e-commerce stands for electronic commerce. As the name suggests, it is the buying and selling of goods and services over the internet – and ultimately, the transfer of data and funds to complete the transactions.
Convenience, ease of business processes and customer experience, and real-time data becomes a priority globally. This is where the function of e-commerce is important. Apart from these noted benefits, e-commerce also allows for a wider customer reach, direct communication between businesses and customers and the lower transaction costs which means greater chances for profits.
There are four main types of e-commerce models:
1. Business to Business (B2B)
2. Business to Consumer (B2C)
3. Consumer to Consumer (C2C)
4. Consumer to Business (C2B)