E-Commerce Technology

Ecommerce, also known as electronic commerce or internet commerce, refers to the buying and selling of goods or services using the internet.[1] It acts as an interface between the buyer and seller. It also facilitates transfer of money and data to execute these transactions. E commerce has evolved to make products easier to discover and purchase through online retailers and marketplaces. Small businesses, and large corporations have all benefited from Ecommerce, which enables them to sell their goods and services at a scale that was not possible with traditional offline retail. The global retail ecommerce sales are projected to reach $27 trillion by 2020.

There are four main types of ecommerce models :

1. Business to Consumer (B2C)
   When a business sells a good or service to an individual consumer.
2. Business to Business (B2B)
   When a business sells a good or service to another business. And similarly:
3. Consumer to Consumer (C2C)
4. Consumer to Business (C2B)

BENEFITS

• Overcome geographical limitations. Ecommerce websites like Amazon, Myntra, Flipkart etc. have made our lives convenient as everything we desire is merely a click away. [2]
• The versatile shopping experience and the rapid development of transaction facilities.
• Gain new customers with search engine visibility
• Eliminate travel time and cost

Source:

1. https://www.shopify.in/encyclopedia/what-is-ecommerce
2. https://acowebs.com/impact-ecommerce-society/