The form of buying and selling goods and services online is termed electronic commerce or e-commerce. Such transactions take place over the internet by the seamless transferring of data exchange between two parties.
The business transactions that take place via the internet can take forms such as business to consumer(B2C), business-to-business(B2B), consumer to consumer(C2C), or consumer-to-business(C2B). Over the decade, the internet has seen the growth of these forms of business and becoming popular among individuals with time.
Various banks like columbia bank Medford support e-commerce services as their credit or debit cards can be used to make payments. Online retail platforms like Amazon, Flipkart, and Myntra have launched their businesses with millions of users buying products from their website.
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Benefits of E-Commerce
- You can buy products from any part of the country at any time. These websites are functioning around the clock for customers to browse and shop at their convenience.
- Price plays a crucial role in deciding a customer’s urge to buy the good. Online platforms have their share of play in discounting the product to meet competition. This, in turn, helps a consumer buy product at a lower price online.
- There is an array of products available from different categories and can be bought from just one place. This saves the time of many customers by browsing through different websites.
While geographical dispositions and time-bound have traditionally bounded local shops, e-commerce has made it to the top with time. With the growing access to the internet with a combination of rising income, the potential of e-commerce is more to unfold. This venture is soon to create an explosion with a boom in the sales channel, thereby enhancing buyers’ and sellers’ experiences online.
It will not be wrong to say that e-commerce will be the new change in business entities, and more capabilities are yet to be exploited.