In today's time, most people, whether in urban areas or rural areas, are doing online shopping. Usually, when we buy or sell something from an online platform, we consider it as e-commerce. But e-commerce is much bigger than that and it is just one type of e-commerce.E-commerce” or “e-business”. When we buy or sell goods online through the internet, it is called e-commerce. A merchant enters all the details of his product on any e-commerce platform. On the basis of that detail, people buy this product online. In this way, the trader and the consumer never come face-to-face. To know more, read: What is an e-commerce business? Know its benefits and disadvantages.Today, e-commerce is on the rise in India because everyone is doing online shopping due to the availability of mobile and cheap data plans. GeM has achieved a cumulative GMV of more than 4.5 lakh crores until July 23, 2023 (since inception). Hence, considering the saving estimates as reported above, GeM has facilitated savings worth more than INR 40,000 crore since its inception. As per TRAI’s Indian Telecom Services Performance Indicators for January–March 2023, the internet penetration in India as of Mar 2023 was over 880 million, and the number of telecom subscribers as of Mar 2023 was over 1172 million.
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Table of Content
1. Highlights of Online business2. Omnipresence
3. Worldwide reach
4. All inclusive norms
5. Wealth
6. Intelligence
7. Data thickness
Highlights of Online business:
Omnipresence: Web/Web innovation is The commercial center is stretched out past customary access all over the place: at work, at home, and beyond, and is taken out from a transient and somewhere else through cell phones, whenever. ―Marketspace‖ is made; shopping can happen anywhere. Client comfort is upgraded, and shopping costs are diminished.
Worldwide reach:The innovation that arrives at Trade is empowered across social and public limits, around the earth. public limits consistently and without adjustment. Marketspace incorporates possibly billions of buyers and a great many organizations around the world.
All inclusive norms
There is one bunch of There is one bunch of specialized media guidelines and innovation norms, to be specific, the Webacross the globe.
Wealth
Video, sound, and instant messages Video, sound, and message showcasing messages are conceivable. incorporated into a solitary promotion message and consuming experience.
Intelligence
The innovation works Purchasers participate in a discourse that involves communication with the client. powerfully changes the experience to the individual, and makes the customer a coparticipant during the time spent conveying products to the market.
Data thickness
The innovation Data handling and stockpiling diminish data expenses and raise quality. correspondence costs drop decisively while cash, precision, and ideals improve extraordinarily. Data becomes ample, modest, and accurate
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BENEFITS TO SOCIETY:
Next up are the advantages of online business to society:
1. Online business empowers more people to work at home and to do less shopping, bringing about less traffic on the streets and lower air contamination.
2. Online business empowers individuals in rural regions to appreciate items and services that are not accessible to them. This incorporates potential chances to learn and acquire higher educations.
3. Online business works with the conveyance of public administrations, for example, medical care instruction and dispersion of government social administrations, at a decreased expense as well as working on quality. Virtual entertainment can help you: draw in new clients, create brand awareness, and create online deals.
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In such a situation, know the different types of e-commerce with examples.
Business-to-business (B2B)
Raw material is required in any business. When one business sells goods to another business using e-commerce, it is called business-to-business (B2B) e-commerce.
In this type of e-commerce, one company offers its goods or services to another company. In this, companies either use their personal websites or their social media platforms.
Business-to-consumer (B2C)
This type of e-commerce is most prevalent today and is generally considered as e-commerce. Whenever a company sells its products or services to consumers online, it is called business-to-consumer (B2C) e-commerce. Nowadays, because every person has mobile and internet access, people are using e-commerce platforms like Amazon, Flipkart. Companies post details of their products on these platforms. Seeing that detail, people buy the goods; this is called business-to-consumer (B2C) e-commerce.
Consumer-to-consumer (C2C)
In e-commerce, businesses usually sell goods to other businesses or to their own consumers. When consumers transact goods or services among themselves through online platforms, it is called consumer-to-consumer e-commerce. Some major e-commerce websites for this are OLX, eBay, etc. Both the buyers and sellers on these platforms are ordinary people, not businesses.
