E-commerce, often known as electronic commerce or online commerce, is the purchasing and selling of products and services through the internet, as well as the financial and data transfers required to complete these transactions. Ecommerce is frequently used to refer to the online sale of real goods, but it may also apply to any type of economic transaction that is made possible by the internet.
While e-business encompasses all elements of running an online firm, e-commerce focuses on the exchange of products and services.
The first-ever online transaction took place on August 11, 1994, when a guy sold a CD by the band Sting to a friend using his website NetMarket, an American retail platform. This is the first instance of a consumer purchasing a product from a business through the Internet, or "e-commerce" as it is currently known.
Since then, e-commerce has progressed to make it simpler to find and buy things through online shops and marketplaces. Independent freelancers, small enterprises, and huge organizations have all profited from e-commerce, which allows them to offer their products and services on a larger scale than conventional offline shopping.
Online commerce has a number of advantages, ranging from selling anywhere to providing tailored experiences that encourage loyalty – and it also gives a storefront that is open 24 hours a day, seven days a week.
- Convenience: Online shopping makes purchases easier, faster, and less time-consuming, with 24-hour sales, rapid shipping, and simple returns.
- Personalization and customer experience: E-commerce platforms may develop detailed user profiles that allow users to customize the things they see and provide recommendations for other items they might like. This enhances the customer experience by making customers feel understood on a personal level, which increases the likelihood of brand loyalty.
- Customers from all over the world may purchase on e-commerce sites, and businesses are no longer limited by location or physical obstacles.
- Digital retailers may build online storefronts with little setup and operational costs because brick and mortar is no longer necessary.
