Simply put, e-commerce is the “buying and selling of goods and services online.” Often it is done by way of a specific website. This refers to any type of electronic transactions of products or services that take place between two companies. The fact is, no other technology in historical past has shifted the odds in favor of small business more than e-commerce. The small guys are not outgunned anymore. The Internet provides tremendous leverage and reach for small to mid-sized companies.
5. m-Commerce – It refers to the use of mobile devices for conducting the transactions. The mobile device holders can contact each other and can conduct the business. Even the web design and development companies optimize the websites to be viewed correctly on mobile devices.
The other forms of ecommerce are the G2G (Government-to-Government), G2E (Government-to-Employee), G2B (Government-to-Business), B2G (Business-to Government), G2C (Government-to-Citizen), C2G (Citizen-to-Government). These transactions involves primarily with the government, from procurement to submitting taxes to business registration to renewing license. There are still plenty of other categories that exist but then they tend to be superfluous.
There are now many instruments and apps available to keep observe of your business progress and purpose easily as well as to understand your customers’ buying behaviors. For example, the bestselling merchandise for the previous couple of months, the number of returning customers, the number of cart abandonment, etc.
It’s a business model adopted by merchants that have bodily retail outlets and run their business in both online and offline methods. In other phrases, the merchants provide their customers each and offline and an online channel to shop. Internet sales are increasing quickly as consumers take advantage of lower prices offer by wholesalers retailing their merchandise. This trend is set to strengthen as web sites address consumer security and privacy concerns.
Sri Lanka does not have a greying population unlike most developed countries. This is another alternative for the nation to adapt to new trends. It’s relatively arduous for elderly people to adapt to new trends. Youngsters are instinctively inclined in the direction of adapting to new trends. Since the Sri Lankan population consists a larger proportion of youngsters, it’s clearly visible that their fashion would change in direction of an eCommerce market than a conventional shopping place. This is already happening in the nation, but not the eCommerce just isn’t perfect yet.
The market has not been reached in full because most of the internal players are beginners and have no sufficient funds to meet a bigger portion of the market. Apart from the monetary concerns, the local eCommerce businesses do not have enough experience to learn from and then adapt to new techniques. Despite lack of adaptation from the native eCommerce businesses, the customers do change their service providers. That is one of the indications that not all the customers are satisfied with simply one such service provider. It is common for nearly all Sri Lankan eCommerce businesses because they are indigenous and have no place to build a business model based upon. They can not merely copy the international businesses and their business models because the situations on the ground are not much like what existed while the international players started their businesses.