E-commerce (electronic commerce or EC) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet. Ecommerce is short for "Electronic Commerce." The terms E-commerce and e-business are often used interchangeably. People use the term "ecommerce" or "online shopping" to describe the process of searching for and selecting products in online catalogues and then "checking out" using a credit card and encrypted payment processing. E-commerce (electronic commerce or EC) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet. Ecommerce is short for "Electronic Commerce." The terms E-commerce and e-business are often used interchangeably. People use the term "ecommerce" or "online shopping" to describe the process of searching for and selecting products in online catalogues and then "checking out" using a credit card and encrypted payment processing.
With the advancement of the telecommunications technology and internet speed all over the world, the E-commerce market has flourished 360 degree. The ease of purchasing products with just a click of a mouse or tap on the smartphone, online shopping has been nothing short of magnificent.
Types of E-Commerce-The E-commerce industry can be classified into four main categories.
• Business-to-Consumer: The most common is business to consumer, in which a business sells products or services directly to consumers over the Internet.
• Business-to-Business: Another type of electronic commerce is business to business, where companies sell products or services to other companies over the Internet.
• Consumer-to-Business: Consumer to business e-commerce involves consumers selling products or services to businesses. You've taken part in this form of e-commerce if you've ever completed a paid online survey where you've given your opinion about a product.
• Consumer-to-Consumer: There is consumer to consumer e-commerce, which is where consumers sell products to other consumers. An example would be one consumer selling something to online classified advertising platforms such as OLX, Quikr etc.
E-commerce benefits both the supplier and the customer. Business can be conducted from a number of locations and traditional retail companies can now expand to online stores with updated content. Customers can access the latest products and information instantly, and can purchase the goods from the comfort of their homes and even offices. Some businesses are developed exclusively in an online setting, eliminating the traditional costs of a physical company, such as overhead costs and employee costs.
Why e-commerce is enjoying immense importance-
• When compared to running an actual shop, the expenses involved with running an E-commerce business is pretty low. With an E-commerce business, you are saved all of this trouble and thus can reduce your expenses considerably.
• Providing services online is highly convenient to both customers and organizations in the form of lowered costs. Customers avail the benefits as discounted prices. Organizations on the other hand incur less expenditure as the number of employees required to run the setup reduces.
• E-commerce steps in and replaced the traditional commerce method where a single transaction can cost both parties a lot of valuable time. With just a few clicks in minutes, a transaction or an order can be placed and completed via the internet with ease.
• E-commerce offers businesses a vital opportunity to offer their customers round-the-clock convenience of buying products. This is important for small businesses as it removes limitations and allows them to process orders made when not in the office.
By 2020, it is estimated that global E-commerce sales will reach $4.058 trillion, which makes ecommerce a growing and profitable industry to be in. If you are a business owner who wants to sell your product to the global consumers/clients, then it is paramount that you have a website fabulously designed by the professional E-commerce website developers. A well-designed E-commerce website will provide you the much-needed competitive edge in this challenging market. E-commerce provides better connectivity for its potential customer as their respective website can be accessed virtually from anywhere through Internet and offers up the rich promise of more to come.