e-Commerce
a multi-layered process
e-Commerce refers to any business transaction that is conducted online. Online-shopping is the most popular e-commerce activity, defined as buying and selling goods via the internet on any device (e-commerce, m-commerce).
There are different business transactions that belong to e-commerce such as:
• Online-Shopping
• Online-Auctions
• Payment Gateways
• Online-Ticketing
• Online-Banking
Participants
Based on type of participants, e-commerce is classified into three types:
• Business to Business
• Business to Consumer
• Consumer to Consumer
(The participation of the government and non-profit organisations are left out.)
e-Commerce & m-Commerce
The typical e-commerce business projects $4.058 trillion in sales in 2020, it’s the fastest growing market. m-Commerce derives from e-commerce, driven by the expanding market and the influence of smartphones and developed softskills of younger generations, „m“ standing for „mobile“.
Benefits of e-Commerce
The internet has become an essential requirement of everyday which is why e-commerce and m-commerce grow rapidly. Especially businesses have learned to take advantage of the vast benefits of e-commerce such as:
• Global Market
• Around-the-Clock Availability
• Reduced Costs
• Inventory Management
• Targeted Marketing
• Serving Niche Markets
• Working from Anywhere
How to start an e-commerce business?
Even though you might be able to build an online-shop within 24 hours, growing a profitable e-commerce business is a multi-layered process that involves various steps and decisions:
• Choosing & Sourcing Products
• Conducting Research & Planning Ahead
• Building Brand Reputation
• Deciding Selling Options