E-COMMERCE

• 14 Jun, 2021
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WHAT IS E-COMMERCE?

E-commerce which is also known as electronic commerce is the process of buying and selling products and services online. It also refers to any transaction carried out via the internet. Some of which include: online auction, online ticketing, internet banking, etc. The E-commerce industry is a gold mine as transactions worth trillions of dollars are carried out on various e-commerce platforms every year.

The Origin of E-commerce

 The first e-commerce transaction was carried out by Phil Brandenberger in 1994. Phil made use of his MasterCard to purchase Sting's Ten Summoners' Tales online for $12.48. This transaction opened the world to the realization that the internet is an open market for e-commerce transaction.

From 1994 till today, the e-commerce world has continued to develop and spread its tentacles across all sectors. The establishment of some giant e-commerce companies like Alibaba and Amazon changed the face of the e-commerce industry by digitalizing the payment system which in turn caused a reduction in sales for physical shop owners.

The growth and development of e-commerce have also affected the labor force. The United States Bureau of Labor statistics disclosed that the employment rate in the e-commerce industry has increased by 80%, and the industry will continue to grow. The pandemic has also aided the growth and expansion of the e-commerce industry. During the lockdown, physical shops being closed down while the internet was up and running caused a significant focus shift from physical outlets to the online marketplace.

Taking all these into consideration, it is crystal clear that the e-commerce industry is here to stay and will keep changing consumer behavior. The world is now globalized, meaning products and services can be purchased without moving an inch, and money made without stepping out of your room. Hence, starting an online business or moving your existing business online will be one of the best decisions you will ever make. Whether you want to start a new e-commerce business or you have an existing e-commerce business, Arfa International has the solution to all your challenges. Arfa International is here to make that dream of yours a reality, Arfa International is a full-service e-commerce company with a brand promise to create and deliver workable e-commerce solutions through our transcontinental platform and stores. Above the need to function as ‘just another’ e-commerce platform, we prioritize all your e-commerce needs and serve as a bridge connecting you to the global opportunities and clients seeking your services.

TYPES OF E-COMMERCE

Here are the types of e-commerce models around the world.

Business to Consumer (B2C): Business to Consumer is the largest and the most common type of e-commerce business model. It is the transaction between a business and individual consumers that want to purchase goods or services. An example is when you purchase a product online.

Business to Business (B2B): this refers to the process where a business is selling products and services to another business, which means both parties involved are businesses. A good example is a manufacturer selling to a wholesaler.

Customer to Consumer (C2C): This is the opposite of business to business, it involves selling products and services from one consumer to another consumer. This type of transaction takes place on websites like Fiverr, Upwork, eBay, etc.

Direct to Consumer (D2C): This is the latest type of e-commerce business, it involves a brand selling its products and services directly to the consumers without involving distributor, wholesaler, or retailer. Platforms to carry out Direct to Consumer e-commerce business includes social media channels like Facebook, Instagram, Pinterest, Twitter, etc.

Customer to Business (C2B): This is the business model where individuals sell products or services to a business organization. An example is a photographer that offers his services to a business organization.

Below are examples of types of e-commerce businesses.

Online Retail Store: this is the type of e-commerce business in which products purchased are shipped down to the consumer without involving any third party.

Drop shipping: This is the process of selling other people’s product and ship them to buyers through a third party

Digital Products: this involves selling downloadable products like online courses, eBooks, software, cloud-based services, web hosting, etc. Digital products take the largest percentage of the total e-commerce transactions.

Wholesales: this involves selling products in large quantities to retailers who will in turn resell to final consumers?

Services: This involves the selling of skills like writing, marketing, coaching, etc. to the people or organizations that are in need of your skills

All these and many more are what you can do on our e-commerce platforms. Setting up your e-commerce business has whole lots of advantages which include:

Convenience: your customers will be able to buy your products anytime without you being online

Quick Delivery of Products and Services: Your products will be delivered without lifting a finger

Reaching Unlimited Number of Consumers: This is a Global market, your customers are unlimited

Minimized expenses: You don’t need to rent a physical building before you can sell

Unlimited Profits: You are the determinant of how much money you want to make.

For more information, advice and insights on e-commerce business, Arfa International is here to support and promote you. If you want to start an e-commerce project and you need professionals to discuss your ideas and also guide you through the developmental process, kindly contact our team at any time.

We promise to create and deliver workable e-commerce solutions through our transcontinental platform and stores, our goal is to unite every country, continent by continent, till the global workplace becomes a local one. This will improve people's lives, countries' economies, the living standard of families and nations while fostering growth in the ever-evolving eCommerce industry.

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