Electronic commerce is a phenomenon that has taken the world by storm, businesses and entrepreneurs have now switched to or integrated electronic commerce into their businesses to keep up with this advance in technology.
Electronic commerce is when transactions take place over an electronic network such as the internet. However, it is not limited to the buying and selling of goods online like most people think. Electronic commerce is an umbrella term under which a number of different transactions and transmission of data or funds fall under.
There are many types of electronic commerce, some of which are:
Business to Business Electronic Commerce.
This form of electronic commerce is when businesses directly interact with other businesses over the internet, be it in the form of buying and selling goods or the transfer of funds or data. This type of electronic commerce is largely used today to transfer funds in exchange for services offered by one business to another.
Business to Consumer Electronic Commerce.
As the name suggests, this form of electronic commerce is when businesses provide services to consumers over the internet. This is largely done through webpages that different businesses have, much like virtual storefronts. Here, consumers can browse the products and services a particular company offers and purchase them online through a series of quick and simple steps.
Consumer to Consumer Electronic Commerce.
This is when consumers interact with each other over the internet or social media platforms and offer goods or services to one another. Many websites such as EBAY have been dedicated to consumer to consumer electronic commerce.
Consumer to Administration Electronic Commerce.
This involves online transactions between consumers and administrative bodies or the government such as paying taxes, health and educational transactions.
Mobile Electronic Commerce.
More commonly known as “m-commerce” refers to all online sales transactions that take place through one’s mobile phone. Nowadays all electronic commerce seems to be shifting to mobile ecommerce as technological advances enable us to do more and more with our mobile devices. Internet Retailer reported that mobile accounted for 30% of all the U.S. e-commerce activities in 2015. With the Introduction of mobile banking, phones are being used to buy things like electronic tickets and store credit card information that can be scanned just like tangible paper tickets and credit cards.