- 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. it draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, internet marketing, online transaction processing. E -commerce is the largest sector of the electronic industry.
- E-commerce typically uses the web for at least a part of a transaction’s life cycle although it may also use other technologies such as email. Typical E-commerce transactions include the purchase of products or services .There are three areas of E-commerce, online retailing electronic market, and online auction. E-commerce is supported by electronic business. The existence value of E-commerce is to allow consumers to shop online and pay online through the Internet, saving the time and space of customers , greatly improving transaction efficiency, especially for busy office workers, but also saving a lot of valuable time.
- There are four essential categories of E-commerce .
- Business to Business.
- Business to Consumer.
- Consumer to Business.
- Consumer to Consumer.
- E-commerce has become an important tool for small and large businesses worldwide, not only to sell to customers, but also to engage them. Cross-border E-Commerce is also an essential field for E-commerce businesses. It has responded to the trend of globalisation. It shows that numerous firms have opened up new businesses, expanded new markets, and overcome trade barriers.
- Electronic commerce is a marketplace where individuals, businesses, and governments sell products, information, and services to customers. Furthermore, this business model allows for the electronic transfer of funds and data during online transactions.
- E-commerce business encompasses four key market segments – business to business (B2B), business to customer (B2C), customer to customer (C2C), and customer to business (C2B).While E-commerce allows businesses to grow and earn profits, it makes it easier for customers to discover and purchase what they want at their convenience.
Pros and Cons Of E-Commerce
Advantages of E-Commerce to Customers.
- Reduced prices due to contests (coupons and offers).
- Provide secure business transactions
- It is easier to compare prices with other premium brands
- Return products if it is of lower quality
- Time savings and reviews of easy review.
Advantages of E-Commerce to Business
- Use of EDI, B2B data exchange.
- Low barriers to items.
- Provide safe business and instant transactions.
- Participate in retail for the launch of new products and services.
- 24/7, 365 days of sales (buyer and seller).
- Expanding the scope of the business.
Disadvantages of E-Commerce for Customers
- Privacy and security in online purchases.
- Fraud with credit cards.
- Delays in receiving products.
- Inability to identify fraud.
- Hidden cost.
- Website fraud..
Disadvantages of E-Commerce to Business
- Update hardware and software regularly.
- The readiness of the site.
- Training and maintenance Customer loyalty.
- Security and credit card issues.
- Fraudulent orders.
- Sufficient internet services.
Benefits of building a mobile app for E-commerce business
- Increased brand recognition
- Improved marketing communication
- Enhanced customer experience
- Improved visitors engagement
- Increase average order value
- Reduce cart abandonment rates
- Offer personalised shopping experience to customers
- Increased loyal customer base
- Increase Retention Rates
- Contactless payments
- Detailed analytics