What is e-commerce in 2023? Definition, benefits, examples

What is e-commerce in 2023? Definition, benefits, examples
E-commerce is the purchase and sale of goods or services over the internet, as well as the movement of money and data to complete the transaction. It is sometimes referred to as electronic or internet commerce.
Since its inception, online selling has evolved considerably; the evolution and history of e-commerce is interesting - and it is evolving at an even faster rate now.
What is the process of e-commerce?
E-commerce, often known as electronic commerce, is the exchange of goods and services, as well as the transfer of payments or data, via the internet. Buying and selling goods and services online often entails the exchange of data or currency to complete a transaction involving more than one company or people.
The user puts the order via a web browser through the online store; the order details are then communicated to a central backend system - an e-commerce platform - which facilitates or conducts numerous operations, including:

• Receiving the order
• Updating stock or inventory levels and confirming if there’s sufficient stock
• Processing the payment for the order
• Confirming adequate funds were received to fulfill the order
• Notifying the customer that the order was successfully processed.
• Notifying the shipping department for the order to be shipped to the customer, or access to the service to be granted.

Following are the most common types of e-commerce businesses and examples of what they mean:

• Following are the most common types of e-commerce businesses and examples of what they mean:
• Business to Consumer (B2C): B2C e-commerce is the most popular e-commerce model. Business to consumer means that the sale is taking place between a business and a consumer, like when you buy something from an online retailer.
• Business to Business (B2B): B2B e-commerce refers to a business selling a good or service to another business, like a manufacturer and wholesaler, or a wholesaler and a retailer. Business to business e-commerce isn’t consumer-facing, and usually involves products like raw materials, software, or products that are combined. Manufacturers also sell directly to retailers via B2B ecommerce.