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Many of us may have heard the term e-commerce being used time and again but have never really understood what it is. Not to worry, I am here to help you… so what is e-commerce?
The word eCommerce is the shortened version of the phrase ‘Electronic Commerce’. It refers to the buying and selling of goods and services using the internet and the transferring of money and information to facilitate these transactions.
Simply put, it is the buying and selling of anything through the internet.
And because there are many things selling on the internet and different types of businesses involved, there are different models of e-commerce that takes place online.
These models are categorized based on;
- The type of goods sold- these include physical, digital, and service products
- Where the goods are sold- these include branded e-commerce stores, market places of just social media
- Who they are sold to- these include direct customers, businesses, and even government