What is eCommerce?

Summary

This video explores e-commerce, contrasting it with traditional commerce. E-commerce, enabled by the internet, allows global buying and selling with minimal personal interaction and 24/7 availability. It extends to mobile and social media, offering various payment methods like cards, net banking, e-wallets, and UPI. Despite advantages like global reach and reduced transaction costs, it faces challenges like security concerns and lack of personal touch. The video outlines e-commerce types: B2C, B2B, C2C, and C2B, and the typical trade cycle involving pre-sales, execution, settlement, and after-sales service.

Takeaways

• 😀 Commerce involves the buying and selling of goods and has evolved from barter systems to modern payment methods.
• 🛒 Traditional commerce is face-to-face, limited by geography and business hours, while e-commerce operates online, 24/7, globally.
• 🌐 E-commerce platforms like Amazon, Flipkart, and OLX facilitate online sales with minimal personal interaction and delayed product delivery.
• 📱 Mobile commerce and social commerce are extensions of e-commerce, allowing transactions and promotions via smartphones and social media.
• 💳 Online payments can be made through various methods including credit/debit cards, prepaid cards, net banking, e-wallets, and mobile payments like UPI.
• ⚖️ E-commerce offers advantages such as global reach, 24/7 availability, no intermediaries, and reduced transaction costs, but also presents challenges like security concerns and initial setup costs.
• 🔐 Security in e-commerce is crucial to protect against identity theft, malware attacks, and denial of service.
• 🏢 There are four main types of e-commerce: B2C (business to customer), B2B (business to business), C2C (customer to customer), and C2B (customer to business).
• 🔄 The e-commerce trade cycle includes pre-sales (search and negotiation), execution (order and delivery), settlement (invoicing and payment), and after-sales (warranty and service).
• 📈 Emerging trends in e-commerce include the use of digital currencies like Bitcoin and Ethereum.

Q & A

What is the definition of commerce according to the video?

Commerce is defined as the buying and selling of goods. It has evolved over the years from barter systems to the use of various forms of money.

How did traditional commerce differ from e-commerce in terms of personal interaction and delivery?

Traditional commerce involved face-to-face interactions and instantaneous delivery of goods, limited by geographical location and business hours, typically during daytime.

What is e-commerce and how does it differ from traditional commerce?

E-commerce is the process of buying and selling goods or services using an electronic medium like the internet. It allows for global reach, limited personal interaction, and delivery of goods and services may take some time. It is available 24/7.

What are the examples of e-commerce platforms mentioned in the video?

Examples of e-commerce platforms mentioned include Amazon, Flipkart, and OLX.

How has e-commerce extended beyond just online platforms?

E-commerce has extended to mobile commerce and social media networks, allowing transactions through smartphones, tablets, and social media sites.

What are the various payment methods available in e-commerce?

Payment methods in e-commerce include credit or debit cards, prepaid cards, net banking, e-wallets, and mobile payments using UPI.

What are the advantages of e-commerce mentioned in the video?

Advantages of e-commerce include 24/7 availability, global reach, no need for intermediaries, more options for consumers, reduced paperwork, and lower transaction costs.

What are the disadvantages of e-commerce as outlined in the video?

Disadvantages of e-commerce include lack of personal touch, initial setup costs for hardware and software, issues with order fulfillment or returns, and security concerns like identity theft and malware attacks.

What are the four types of e-commerce models discussed in the video?

The four types of e-commerce models are B2C (Business to Consumer), B2B (Business to Business), C2C (Consumer to Consumer), and C2B (Consumer to Business).

Can you describe the typical trade cycle or flow of e-commerce as mentioned in the video?

The typical e-commerce trade cycle includes pre-sales (customer search and negotiation), execution (order and delivery), settlement (invoicing and payment), and after-sales (warranty and after-sale service).

What are the upcoming trends in e-commerce mentioned in the video?

Upcoming trends in e-commerce include the use of digital currencies like Bitcoin or Ethereum.