What Is E-commerce? Explained In 200 Words

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.