E-commerce is short for electronic commerce and refers to the buying and selling of goods or services using the internet and the transfer of money and data to execute these transactions. It is widely considered as the sale or purchase of goods or services, whether between businesses, households, individuals and other public or private organisations, conducted over the internet.
The e-commerce market encompasses various types of business transactions, the most common being B2B (business-to-business), B2C (business-to-consumer), C2C (consumer-to-consumer) and C2B (consumer-to-business). Here’s a brief overview of each type:
- B2B (Business-to-Business): This involves companies doing business with each other, like manufacturers selling to distributors and wholesalers selling to retailers.
- B2C (Business-to-Consumer): The most common form of e-commerce, B2C transactions happen when businesses sell products or services to consumers, like online retail.
- C2C (Consumer-to-Consumer): This type of e-commerce is facilitated by third-party platforms (like eBay or Craigslist) that allow individuals to buy and sell to each other.
- C2B (Consumer-to-Business): In this type of e-commerce, consumers offer products or services to businesses. This can include freelance work, crowdsourcing, or influencer marketing.
The e-commerce field has expanded rapidly over the past few years and continues to evolve with new technologies, including mobile shopping and online payment encryption. It offers the convenience of shopping and transactions from anywhere with an internet connection, often with a wider selection and competitive pricing.
B2C is your best route to entrepreneurship and financial freedom, when starting out in business.