Electronic Commerce, or Ecommerce, is the process of buying or selling products and services over the World Wide Web. The concept has grown extremely fast with the increase of online activity and technology advancements.
Ecommerce includes both Business to Business (B2B) and Business to Consumer (B2C) sales. It can be virtual items like online memberships, downloaded programs, and online banking transactions or it can be physical products like clothing and real estate. Today, many retailers have an ecommerce division in addition to their storefront locations. This is referred to as e-tail.
How does ecommerce work?
The process of ecommerce is similar to the process of traditional commerce, but the elements involved are typically handled electronically online. An ecommerce transaction includes a product or service, a place to sell the product or service (Website), a way to draw people to the website (online advertising/SEO), a way to accept orders (online order form or ecommerce platform), a way to accept money-typically credit card payments (ecommerce merchant services account on a secure server), a fulfillment facility for shipping (outsourced or downloaded), a way to accept returns, and a way to provide customer service (email, online form, or call center). Having these aspects make the buying and selling process complete.
What are the benefits of ecommerce?
There are tons of benefits associated with ecommerce. A few main ones include the virtual elimination of processing errors; the creation of a business without time or distance barriers- people can shop around the world whenever they want; the reduction in costs due to less people to people interaction and physical resources being needed; and a way for niche products to reach shoppers.
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