essay on E-commerce.
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What is e-commerce?
E-commerce, also known as electronic commerce, is the buying and selling of goods (or services) electronically on the internet. It can also refer to other online activities like online auctions, ticketing and banking. E-commerce is an essential part of many businesses that rely on the sale of physical products or services online.
In addition to retail, eCommerce also includes wholesale transactions, where someone buys a large amount of product and then resells it, as well as drop-shipping, where the product is sold by one company, shipped to a second company and then assembled and sent to the consumer. Some ecommerce transactions also include subscriptions, where a consumer agrees to buy a product on a set schedule. Crowdfunding is another example of ecommerce, where money is collected from consumers in advance of a product being available to raise the startup money needed to create the product and bring it to market.
Why is e-commerce important?
E-commerce is a huge part of the economy and is vital to businesses that sell their products or services online. Ecommerce gives businesses the ability to reach more customers than traditional retail reaches. With so many people making their purchases online, It is the fastest-growing retail market. Statistics show that 96% of Americans with access to the internet have made a purchase online. E-commerce offers consumers a more convenient way to shop for the products or services they need without having to visit a retailer's physical location to make a purchase.
What are the different types of e-commerce?
There are six different kinds of ecommerce. These include:
•Business-to-consumer (B2C)
•Business-to-business (B2B).
•Consumer-to-consumer (C2C).
•Consumer-to-business (C2B).
•Consumer-to-administration (C2A).
Advantages of e-commerce:-
There are many advantages of e-commerce. Some of these advantages are:
•Increasing reach.
•More jobs.
•Easier and more convenient shopping
Disadvantages of e-commerce:-
While there are plenty of advantages to the growth of e-commerce, there are some disadvantages. Here are some of the challenges of e-commerce:
•Limited face-to-face interaction with customers.
•Bandwidth challenges
•Shifting retail jobs.
•Rapidly changing trends.
Explanation:
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Introduction - E-commerce is commonly known as electronic marketing. It consists of buying and selling goods and service over an electronic system such as the internet and other computer networks. E-commerce is the purchasing selling and exchanging goods and services over computer networks through which translation or terms of sale are performed electronically.
History of E-commerce - The beginning of e-commerce can be traced to the the 1960's when business started using Electronic Data Interchange (EDI) to send the comerical documents to other companies like purchase orders, invoices.
Electronic Data Interchange EDI is the computer to computer exchange the business document electronic format between business partners.
Amazon. com was one of the first E-Commerce site in the US to start selling products online and thousands of business have followed since.
Features of E-commerce - 1. Ubiquity : It means that the commerical transaction or activity is available in anytime or anywhere in the world. and in today's business environment. you should ensure that your website is mobile friendly as consumers continually rely on mobile devices for their internet connectivity
2. Global reach and security : E-commerce allows your company to reach consumers anywhere in the world. Global reach is the highest number of potential consumer a business can reach essentially world wide access. it insurance privacy with E-Commerce platform.
Impact of E-commerce - In fact, E-Commerce can be efficient and economical way for many SMIs to enter an export market. consumers will also benefit in terms of lower final prices due to lower transaction cost as described above. E-Commerce consumer will have a wider and Direct Access to producers of goods and services without intermediaries.
Basic Benefit of E-commerce - The major benefits are increasing sales and decreasing cost. The other benefits are as follows :
• to reach out to global consumers easily and is also cost effective.
• it helps business to reach out new markets.
• consumers and suppliers can be directly approached over the internet.
• allows people to carry out operations without barrier of time. 24 hours a day and 7 days a week.
Advantages of E-commerce -
– faster buying ,selling procedure as well as easy to find the products.
– easy to start and manage a business.
– no need of physical company setups.
– low operational cost and better quality of services.
– more reach to customer there is no theoretical geographical limitations.
Conclusion - E-Commerce is a great way of business and Consumers to interact internationally. The future of e-commerce will drastically progress over the year as the amount of internet users among businesses and consumers grows drastically every year.
Hope it helps you.