e-Commerce is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet. Other types of transactions that fall under the eCommerce framework include online auctions, payment gateways, online ticketing, and internet banking. There are 3 types of e-Commerce business:
- B2B (Business to Business) :In a B2B business model, a business sells its product or service to another business. Sometimes the buyer is the end user, but often the buyer resells to the consumer
- B2C (Business to Consumer) : In B2C business model, a business sells its product or service directly to the consumer.
- C2C (Customer to Customer) : In C2C business model, a customer sellls its product or services directly to another customer. HamroBazar.com is the suitable example for this category.
The trend of buying and selling goods and ideas online is being very popular, we can say the trend is increasing among general customers rapidly as they don’t need to roam shops and another to find their needs. An increase in Internet accessibility, ease of transaction, plenty of products and personalized offers, absence of the constraints of a physical presence and interaction makes online shopping desirable to consumers. Customers don’t need to ask for quality and price to the sellers as everything about the product’s feature and specifications are clearly mentioned in e-Commerce portal. The freedom for comparison of similar goods and services on the basis of price and quality over thousands of online available product has been the beneficiary point to succeed e-Commerce. The another benefit we can’t miss is, we don’t need physical money to buy services we can choose among different modes of payment according to our ease.
e-Commerce has reached its peak during this pandemic just because of availability of internet, devices and fear of corona. The business during this pandemic would have stopped mostly in the absence of IT. IT has pulled online businesses at higher level by allowing online choosing and ordering of various goods and services.