E-commerce
E-commerce
E-commerce (pronounced /ˈiːkɒmɜːrs/), also known as electronic commerce or internet commerce, refers to the buying and selling of goods or services using the internet, and the transfer of money and data to execute these transactions.
Etymology
The term "e-commerce" is a combination of "electronic" and "commerce". The prefix "e-" comes from the word "electronic", and it is used to denote something that is done over the internet. The word "commerce" is derived from the Latin "commercium", meaning "trade, trafficking".
History
E-commerce was first introduced in the 1960s via an electronic data interchange (EDI) on value-added networks (VANs). The medium grew with the increased availability of internet access and the advent of popular online sellers in the 1990s and early 2000s. Amazon began operating as a book-shipping business in Jeff Bezos' garage in 1995. EBay, which enables consumers to sell to each other online, introduced online auctions in 1995 and exploded with the 1997 Beanie Babies frenzy.
Types of E-commerce
There are four main types of e-commerce models that can describe almost every transaction that takes place between consumers and businesses.
- Business to Consumer (B2C): When a business sells a good or service to an individual consumer (e.g., You buy a pair of shoes from an online retailer).
- Business to Business (B2B): When a business sells a good or service to another business (e.g., A business sells software-as-a-service for other businesses to use).
- Consumer to Consumer (C2C): When a consumer sells a good or service to another consumer (e.g., You sell your old furniture on eBay to another consumer).
- Consumer to Business (C2B): When a consumer sells their own products or services to a business or organization (e.g., An influencer offers exposure to their online audience in exchange for a fee, or a photographer licenses their photo for a business to use).
Advantages and Disadvantages of E-commerce
E-commerce offers many advantages such as around-the-clock availability, the speed of access, a wider selection of goods and services, accessibility, and international reach. Its perceived downsides include sometimes-limited customer service, consumers not being able to see or touch a product prior to purchase, and the necessitated wait time for product shipping.
See Also
- Online Shopping
- Mobile Commerce
- Electronic Business
- Supply Chain Management
- Online Transaction Processing
- Electronic Data Interchange
- Inventory Management Systems
External links
- Medical encyclopedia article on E-commerce
- Wikipedia's article - E-commerce
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