What You Need to Know About E-Commerce
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Electronic commerce or e-commerce refers to the involvement of electronics in the commercial purchasing and marketing of products or services. You may not be aware, but you’re already a consumer of e-commerce if you are a big fan of online shopping.
E-commerce operates in 4 segments: business-to-business (B2B), business-to-consumer (B2C), consumer-to-consumer (C2C), and consumer-to-business (C2B). Some e-commerce shops are a hybrid of two segments such as Shopee, which started off with a consumer-to-consumer segment, but now has adapted into a business-to-customer hybrid model.
The Internet plays a huge role in the growth and spread of e-commerce since various platforms can easily be accessed by smartphones, tablets, and computers. Basically, anyone who has access to online shopping platforms can be considered as a consumer of e-commerce. Do you know who holds the Guinness Book of World Records for the most expensive eCommerce purchase? Continue reading to know more.
Due to the pandemic, everyone has adapted to the “new normal” and has shifted to online set-ups and platforms to continue on with their classes and work.
Before the pandemic, consumers were unaccustomed to the concept of online selling platforms, often linking the thought of buying something online to scams or phishing attacks. It was only this pandemic that the use of e-commerce platforms grew and were noticed by the public due to numerous lockdowns and restrictions. Consumers learned how to shop and sell products online through online shopping websites and social media pages. Along with the growth of e-commerce, the rise of small businesses and entrepreneurs also grew. E-commerce helped small businesses gain more audiences and a wider reach through paid promotions and SEO analytical tools.
Now, almost everything can be bought online. Through e-commerce, one can stay at home yet still have the ability to buy clothes or furniture from an online shop. Even food can be delivered to your dining tables through a few clicks on your smart phone without actually going out to buy them. One can say that e-commerce has dominated the commercial sector in the country as almost every business or brand have their products or services made available online.
As the new normal changed the ways and habits of shoppers, more businesses are starting online and consumers are shifting to online platforms for convenience.
Setting up an e-commerce website can elevate your brand and products. At first glance, the various tools and platform might be overwhelming, but with the help from Forfos, you can successfully scale up your own businesses with help and support from experienced employees with expertise ranging from customer service, social media management, and project management.
As promised, the current holder of the Guinness World Record for the most expensive e-commerce purchase is none other than billionaire Mark Cuban when he purchased a Gulfstream V Business jet for over $40 million in 1999.
References:
Arreola, Renz Homer. “The ‘New Normal’ of Increased Online Business Transactions, and Revisiting Revenue Memorandum Circular No. 55-2013.” KPMG, KPMG, 28 July 2020, https://home.kpmg/ph/en/home/insights/2020/07/the-new-normal-of-increased-online-business-transactions.html.
Bloomenthal, Andrew. “Electronic Commerce (e-Commerce).” Investopedia, Investopedia, 22 Oct. 2021, https://www.investopedia.com/terms/e/ecommerce.asp.
Elkins, Kathleen. “Mark Cuban set a Guinness World Record in 1999 when he spent $40 million online.” CNBC, CNBC, 28 Sept 2018, https://www.cnbc.com/2018/09/28/mark-cuban-set-a-guinness-world-record-by-spending-40-million-online.html.