E-Commerce (Electronic Commerce) means buying and selling of goods, products, or services using the internet, E-commerce is also known as electronic commerce or internet commerce. These Online transactions have several types:
- Business to Business (B2B Model):
A business offers a good or service to another business (e.g. A business sells software as a service for other businesses to use)
- Business to Consumer (B2C Model):
A business offers a good or service to an individual consumer (e.g. You buy a Smart phone from an online Store).
- Consumer to Business (C2B Model):
A consumer offers 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).
- Consumer to Consumer (C2C Model):
A consumer offers a good or service to another consumer (e.g. You sell your old computer on eBay to another consumer).
Global retail ecommerce sales are projected to reach $27 trillion by 2020.