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What does E-Commerce mean?
In a nutshell, e-commerce is just the process of buying and selling produce by electronic means such as by mobile applications and the Internet. Ecommerce refers to both online retail as well as electronic transactions. Ecommerce has hugely increased in popularity over the last decades, and in ways, it’s replacing traditional brick and mortar stores.
Ecommerce enables you to buy and sell products on a global scale, twenty-four hours a day without incurring the same overheads as you would with running a brick and mortar store. For the best marketing mix and the best conversion rate, an Ecommerce venture should also have a physical presence; this is better known as a click and mortar store.
While most people think of ecommerce as business to consumer (B2C), there are many other types of ecommerce. These include online auction sites, internet banking, online ticketing and reservations, and business to business (B2B) transactions. Recently, the growth of ecommerce has expanded to sales using mobile devices, which is commonly known as ‘m-commerce’ and is simply a subset of ecommerce.
Why has ecommerce seen explosive growth over the past decade? As the internet becomes ingrained in our daily lives, acceptance of ecommerce continues to grow, and businesses are taking advantage of this.
In the early 2000’s many people were skeptical about handing over their card details to an online retailer. Whereas, ecommerce transactions are now second nature. SSL certificates, encryption and reliable external payment systems such as Paypal, Worldpay, and Skrill have helped improve people’s confidence in e commerce.
Benefits Of E-Commerce :
- Global Reach
- Always Open
- Cost Saving
- Automated Inventory Management
- Laser Targeted Marketing
- Location Independence
Differences between e-commerce and e-business
E-commerce is often confused with e-business, although they have nothing to do with one another.
E-commerce only refers to the goods and services transaction between a seller and a consumer, whereas e-business refers to the complete process necessary to manage an online business.
Within e-business we can find, for example:
- Inbound marketing.
- Sales promotions.
- Stock control.
- Email marketing.