What is eCommerce?
Summary
TLDRThis 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.
Outlines
🛒 Introduction to E-commerce and Commerce
This paragraph introduces the concept of e-commerce by first explaining traditional commerce, which involves the buying and selling of goods. It traces the evolution from bartering to using various forms of currency and notes the shift to e-commerce with the advent of the internet. E-commerce is defined as transactions conducted online, allowing for global reach and 24/7 availability. Examples such as Amazon, Flipkart, and OLX are given. The paragraph also discusses the extension of e-commerce to mobile and social media platforms, and various online payment methods like credit/debit cards, prepaid cards, net banking, e-wallets, and mobile payments via UPI. It contrasts e-commerce with traditional commerce, highlighting the advantages of global reach, 24/7 operation, and reduced transaction costs, as well as the disadvantages such as the lack of personal touch, initial setup costs, order fulfillment issues, and security concerns. The paragraph concludes by outlining the four types of e-commerce: B2C, B2B, C2C, and C2B.
🔄 E-commerce Trade Cycle
The second paragraph delves into the e-commerce trade cycle, detailing the steps from pre-sales to after-sales. Pre-sales involve customer search and negotiation with suppliers. The execution phase includes order placement and delivery of products, with payment occurring either upfront or post-delivery. Settlement involves invoicing and payment processing. The after-sales phase covers warranty and after-sale services, providing maintenance either for free or at a minimal cost during the warranty period. It also addresses customer complaints and the provision of maintenance services by suppliers. The paragraph summarizes the e-commerce concepts and invites viewers to like and subscribe to the channel for more content.
Mindmap
Keywords
💡E-commerce
💡Commerce
💡Barter System
💡Mobile Commerce
💡Social Commerce
💡Payment Methods
💡Digital Currency
💡B2C
💡B2B
💡C2C
💡C2B
💡Trade Cycle
Highlights
E-commerce is the buying and selling of goods or services using electronic means like the internet.
Traditional commerce is face-to-face and limited to specific geographical locations and business hours.
E-commerce allows for global reach and is available 24/7.
E-commerce has evolved from barter systems to using digital platforms like Amazon and Flipkart.
Mobile commerce enables transactions through smartphones and tablets.
Social commerce utilizes social media platforms for product promotion and sales.
Online payments can be made using credit/debit cards, prepaid cards, net banking, e-wallets, and mobile payments.
Digital currencies like Bitcoin and Ethereum are emerging in e-commerce.
E-commerce offers advantages such as global reach, no need for intermediaries, and reduced transaction costs.
Disadvantages of e-commerce include lack of personal touch, initial setup costs, and security concerns.
E-commerce models include B2C, B2B, C2C, and C2B.
The e-commerce trade cycle consists of pre-sales, execution, settlement, and after-sales service.
Pre-sales involves customer search and negotiation with suppliers.
Execution phase includes order placement and delivery of products.
Settlement phase covers invoicing and payment processing.
After-sales service provides warranty and maintenance support to customers.
E-commerce significantly reduces paperwork and lowers transaction costs.
The video provides a comprehensive summary of e-commerce concepts.
Transcripts
hello friends in this video we are going
to learn what is e-commerce
before we understand e-commerce let's
understand what is commerce
commerce is nothing but buying and
selling of goods
it has been around for many years
starting from barter system
where there was just exchange of goods
to using precious metals
to using coins and then paper money and
plastic money
traditional commerce used to happen face
to face
so it was limited to particular
geographical location
there was a personal interaction and
delivery of goods was instantaneous
it was limited to certain business hours
typically during day time
with the advent of internet came in
e-commerce
e-commerce can be defined as the process
of buying
and selling of goods or services using
an electronic medium such as internet
example on amazon flipkart
olx etc here the sale happens online
so you can potentially sell across the
world
there is limited personal interaction
and delivery of goods and services might
take some time
it is available 24 by 7 and can be done
day or night
here is a summary of difference between
traditional commerce
and e-commerce which is popular today
e-commerce is also extended to mobile
and social media network
when we say mobile commerce today you
are able to do
any transactions from your smartphone or
tablet
like mobile banking bill payments ticket
booking
etc in addition there is rise of social
commerce
which is use of social media sites like
whatsapp to promote and sell products
and services
there are multiple ways by which you can
make payments online
you can use credit or debit cards like
cards issued by mastercard and visa
you can use prepaid cards like gift
cards
you can also do net banking where if you
are enrolled in
internet banking you can choose your
bank and do direct bank transfer
example through neft and ms you can also
use
e-wallet which is like a prepaid card
or it is linked to your bank account
which you can use for
online transactions example paytm wallet
now it is mobile payments using upi is
becoming common
like google pay beam etc
upcoming trends include digital currency
like bitcoin
or ethereum the advantage of e-commerce
is that it is
available 24x7 and provides a global
reach
sellers and buyers can virtually meet
anytime
anywhere there is no need for any
intermediaries
and it provides the user with more
options to compare
and select cheaper and better option it
significantly reduces paperwork
and lowers the transaction cost the
disadvantage of e-commerce
is that there is a lack of personal
touch for many type of services
it requires an initial setup cost for
hardware
software and then training and
maintenance cost
sometimes they are problem with order
fulfillment or returns
security is also a key concern as there
is identity theft
malware attack and denial of services
primarily e-commerce is of four types
first is b2c in this model
business sells its products directly to
a customer
a customer can view the product shown on
the website
and order the same example amazon
or flipkart next is b2b
model here business sells its products
to an
intermediate buyer who then sells the
product to the final customer
for example a company might sell its
product
to a wholesaler who will sell it to
multiple retailers at some price
markup next is c2c model
where a consumer sells any of their
assets
like property cars motorcycle etc
by publishing the information on a
website
where interested consumers can view and
do the purchase
example buying and selling on olx
or quicker or craigslist next is c2b
or consumer to business in this model
consumers have products or services of
value
that can be consumed by business for
example
social media influencers being paid by
businesses to advertise their products
e-commerce follows a typical trade cycle
or flow
first is pre-sales it consists of
two steps first customer searches
different websites
for product to be purchased the next
step is negotiation
where online it is selecting a supplier
who offers good quality product at right
price
and whose terms such as delivery dates
etc
are agreeable to customer next step
is execution first it consists of
order phase where customer places an
order for the selected product
at this phase he might do the payment
upfront
or he might do the payment after the
delivery too
in delivery phase the supplier processes
the order
and then customer receives the delivery
of the product
then comes settlement this phase
consists of invoicing
and payment if any invoicing means
customer will receive a bill for
purchase product
along with the delivery after
confirmation of received product
the customer will pay if he has not paid
earlier
last step is after sales this phase
consists of warranty
and after sale service in warranty
period
customer will get maintenance services
for free
or at a minimum cost after sales
services means
in case there are complaints about the
product you can get maintenance service
from the supplier
at individual visit cost or yearly fee
so this summarizes the e-commerce
concepts
if you liked our video do press like
and also subscribe to our channel thank
you
and good bye
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