4.5 E-commecre Basics

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 v  E- Commerce Basics: Models and relevance: -

Ø  Ecommerce stands for electronic commerce.

Ø  It refers to the buying and selling of goods and services over the internet.

Ø  It involves the use of electronic platforms, such as websites, mobile applications, and social media, to conduct transactions between businesses and consumers or between businesses.

Ø  Ecommerce has revolutionized the way businesses operate and has created new opportunities for entrepreneurs and consumers alike.

Ø  Types of Ecommerce model: The several types of ecommerce in use today are classified based on the nature of the transactions:

 

1.      Business to Business (B2B) Electronic Commerce.

2.      Business to Consumer (B2C) Electronic Commerce.

3.      Consumer to Business (C2B) Electronic Commerce.

4.      Consumer to Consumer (C2C) Electronic Commerce.

 

1)    Business to Business (B2B): -

Ø  E-Commerce is the exchange of products or services between business over private networks or Internet.

Ø  B2B ecommerce creates dynamic interaction among the business.

Ø  Using B2B ecommerce, cost is reduced by increasing speed, reducing errors in transactions, and eliminating many manual activities.

 

2)    Business to Consumer (B2C): -

Ø  B2C ECommerce includes electronic transactions between and among Businesses and Consumers.

Ø  In B2C ecommerce, businesses sell directly a variety group of products and services to customers.

Ø  The best example of B2C ecommerce is Amazon.com; it is an online bookstore.

 

3)    Consumer to Business (C2B): -

Ø  C2B ECommerce includes transactions between and among Customers and Business.

Ø  In this process, business provides services or products based on customer wants. That means customers’ requests for the goods and services on the Internet.

 

4)    Consumer to Consumer (C2C): -

Ø  C2C ECommerce is the exchange of products or services between or among consumers.

Ø  In this type consumers sell directly to other consumers using the Internet and web applications.

Ø  For example: eBay.com, quicker.com and OLX.com etc.

 

E-Commerce relevance: -

1.   Convenience: Ecommerce allows customers to shop from the comfort of their own homes or wherever they have internet access, making it convenient for them to make purchases at any time.

 

2.   Global Reach: Ecommerce enables businesses to reach a wider audience beyond their physical locations, allowing them to expand their customer base globally.

 

3.   Cost Effective: Ecommerce eliminates the need for physical storefronts and reduces overhead costs associated with operating a traditional brick and mortar store.

 

4.   Personalization: Ecommerce allows businesses to personalize their offerings based on customer behavior and preferences, offering a more personalized shopping experience.

 

5.   Easy and Secure Payment: Ecommerce provides secure and convenient payment options, making it easy for customers to make purchases.

 

6.   Data Collection and Analysis: Ecommerce provides businesses with the ability to collect and analyze customer data, enabling them to improve their marketing and sales strategies.

 

7.   24/7 Availability: Ecommerce websites are always available for customers to access, allowing them to make purchases at any time, even outside of business hours.

 

8.   Overall, ecommerce provides businesses with new opportunities to expand their customer base, increase sales, and improve customer satisfaction, while also offering customers greater convenience, access, and flexibility.

 

v  Social Media in Business: -

Ø  Social media has transformed the way businesses operate, communicate, and engage with customers.

Ø  It provides a platform to market products, build brand awareness, connect with audiences, and even provide customer support.

Ø  an overview of social media in business

1)    Marketing and Promotion: -

·        Promote products and services through posts, ads, and campaigns.

·        Reach a large audience with minimal cost.

 

2)    Brand Building: -

·        Create a recognizable brand identity through visuals and consistent messaging.

·        Engage customers with content that reflects company values.

 

3)    Customer Engagement: -

·        Interact directly with customers through comments, likes, and messages.

·        Conduct surveys and polls to gather customer feedback.

 

4)    Sales and Lead Generation: -

·        Use platforms like Facebook, Instagram, and LinkedIn for paid advertising. · Convert followers into customers through promotions and product launches.

 

5)    Customer Support: -

·        Provide instant support using chatbots and social media messaging.

·        Handle customer complaints quickly to maintain brand reputation.

 

6)    Market Research: -

·        Track trends and customer preferences through hashtags, comments, and shares.

·        Monitor competitors’ activities for business insights.

 

Popular Social Media Platforms for Business:

·        Facebook: Brand pages, ads, and community engagement.

·        Instagram: Visual marketing, influencer collaborations.

·        LinkedIn: Professional networking, B2B marketing.

·        Twitter (X): Realtime updates, brand voice, and announcements.

·        YouTube: Video marketing, tutorials, and advertisements.

·        Pinterest: Product showcases and visual discovery

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