E-commerce

E-commerce is a fast growing trade which is overtaking the place of traditional commerce.It is very fast and relevant. Earlier if we wanted even a small thing then we had to go to the shop but with the advancement of technology, we can buy anything from home itself.It increased more rapidly during the time of Covid-19.

There are five essential categories of E-commerce:

• Business to Business
• Business to Consumer
• Business to Government
• Consumer to Business
• Consumer to Consumer

E-commerce refers to online buying and selling any of the product using the internet. Different types of peoples are involved in E-commerce.Some are producers, sellers and buyers.There are several companies having their websites and providing the facility to order.Some popular sites are-

• WWW.flipkart.com
• www.amazon.com
• www.ajio.com
• www.fabmart.com
• www.myntra.com
• www.meesho.com

Impact on retailers and markets

E-commerce markets are growing at noticeable rates. The online market is expected to grow by 56% in 2015–2020. In 2017, retail e-commerce sales worldwide amounted to 2.3 trillion US dollars and e-retail revenues are projected to grow to 4.891 trillion US dollars in 2021. Traditional markets are only expected 2% growth during the same time. Brick and mortar retailers are struggling because of online retailer's ability to offer lower prices and higher efficiency. Many larger retailers are able to maintain a presence offline and online by linking physical and online offerings.

History of E-commerce-

Advantages of e-commerce

Faster buying process

Store and product listing creation

Cost reduction

Affordable advertising and marketing

Flexibility for customers

No reach limitations

Product and price comparison

Faster response to buyer/market demands

Several payment modes

Enables easy exports

Disadvantages of E-commerce

• Lack Of Personal Touch
• Lack Of Tactile Experience
• Price And Product Comparison
• Need For Internet Access
• Credit Card Fraud
• Shipping Times Can Be Lengthy
• Risk of Privacy
• No guarantee for the quality of products