What is eCommerce?
eCommerce refers to any form of business transaction conducted online. The most popular example of eCommerce is online shopping, which is defined as buying and selling of goods via the internet on any device. However, eCommerce can also entail other types of activities, such as online auctions, payment gateways, online ticketing, and internet banking.
eCommerce is the fastest growing retail market projected to hit $4.135 trillion in sales in 2020. Mobile commerce, or mCommerce, is a rapidly growing new avenue of eCommerce that’s mostly driven by the expanding market and influence of smartphones and millennials’ comfort with shopping online. In 2018, the mCommerce sector enjoyed a 39.1% increase in sales compared to the previous year.
What are the Different eCommerce Business Models?
eCommerce is typically classified into three different models based on the type of participants involved in the transaction. Broadly speaking these business models are: