popular.

5. Consumer - to - Government (C2A) :

It refers to online transactions between individual consumers and public authorities or government bodies. Governments rarely buy products or services from citizens, but individuals often use electronic means in the following areas 

Education: Disseminating information, distance learning/online lectures, etc.

Social security: Distributing information, making payments, etc.

Taxes: Filing tax returns, making payments, etc.

Health: Appointments, reports on conditions, fees for health care, etc.

Best E-COMMERCE platforms :

By using shopping carts and e-commerce platforms, retailers are building online shops to showcase their products and services. Having an online store front is one of the most simple ways to do e-commerce.

There are a lot of e-commerce solutions and choosing the right fit for your business depends on your budget, preferences, and company needs.

Below I've listed some of the best ecommerce platforms currently in the market.

Amazon

Ali Baba

Shopify

Magento

Etsy

Promotion through Social Media :

The most popular social media sites, such as Facebook , Instagram , Twitter, and Pinterest, are not typically used by vendors as an alternative to online stores.

Rather, retailers use these tools to advertise their goods using graphics, such as images and videos, and glamorous copying of social media to draw buyers and reach a broader audience. Consumers who come across an item that they find attractive on social media sites will then be led to the online store so that they can make a purchase.

I hope you will get the best information about the E-COMMERCE, it's types and the best platforms for it. 

Good Luck!