Also called Virtual Market Place, E Commerce stands for electronic commerce and takes into account trading goods and services through the electronic medium such as internet, mobile or any other computer network. It includes the use of Information and Communication Technology (ICT) and Electronic Funds Transfer (EFT) in making commerce between consumers and organizations.
E Commerce is essentially not quite the same as the traditional businesses. E Commerce with the help of technology and data warehousing is able to get to know and address the customer on an individualized basis instead of one generic advertisement implied for the larger public. The organizations can reach, recognize and customize the products and solutions for the particular individual customer. It includes the utilization of Information and Communication Technology (ICT) and Electronic Funds Transfer (EFT) in making trade among consumers and organizations.
Each e-commerce can be separated by the types of products it provides to valued customers. They can sell either physical products, digital products, services or affiliates (links which pay them a portion of the revenue for facilitating a sale).
These are the four main categories of e commerce models:
B2B: It stands for Business-to-Business. E-commerce businesses that sell physical or advanced items or services to other businesses fall under this category.
B2C: This represents Business-to-Consumer. E-commerce businesses that sell physical or advanced items or services to consumers are covered this category.
B2G: This symbolizes Business-to-Government. E-commerce businesses that sell physical or computerized items or services to government institutions or agencies fall under this category.
C2C: Consumer-to-consumer commerce is the trade between two consumers or private individuals.