What is E-commerce?
E-commerce, also known as electronic commerce or
internet commerce refers to the buying and selling of
goods or services using the internet, and the transfer of money and data to execute these transactions.
E-commerce has now become so ubiquitous that one can say that almost everyone on the planet with an internet connection has derived some benefit from an e-commerce service. Amazon, Flipkart, Swiggy, and Zomato are household names now.
E-commerce sales are poised to reach $10 trillion globally. Nasdaq has predicted that by 2040, as much as 95% of shopping will be facilitated by E-commerce. We got a glimpse of this during the lockdown when e-commerce helped the population buy essential things when the traditional market shut down. Given this explosive growth and approaching dominance of the electronic mode of commerce, it becomes essential for businesses to leverage the offerings at hand and drive growth.
E-commerce vs E-Business
ToleverageE-commerce, we must first understand it. E-commerce is different from E-business. while E-business refers to all the aspects of operating a business online,while-commerce refers to the transaction of goods and services. The first thought for any business wanting to embrace the digital must be whether to become an e-business or leverage e-commerce to grow
Once that decision is made, we must look at all the e-commerce offerings available. It is a common misconception to think of e-commerce as nothing but what Amazon and Flipkart does.
But there are multiple offerings apart from these online marketplaces.
Zomato, Urban Company, 1MG, Razor pay, Shopify, OLX, Policy Bazaar, MakeMyTrip and MyJio are all e-commerce offerings.
Whenever we are transacting digitally, we are utilizing e-commerce, and this digital transaction makes a host of functions and customer bases available to businesses