E-commerce refers to the buying and selling of goods and services over the internet. Websites are used as online stores.
What Is E-Commerce?
E-commerce refers to transactions conducted online with consumers paying for items with the aid of credit cards or debit cards. It is a digital marketplace that provides a platform for the purchase of every item possible.
Electronic commerce (e-commerce) describes a business model whereby individuals and businesses carry out transactions over the internet. It is available on virtually all digital devices, including computers, tablets, smartphones, and other smart devices. All commodities are available for sale and purchase on this platform, including artworks, digital consumables, consulting services, and much more. It is a direct substitute for brick-and-mortar stores, but it is possible to run both concurrently. Both parties involved in the transactions usually exchange data or currency to process the transactions and enable the electronic business scene.
E-commerce has significantly aided the visibility of many businesses with otherwise narrow reach and helped them gain increased online presence and traction in the online space. The emergence and wide acceptance of e-commerce has changed the face of retail and effectively disrupted the competition as more brands are allowed to stake a claim for patronage from customers. E-commerce platforms are beneficial in that they offer convenience and can be done around the clock, provided websites are attached with payment gateways. They also offer customers the opportunity to book or pre-order items as the case may be.
On the flip side, however, the customer experience is compromised as customer service is not usually as excellent as can be found in physical stores. Some brands allow for interactions with members of staff, but this is not a common practice. Also, it is essential to assess the quality of the products until delivery is made. It might take a longer time than expected for deliveries to be made to the customer’s doorstep.
The major segments of e-commerce are:
Business to business,
Business to consumer,
Consumer to consumer
One of the prominent examples of consumer-to-consumer commercial transactions is auction sales, whereby websites list items for sale, and bidding is made open to the public to determine who buys the items. eBay is an example of this type of e-commerce. It is an online auction site that was first launched in 1995.« Back to Glossary Index