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What is E-commerce Everything You Need to Know

 

In the United States, the Electronic Commerce Act (1984), enacted by the Legislature, and the more recent California Privacy Rights Act (2020), enacted through a popular election proposition, govern how electronic commerce is conducted in California. 


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The Federal Trade Commission regulates electronic commerce activities more broadly in the United States (FTC). Commercial e-mails, online advertising, and consumer privacy are examples of these activities. The CAN-SPAM Act of 2003 establishes national standards for e-mail-based direct marketing.

What exactly is e-commerce?

Ecommerce, also known as electronic commerce or internet commerce, refers to the purchase and sale of goods or services over the internet, as well as the transfer of money and data to complete these transactions. Ecommerce is frequently used to refer to the online sale of physical products, but it can also refer to any commercial transaction facilitated by the internet.


Whereas e-business encompasses all aspects of running an online business, eCommerce focuses solely on exchanging goods and services.


The first online sale occurred on August 11, 1994, when a man sold a CD by the band Sting to a friend via his website NetMarket, an American retail platform. This is the first instance of a consumer purchasing a product from a business via the World Wide Web, also known as "eCommerce," today.


Since then, eCommerce has evolved to make it easier to find and buy products through online retailers and marketplaces. Independent freelancers, small businesses, and large corporations have all benefited from e-commerce, which allows them to sell their goods and services on a scale that traditional offline retail does not allow.


By 2020, global E-Commerce sales are expected to reach $27 trillion.

Ecommerce Model Types

Four major types of eCommerce models can be used to describe nearly every transaction that occurs between consumers and businesses.


1. Business to Consumer (B2C): When a company sells a product or service to a single customer (e.g. You buy a pair of shoes from an online retailer).


2. Business to Business (B2B): When one company sells a product or service to another (e.g. A business sells software-as-a-service for other businesses to use)


3. Consumer to Consumer (C2C): When one consumer sells a product or service to another (e.g. You sell your old furniture on eBay to another consumer).


4. Consumer to Business (C2B): When an individual sells their own goods or services to a company or organization (e.g. An influencer offers exposure to their online audience in exchange for a fee, or a photographer licenses their photo for a business to use).


This is the end of this post which is all about E-commerce. I hope you like it. 


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