The expression expanding market refers to any rapidly growing opportunity. The market is the focal point, and it may exist at supranational, national, regional, industry, cluster, firm or even product level. Modern markets are expanding to meet the Global demand.
E-commerce is the activity of buying or selling of products on online services or over the Internet. Business-to-business buying and selling; Gathering and using demographic data through web contacts and social media. Business-to- business (B2B) electronic data interchange.
Electronic commerce encompasses the marketing, buying and selling of merchandise or services over the Internet. It encompasses the entire scope of online product and service sales from start to finish.
E-commerce tools include computer platforms, applications, solutions, servers and various software formats manufactured by e-commerce service providers and purchased by merchants to increase online sales.
E-commerce facilitates the growth of online business. It is categorized as follows:
- Online marketing
- Online advertising
- Online sales
- Product delivery
- Product service
- Online billing
The e-commerce concept relates to business or financial transactions that facilitate electronic payments of items purchased from online stores and service vendors.
E-commerce covers a broad range of business activities, from digital content used for online consumption to conventional orders of online merchandise.
Online banking is another form of e-commerce. E-commerce transactions are conducted between businesses, businesses and consumers, businesses and government, businesses and employees and consumers and businesses.
Online shopping is an e-commerce format, in which real-time sales transactions occur as a consumer purchases an item or service from an online store. This may be explained as an interactive collaboration between a consumer and merchant.
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In online shopping, there is no intermediary – just the interaction between the online buyer and store/service provider. Here, electronic financial transactions are conducted securely.
E-commerce also describes the exchange of data between the financing, billing and payment aspects of electronic business transactions.
Types of E- Commerce
Customer to customer e-commerce is a simple concept to understand and a popular model of business for many companies.
As the name suggests, customer to customer e-commerce is a form of business where a company is just involved in providing a platform for various people to use it to interact with each other for mutual benefit.
The business transaction is between two parties, none of which is the company.
In conclusion, ecommerce, also known as electronic commerce or internet commerce, is the buying and selling of goods or services using the internet, and the transfer of money and data to execute these transactions.
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