Electronic Commerce (E-Commerce)

What is Electronic Commerce (E-Commerce？

The term e-commerce refers to a business model that allows businesses and individuals to buy and sell goods and services over the Internet. E-commerce operates in four major market segments and can be run via computers, tablets, smartphones, and other smart devices. Almost every conceivable product and service is available through e-commerce transactions, including books, music, airline tickets, financial services such as equity investments, and online banking. Therefore, this is considered a very destructive technology.

Understanding Ecommerce

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

Providing goods and services isn`t as easy as it may seem. It requires a lot of research about the products and services you wish to sell, the market, audience, competition, as well as expected business costs.

History of Ecommerce

Most of us have shopped online for something at some point, which means we`ve taken part in eCommerce. So it goes without saying that eCommerce is everywhere. But very few people may know that eCommerce has a history that goes back before the internet began. The industry has gone through so many changes since then, resulting in a great deal of evolution. Traditional brick-and-mortar retailers were forced to embrace new technology to stay afloat as companies like Alibaba, Amazon, eBay, and Etsy became household names. These companies have created virtual markets for products and services that are easily accessible to consumers.

Advantages and disadvantages of e-commerce

• E-commerce offers consumers the following benefits:

• Convenience: E-commerce is available 24 hours a day, 7 days a week. Rich assortment: Many stores offer a wider range of products online than physical stores. Also, many stores that exist exclusively online may provide consumers with exclusive inventory that is not available anywhere else.

However, there are certain drawbacks associated with e-commerce sites.

The drawbacks are:

• Limited Customer Service: If you are looking for a computer online, you cannot ask a person to personally demonstrate the features of a particular model. You can also chat with staff online on some sites, but this is not a common practice.

• Not immediately satisfied: When you buy an item online, you have to wait for it to be delivered to your home or office. However, retailers like Amazon offer a little less pain in waiting games by offering same-day delivery as a premium option for some products.

• Untouchable: Online images don't always tell you the full story of the product, so if the product you receive doesn't meet consumer expectations, your e-commerce purchase may be inadequate. A good example: Clothes may be made of a coarser fabric than the online image suggests.

What are Examples of Ecommerce Websites？

An eCommerce internet site is any web page that lets you to shop for and promote services and products online. Companies like Amazon and Alibaba are examples of eCommerce websites.

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