What Is E-commerce? Explained In 200 Words

Author
Spec Admin
Posted

November 25, 2019

eCommerce

E-commerce means commercial transactions conducted electronically by transferring funds on the Internet

This means whenever you buy and sell products using internet e-commerce is involved.

With no barriers of time/distance, e-commerce enables to exchange of goods or services.

The concept of e-commerce came into existence on August 11, 1994 when a man sold a CD to his friend through his website NetMarket – An American Retail Platform.

Since then, e-commerce has evolved to make buying and selling easier, offering benefits to both consumers and businesses.

Alternative names for e-commerce are e-shop, e-store, internet-shop, web-shop, online store, virtual store, etc.

Types of E-commerce:

  • Business-to-Business (B2B)
  • Business – to- Consumer (B2C)
  • Consumer-to-Consumer (C2C)
  • Consumer-to-Business (C2B)
  • Business-to-Administration (B2A)
  • Consumer-to-Administration (C2A)

Key Benefits

  • Low inventory cost
  • Scalability
  • Exciting offers
  • Global Market Reach
  • Customer Insights via analytics
  • Fast response
  • Personalized messaging
  • Buying/Selling 24*7

It is a convenient way to shop at your comforts, with just a few clicks.

Online stores like Amazon, Flipkart, Shopify are examples of E-commerce websites.

According to statista, retail e-commerce sales are amounted to 3.53 trillion USD and e-retail revenues to grow 6.54 trillion USD in 2022.

Author
Spec Admin

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