Get a complete overview of e-commerce business. Also, find here the impact of COVID19 pandemic on the online businesses in the year 2020 amidst the lock-down.
E-commerce is the term that refers to purchasing or selling the products and services on the World Wide Web.
The involvement of technology in trade activities makes it easier for sellers to market their products to a broader set of audiences. It enables customers to purchase from anywhere and anytime.
In 1971, e-commerce began spreading its roots in the market. From then to now, e-commerce took a long journey and showed significant growth. The technology is still advancing and spreading its impact on the market for the larger good.
From 1336 billion USD in 2014 to 3535 billion USD in 2019 of worldwide sales growth in retail e-commerce, we came a long way. And, as per the experts, this figure of retail’s growth is expected to double by 2023.
The reason is pretty clear; it took time for the traditional market to digest the arrival of technology in the businesses. Now, people are more open to the changes and taking e-commerce as a ladder towards growth.
We won’t bore you with a lot more statistical details now. But, some basic knowledge can surely aid a lot in your journey of digitalization.
How is e-commerce different from e-business?
In the online business, we not only talk about the trading of goods but also about all the services that can benefit you commercially by selling via a digital portal.
Though e-commerce and e-business are the words interchangeably used in the industry, they aren’t the same!
E-commerce enables the selling and purchasing of goods and services online. In contrast, e-business only concentrates on the marketing of the services offered by businesses on the Internet. The term “e-business” was initially coined by IBM’s team in 1996. They were handling marketing and digital activities for IBM, back in those days.
With the advancement in technology, e-commerce extended to m-commerce and t-commerce. M-commerce allows the business conduction with the help of mobile devices like smartphones, and t-commerce talks about television commerce as well as tablet-commerce.
On the macroscopic level, e-commerce can be considered as a diverse field that includes m-commerce t-commerce as well as e-business. It’s an umbrella term that is accepting everything inside it.
