Definition of E-commerce Business
E-commerce refers to carrying out business over the internet. It is termed as electronic business as conducted using electronic means. All purchase & sale of products & services is conducted over the internet.
This is no presence of a physical market in this for doing business. Buyers & sellers meet each other through an online website of the business. E-commerce covers large area worldwide for conducting business.
It helps business in interacting & maintaining relations with large number of customers. E-commerce business is done in 4 ways: Business to customer (B2C), Business to business (B2B), Customer to customer (C2C) & Customer to business (C2B).
Some of the Unique important features of E-Commerce are:
Functions of E-Commerce Business
E-commerce businesses are conducted online on a worldwide level. It covers large areas serving large number of customers at a time. Its operations vary from one country to another. There is no restriction on expanding the business to large areas.
It is not confined to a particular area like in case of a physical market. These businesses due to their operations in large areas earn high profits.
This is one the important feature of the e-commerce business. E-commerce businesses carry out their business 24 hrs. & on all days of the week. Customers can avail their services all the time at their home comfort. In the physical market, there is a timing for opening & closing.
Customers need to visit accordingly as per schedule. There is nothing such in e-commerce business. Peoples can anytime & from anywhere can do shopping from these as per their choices.
It means that the product required can be easily searched in less time over the E-commerce business. Customers are not required to waste their time searching for a specific product. Product is simply searching in the search bar of the website of business.
If it is not available over a particular website, customer can easily search it over several other websites. It can be booked & will be delivered to customer address in less time.
It means that the services of the business are accessible anytime & from anywhere. These businesses are not confined to a particular area like a traditional business. Customers can as per their choice & comfort can do transaction & activity here.
The website can be easily accessed from customer cell phones, tablets or tablet anytime. It is completely user-friendly & it brings ubiquity to it.
Easy product comparison
There are a large number of products available over the internet. Comparison of these products is quite easy. Products in terms of their price, quality & various other features can be compared over different websites.
Customers can easily find the best product as per their choice after better comparison. This feature of e-commerce satisfies the customers & help in increasing sales.
It refers to the communication between the business & the customer. Customer can easily interact with the business. They can raise their queries & problems through the business website.
Customers also provide suggestions & feedback about business products & services. This feature helps in developing better relationships between business & customers.