What is E-Commerce? – Roll of E-Commerce in Daily Life

E-Commerce stands for electronic commerce. Ecommerce is the online selling of products and services using the internet on computer. It is commonly done over the internet using websites. Ecommerce is a type of business model where businesses sell their products or services directly to consumers over the Internet without going through a traditional retail store.

Ecommerce has become a huge part of our lives. From buying groceries to clothes, from booking flights to renting cars, e-commerce has changed the way we shop.

Role of E-Commerce

E-Commerce is playing an important role in our daily lives. E-commerce can be used in the following ways:

Electronic Banking

Many banks are now introducing electronic banking. E-banking is a term used to describe electronic banking. This means that instead of going through a bank teller or visiting a branch, you can perform transactions from anywhere at any time. The convenience of e-banking has increased over time.

Electronic Shopping

Online shopping is buying goods or services over the internet. It has become very easy for people to shop from home using the Internet. Online shopping is convenient for those who do not have time to go shopping due to work commitments.

Conducting Auctions

Many websites provide the facility of auction. People participate in the auction to purchase a product. They can also pay the price using their credit cards etc. A popular website that provides this facility is eBay.

Marketing and Advertising

E-commerce is playing an important part to market and advertise products all over the world. The use of popular websites can be an effective way of introducing a product to customers.

Providing Customer Services

Businessmen can interact with their customers using the Internet. Customers can discuss different problems or issues related to their purchased product. They can discuss different issues about their products.

Online Travel Reservations

Online travel reservation is a popular use of e-commerce. People can reserve seats on airline flights, hotels, or cars using the Internet

Online Trading

Online trading is a process of conducting business using the Internet. The stockbrokers can do all trading activities electronically. They can submit and receive bids using computers. They can also be with sellers. It reduces the cost as no paper or special building is required to conduct these activities.

Video conferencing

Video conferencing is a type of conferencing in which video cameras and microphones are used for discussions. It provides an environment of a normal meeting. It enables participants to see, hear and present material to one another as if they are in the same room. Video conferencing can speed up business processes and procedures.

Types of e-commerce.

There are different types of e-commerce. These are as follows:

Business-to-consumer

Business-to-consumer or B2C e-commerce consists of the sale of goods and services to the general public. In this type, customers or consumers can visit the website and purchase goods online using credit cards.

Consumer-to-consumer

Consumer-to-consumer or C2C e-commerce takes place between two consumers. For example, one consumer sells an item through an online auction. The other consumer purchases the item by offering the highest bid.

Business-to-business

The business provides services to other businesses. For example, in many advertising companies, Business-to-business or B2B e-commerce takes place between two businesses. One advertises the products of another company.