A business transaction conducted online is the traditional definition of e-commerce. E-commerce websites include online stores like Amazon, Flipkart, Shopify, Myntra, eBay, Quikr, and Olx. Global retail e-commerce might total $27 trillion by 2020.
The term “e-commerce” is frequently used for electronic or internet commerce. It is evident from the name that this is an online gathering of buyers and vendors. It entails the interchange of data, the transmission of payments, and the trade of commodities and services.
E-commerce gives vendors access to a worldwide market. They take down the geographical barrier (geography). Without being constrained by geography, vendors and consumers can now interact virtually.
The cost of transactions will remain significantly reduced through electronic commerce. Much of the fixed expenses of sustaining brick-and-mortar stores remain eliminated. It enables businesses to have a considerably more significant profit margin.
The e-commerce portal has very high startup costs. The installation of the gear and software, the expense of staff training, and ongoing maintenance and upkeep are all fairly pricey.
The e-commerce sector has a significant chance of failure, even though it might appear to be a sure thing. Many businesses that tried to cash in on the dot-com boom of the 2000s failed spectacularly. The likelihood of failure is still high.
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