E-Commerce: Electronic commerce, commonly known as E-commerce or e-commerce, is trading in products or services using computer networks, such as the Internet. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems. It is often used to refer to the sale of physical products online, but it can also describe any kind of commercial transaction that is facilitated through the internet.
Modern electronic commerce typically uses the World Wide Web for at least one part of the transaction’s life cycle, although it may also use other technologies such as e-mail.
Types of E-commerce Models –
There are four main types of e-commerce models that can describe almost every transaction that takes place between consumers and businesses.
- Business to Consumer (B2C): When a business sells a good or service to an individual consumer.
- Business to Business (B2B): When a business sells a good or service to another business.
- Consumer to Consumer (C2C): When a consumer sells a good or service to another consumer.
- Consumer to Business (C2B): When a consumer sells their own products or services to a business or organization.