Buying And Selling The Products Over Electronic Systems Like Internet Is Called

Buying And Selling The Products Over Electronic Systems Like Internet Is Called

A) Online Shopping
B) Net Banking
C) Online Shopping
D) Digital Marketing
E) None of these

Correct Answer is D) Digital Marketing

Explanation:

Buying And Selling Products on The Internet Is Called

Buying and selling products over electronic systems like the internet is called e-commerce. E-commerce has become increasingly popular in recent years, with more and more consumers turning to online shopping for convenience and a wider selection of products. E-commerce encompasses a variety of business models, including B2B (business-to-business), B2C (business-to-consumer), and C2C (consumer-to-consumer). In this article, we’ll take a closer look at what e-commerce is and how it works.

What is E-Commerce?

E-commerce refers to the buying and selling of goods and services over electronic systems such as the internet. E-commerce can be conducted using a variety of technologies, including websites, mobile apps, and social media platforms. E-commerce has become increasingly popular in recent years, with global e-commerce sales projected to reach $6.4 trillion by 2024.

Types of E-Commerce

There are several different types of e-commerce, including:

1. Business-to-Consumer (B2C) E-Commerce: This involves selling products directly to individual consumers through an online store or marketplace. Examples of B2C e-commerce businesses include Amazon, eBay, and Zappos.
2. Business-to-Business (B2B) E-Commerce: This involves selling products or services to other businesses through an online marketplace or a company’s website. Examples of B2B e-commerce businesses include Alibaba and Salesforce.
3. Consumer-to-Consumer (C2C) E-Commerce: This involves individuals selling products or services to other individuals through an online marketplace or social media platform. Examples of C2C e-commerce businesses include eBay and Craigslist.
4. Mobile Commerce (M-Commerce): This involves buying and selling products and services using mobile devices such as smartphones and tablets. Examples of M-commerce businesses include Uber and Airbnb.

How Does E-Commerce Work?

E-commerce works by allowing consumers to browse and purchase products or services online. Here are the basic steps involved in the e-commerce process:

1. Product Selection: Consumers browse an online store or marketplace to find products they want to purchase.
2. Shopping Cart: Consumers add products to their online shopping cart and can review their order before proceeding to checkout.
3. Payment Processing: Consumers enter their payment information, such as credit card details, to complete the purchase.
4. Shipping and Delivery: The merchant ships the product to the consumer, and the consumer receives the product within the specified delivery timeframe.

Benefits of E-Commerce

There are several benefits of e-commerce, both for consumers and businesses:

1. Convenience: E-commerce allows consumers to shop from the comfort of their own homes, without the need to travel to a physical store.
2. Wider Selection: E-commerce allows consumers to access a wider selection of products than they might find in a physical store.
3. Lower Costs: E-commerce can be less expensive for businesses, as they don’t need to pay for the overhead costs associated with running a physical store.
4. Increased Sales: E-commerce can help businesses reach a larger audience, leading to increased sales and revenue.
5. Data Analysis: E-commerce allows businesses to collect and analyze data on customer behavior and preferences, helping them make more informed decisions about their products and marketing strategies.

Challenges of E-Commerce

While e-commerce offers many benefits, there are also some challenges associated with it:

1. Security: E-commerce transactions can be vulnerable to security threats such as hacking and data breaches.
2. Shipping and Logistics: E-commerce businesses need to have reliable shipping and logistics systems in place to ensure timely delivery of products.
3. Competition: The popularity of e-commerce means that there is often intense competition among businesses, making it difficult to stand out from the crowd.
4. Customer Service: E-commerce businesses need to provide