What is Electronic Commerce? E-commerce or Electronic Commerce is the business that takes place using the Internet. E-commerce is a modern business method. All business activities are conducted with the help of online. Using the internet, the buyer can see the quality and price of any product at home as well as order it through the website. Credit cards and debit cards are used for e-commerce transactions. Based on the nature of the two sides of the transaction, e-commerce can be divided into four categories:
Consumer to business
Business to business
Business to Consumer
Consumer to consumer
1.Consumer to Business: Consumer to Business provides services to the organization or business from the subscriber through e-commerce. For example, freelancers sell services or products for business or as agents. There are many types of e-commerce such as: Freelancer, Fiverr and Upwork etc.
2. Business to Business: This is a method where one business deals with another business. In other words, in Business to Business e-commerce, every organization deals with each other. Thus manufacturers, wholesalers and retailers are involved in transactions.
3. Business to Consumer: Business to Consumer sells business products and services directly to the consumer in e-commerce. In this case, the victims can browse the website and review the products and services and other services. If the consumer likes the product, they can easily get the product from the companies by ordering. The most popular example platforms are Amazon, Flipkart and so on.
4. Consumer to Consumer: Where customers communicate directly with each other where no company is involved. An obvious example of this is eBay, OLX, Quiker or any other website. Where second hand goods are easily bought / sold.
Some examples of e-commerce business:
1. Retail: Selling goods directly to the customer without any intermediary.
2. Dropshipping: You can buy the product from a third party manufacturer or supplier and sell the product directly to the customer.
3. Digital products: Templates, any course, e-books, software, or media files or downloadable items that need to be purchased for use. These are also a big part of the e-commerce business.
4. Wholesale: Wholesale products are usually sold to a retailer, who can then sell the product to customers.
5. Services: Coaching, writing, influencer etc. are considered as services. Businesses can also be started by selling these online.
Advantages of e-commerce:
Through e-commerce, it is now possible to easily exchange products worldwide. Anyone can purchase his favorite product from faraway America if he wishes. E-commerce has created opportunities to purchase essential products at home and reduce transaction costs.
Products are available very quickly without any hassle. Institutions take complaints from consumers for their convenience and provide maximum service by resolving them quickly.
The consumer or the buyer knows the details of the product and orders without any third party.
The most important thing is that you can sell your product to anyone around the world.
E-commerce has increased the productivity of the organization and customers are able to compare and select the cheapest and best option using the e-commerce application.
Disadvantages of e-commerce:
With e-commerce, you will not be able to perceive the touch, smell, taste, etc. of the product of your choice, as a result of which the customers will face some problems of trust in the products.
The biggest problem with buying anything online is that you have no guarantee of the quality of any product. Many times it is seen that the product looks very beautiful in the picture but after delivery you did not like the quality of the product.
After the customers order the product online, there is a problem with the delivery of the product i.e. there is a problem in getting the product to the customers within the stipulated time.
There is no opportunity to physically inspect online shoppers even if you are sometimes given the opportunity to discuss the price of the product.
★A traditional business market is a specific place where goods are bought and sold. But e-commerce does not need a specific place, it is ubiquitous, it is always available everywhere. If you have internet connection on your mobile or laptop or any other device, you can buy and sell products from anywhere. E-commerce is not governed by any specific boundaries.
★E-commerce adheres to a certain technical standard, called an international standard. Which is recognized by all nations in all countries.
★An important part of the business is product advertising. With the help of internet, advertisements are given with the help of still images, experiences, videos, animations of any product through web site.
★E-commerce technology is interactive communication. Because it protects two-way communication.