What is e-commerce? And how it works for your small business
E-commerce, also known as electronic commerce, is the online buying and selling of goods. E-commerce is a term that is also used for other online activities such as internet banking, online auctions, and online ticketing.
When asking what ecommerce is there are several different ways you can look at it. E-commerce can take on many different looks and feels – it can offer physical goods, digital products, or services.
E-commerce can be divided into:
- B2C (Business to Consumer);
- B2B (business-to-business);
- C2B (Consumer to Business);
- C2C (consumer to consumer);
- G2B (Government to Business);
- B2G (Business to Government); and
- C2G (consumer to government).
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E-commerce first came about in 1994 when a man named Phil Brandenberger bought a little under $ 13 using his Mastercard. Today, global retail e-commerce sales are expected to increase $ 4.13 trillion by the end of 2020.
How Can You Use Ecommerce For Your Small Business?
Whether you are thinking of starting a startup or owning a small or medium-sized business, getting your offer online has never been more important. especially in unprecedented times like pandemics and lockdowns.
It is expected that 95% of the transactions will be made online by 2040 and it is appreciated 35% of Google product searches will be converted into purchases within five days of this initial search.
There are a number of things to keep in mind when it comes to getting ecommerce up and running for your small business. First, read seven tips on how to get ecommerce up and running for your small business.
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