Consumer to Business (C2B)
This type of e-commerce is the opposite of business-to-consumer. In this way, consumers sell their products or services to companies. For example, suppose a person is a graphic designer or content writer, and you sell your services to companies through freelancing.
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Business-to-Administration (B2A)
Government institutions depend on companies in many ways, such as making websites of any government institution, developing an app, etc. In such a situation, these institutions issue tenders and companies bid on the basis of these tenders. The company with the highest bid has the responsibility of carrying out the related work. This entire process is called business-to-administration e-commerce.
Consumer-to-Administration (C2A)
When the general public connects with government institutions using the Internet, it is called consumer-to-administration e-commerce. In today's time, to bring transparency in government institutions and to provide convenience to the general public, many activities of government institutions, like filing income tax returns, paying electricity bills, paying telephone bills and many other activities, have become online.
Where and how does web based business occur?
Web-based shopping advances and changes consistently. Individuals shop from their PCs, telephones, tablets, and other gadgets. They disparage sites, visit web-based entertainment pages and take part in flourishing virtual channels. Here is an outline of three distinct ways to lead web-based business today
m-commerce:
Online exchanges that happen on cell phones are known as versatile business or "m-trade". With convenient gadgets in the possession of customers all over the planet, it's nothing unexpected that m-commerce' portion of all out retail web based business deals is projected to surpass 43% in 2023 (up almost two rate focuses from 2022). Many individuals currently do their item research and internet shopping through their telephones. This pattern makes it clear that things are not pulling back, so advancing your web-based store for portable devices is fundamental
enterprise ecommerce:
Enterprise commerce is the trading of items among enormous organizations or associations. In the event that a huge business sells a wide range of kinds of items or has numerous brand lines and changes to online deals, it is taking part in big business internet business
Social media e-commerce:
Social media e-commerce can help you market and elevate your Internet business store to a more extensive audience. Similarly, as online entertainment empowers you to interact with loved ones, it can also possibly draw in clients to your business. Gotten along nicely, online entertainment promotion connects with clients in a casual environment.
Social media can help you: draw in new clients, create brand awareness, and create online deals.
Advantages of e-commerce:
Just as today most people are using e-commerce to buy and sell goods, in the coming few years people will become completely dependent on e-commerce platforms for shopping. In such a situation, it is very important to know the benefits of e-commerce – When we sell our goods from a physical shop, we remain confined to a limited area, whereas through e-commerce, we can sell our goods in any corner of the world. We cannot do business by opening a physical shop 24 hours, but through e-commerce, we can do our business 24×7. When we go to a physical store and make a purchase, we are not able to know the opinions of other people who have purchased that product, but through e-commerce platforms, we can see the reviews and ratings given by other people before purchasing the product. Are. When we buy goods on e-commerce platforms, we do not need to go anywhere. In such a situation, a lot of our time is saved. Compared to physical shops, we can easily get the goods replaced on e-commerce platforms and can also get them returned if we do not like them.
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Disadvantages of e-commerce:
Just as everything has two sides, the e-commerce business has some advantages as well as disadvantages. It has been seen many times that people order goods online and get something else in return. Apart from this, payment is also done online; hence, there is a fear of cyber fraud. When we buy goods online, we only see photos or videos of the goods. When the goods reach us, their quality is not guaranteed.
E-commerce has undeniably become an important part of our society. The successful companies of the future will be those that take e-commerce seriously, dedicating sufficient resources to its development. E-commerce is not an IT issue but a whole business undertaking. Companies that use it as a reason for completely re-designing their business processes are likely to reap the greatest benefits. Moreover, e-commerce is a helpful technology that gives consumers access to businesses and companies all over the world.
How secure is e-commerce
What are the benefits of e-commerce for businesses
How does e-commerce handle product returns
What challenges do e-commerce businesses face
Challenges include intense competition, maintaining customer trust, managing inventory and shipping logistics efficiently, adapting to changing technology and consumer preferences, and navigating complex legal and regulatory landscapes across different regions.
What is e-commerce?
E-commerce refers to buying and selling goods or services online, typically through websites or mobile applications.