Buying and selling of goods or service through internet is known as Ecommerce which refers to the sale of physical products online which can also be describes as any kind of commercial transaction that is facilitated through the internet. Another terms similar as Ecommerce are electronic commerce or internet commerce referring the transfer of money and data to execute these transactions. E-commerce is Associated with e-business which refers to all aspects of operating an online business, ecommerce refers specifically to the transaction of goods and services. Via the first ever online sale: on the August 11, 1994, the journey of E-commerce started when a man sold a CD by the band Sting to his friend through his website NetMarket, an American retail platform which is the first example of a consumer purchasing a product from a business through the World Wide Web or “eCommerce.” ecommerce definition
The four main types of ecommerce models can be describe almost when every transaction that takes place between consumers and businesses and the four terms are :
1. Business to Consumer (B2C)
2. Business to Business (B2B)
3. Consumer to Consumer (C2C)
4. Consumer to Business (C2B)
Ecommerce can take place on different forms which involve different transactional relationships between businesses and consumers, as well as different objects being exchanged as part of these transactions and the forms are:
1. Retail
2. Wholesale
3. Drop shipping
4. Crowd funding
5. Subscriptions
6. Physical products
7. Digital products
8. Services.
There are some essential elements in E-commerce and they are:
1.User friendly
2.Shopping cart and Check out process
3. Mobile compatibility
4. Calls to Action (CTA) .
5.Images and Descriptions.
6.Customer Support.
7.Security and Privacy.
These are some basics to know and learn about the E-commerce.
E-commerce markets have been developing day by day which are growing at noticeable rates and so the online market is expected to grow by 56% in 2015–2020. In 2017, retail e-commerce sales has seen worldwide amounting to 2.3 trillion US dollars and e-retail revenues which are projected to grow to 4.88 trillion US dollars in 2021 when traditional markets are only expected to grow 2% in the same time.
Due to the online retailer’s ability to offering lower prices and higher efficiency the traditional retailers are struggling and at the same time some larger retailers are maintaining a presence offline and online by linking physical and online offerings. In this strategy the helpful part of e-commerce is that it allows customers to overcome geographical barriers and allows them to purchase products anytime and from anywhere and offline retailing allows to see the products before buying