What is E-Commerce?
E-commerce (electronic commerce) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet. These business transactions occur either as business-to-business (B2B), business-to-consumer (B2C), consumer-to-consumer or consumer-to-business.
The terms e-commerce and e-business are often used interchangeably. The term e-tail is also sometimes used in reference to the transactional processs that make up online retail shopping.
In the last two decades, widespread use of e-commerce platforms such as Amazon and eBay has contributed to substantial growth in online retail. In 2011, e-commerce accounted for 5% of total retail sales, according to the U.S. Census Bureau. By 2020, with the start of the COVID-19 pandemic, it had risen to over 16% of retail sales.
A few examples of e-commerce marketplace platforms include the following:
▶ Printwareone ( Gift Store )
▶ RubyshaResources ( Confinement care product )
▶ Kayaking Mall ( Best kayaking )
▶ Epatrendz ( Indian Traditional clothes )
▶ Shrisalangkaaranasilks (Kanchipuram Saree)
Types of E-Commerce
Business-to-business (B2B) e-commerce refers to the electronic exchange of products, services or information between businesses rather than between businesses and consumers. Examples include online directories and product and supply exchange websites that let businesses search for products, services and information and initiate transactions through e-procurement interfaces. A Forrester report published in 2018 predicted that by 2023, B2B e-commerce will reach $1.8 trillion dollars and account for 17% of U.S. B2B sale
Business-to-consumer (B2C) is the retail part of e-commerce on the internet. It is when businesses sell products, services or information directly to consumers. The term was popular during the dot-com boom of the late 1990s, when online retailers and sellers of goods were a novelty.
Today, there are innumerable virtual stores and malls on the internet selling all types of consumer goods. Amazon is the most recognized example of these sites. It dominates the B2C market.
E-commerce platforms and vendors
An e-commerce platform is a tool that is used to manage an e-commerce business. E-commerce platform options range in size from ones for small businesses to large enterprises. These e-commerce platforms include online marketplaces such as Amazon and eBay, that simply require signing up for user accounts and little to no IT implementation.
Another e-commerce platform model is SaaS, where store owners subscribe to a service where they essentially rent space in a cloud-hosted service. This approach does not require in-house development or on-premises infrastructure. Other e-commerce platforms include open source platforms that require a hosting environment — cloud or on premises — or complete manual implementation and maintenance.
A few examples of e-commerce marketplace platforms include the following:
▶ Printwareone ( Gift Store )
▶ RubyshaResources ( Confinement care product )
▶ Kayaking Mall ( Best kayaking )
▶ Epatrendz ( Indian Traditional clothes )
▶ Shrisalangkaaranasilks (Kanchipuram Saree)