E-commerce

 E-commerce

What Is Electronic Commerce (Ecommerce)?

The term electronic commerce (ecommerce) refers to a business model that allows companies and individuals to buy and sell goods and services over the Internet. Ecommerce operates in four major market segments and can be conducted over computers, tablets, smartphones, and other smart devices. Nearly every imaginable product and service is available through ecommerce transactions, including books, music, plane tickets, and financial services such as stock investing and online banking

KEY TAKEAWAYS

  • Ecommerce is the buying and selling of goods and services over the Internet.
  • It is conducted over computers, tablets, smartphones, and other smart devices.
  • Almost anything can be purchased through ecommerce today.
  • It can be a substitute for brick-and-mortar stores, though some businesses choose to maintain both.
  • Ecommerce operates in four market segments, including business-to-business, business-to-consumer, consumer-to-consumer, and consumer-to-business.

Understanding Ecommerce

·         As noted above, ecommerce is the process of buying and selling tangible products and services online. It involves more than one party along with the exchange of data or currency to process a transaction. It is part of the greater industry that is known as electronic business (ebusiness), which involves all of the processes required to run a company online.21

·         Ecommerce has helped businesses (especially those with a narrow reach like small businesses) gain access to and establish a wider market presence by providing cheaper and more efficient distribution channels for their products or services. Target (TGT) supplemented its brick-and-mortar presence with an online store that allows customers to purchase everything from clothes and coffeemakers to toothpaste and action figures right from their homes.

Ecommerce operates in all four of the following major market segments. These are:

  • Business to business (B2B), which is the direct sale of goods and services between businesses
  • Business to consumer (B2C), which involves sales between businesses and their customers
  • Consumer to consumer, which allows individuals to sell to one another, usually through a third-party site like eBay
  • Consumer to business, which lets individuals sell to businesses, such as an artist selling or licensing their artwork for use by a corporation

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