E-Commerce The Future of Business - SmartMobCorner

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Thursday, 27 December 2018

E-Commerce The Future of Business


Do you think E-Commerce is gonna replace all the traditional stores in the near future? Is it really practical to live without traditional ways of purchasing products/services from a physical place? The answer to both of the questions can be coined as "Partially possible", right? yes. By implementing E-Commerce in all sectors can have both pros and cons so we couldn't predict that E-Commerce is going to replace all the traditional business entities.

Still, E-Commerce has a huge impact on the present generation. The range of products and services available on the Internet is considerably increasing day by day. All most all and sometimes even more products are easily available on E-Commerce than in any other physical places.  

The Electronic Data Interchange(EDI) Practiced on the 1970s was the early form of Today's Modern E-Commerce. The growth rate of E-Commerce development was so hilarious because of the powerful idea "Shop From Home". People like to shop what they need from home with lots of choices paved more opportunities to E-Commerce platforms to exploit the potentials to the max level by using the Internet.

Today's leading E-Commerce platform Amazon's market capitalization rose over $1 Trillion. And you may have noticed the growth of Flipkart in front of your eyes. Have you ever thought what led Walmart to make Flipkart as their child organization? Simply, Opportunites. They have seen innumerous opportunities on the single acquisition.

Technology is booming far beyond our expectations day by day, right? Our humankind has been proven that nothing is impossible on the earth if there is a will and deep dedication. The people who worked on the back of building up a powerful E-Commerce Scenario had to put great efforts from the initial development stages of EDI. 

There were a number of limitations in the beginning stages. With the joined efforts of the result oriented teams, limitations got reduced and more facilities has been started to immigrate. Thus opened an advanced effective way to buy products/services from a virtual space that has connections to the physical stores. 

Mainly there are 5 E-Commerce Models are there:
  • B2C (Business to Consumer)
  • B2B (Business to Business)
  • B2G (Business to Government)
  • B2E (Business to Employee)
  • C2C (Consumer to Consumer)

Among the 5 models, the most important and first model that arrives in everyone's mind when they think of E-Commerce is Business to Consumer Model. Buying or rendering products/services online can be viewed as Business to Consumer model. That is if you are a consumer looking to buy any products over the internet from sites like Flipkart, Amazon, Myntra, etc... can be included in the B2C Model.

B2B-Business to Business Model is going to fertile the future generation by empowering for self-standing. In this model, multiple business organizations are connected on a platform where they collaborate to make benefits for each. If you are a traditional store owner you can use B2B platforms to purchase products online as bulk quantities in wholesale and you can sell it on your store. IndiaMart is a perfect example for B2B Platforms where you will get details of a number of suppliers in your niche. 

Other three models namely B2G, B2E, C2C can be viewed as a great achievement of information technology. B2G model is for direct Business to Government interactions over the internet. Like Submitting Tax returns online. B2E is the interaction of Business with employees online. For Management, Handle Insurance policies of employees, etc... And the C2C model is for the Consumer to Consumer interaction. Take examples of Olx, Quikr... where a consumer list any of their product and another consumer will buy it. This model is commonly used for selling old items online.

Today, E-Commerce touched almost all parts of our life. The upcoming generation will be blessed with more and more advancement of E-Commerce since it is skyrocketing.



   

        


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