The business model allows businesses and individuals to buy and sell goods and services on the internet. It operates mainly in 4 major market components and can be done over computers, smartphones, tablets, and other intelligent devices. Almost every existing product and service is available with the help of eCommerce transactions, including soft and hard books, fragile products, and many more things. It is considered a very disruptive technology. It involves two parties or more than that. Ecommerce has tremendously helped the small business to establish a broad market presence.
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Ecommerce in social networks-
Ecommerce in social networks is known for using social media to market an eCommerce store. Ecommerce stores use social media to build their brand awareness, attract followers, and generate online sales. Businesses can use social media to promote their product shared online. Many adults who have access use social media, and nearly any existing business out there on the internet can be benefitted from marketing on platforms like Instagram, Twitter, Facebook or even Snapchat now. The owner must optimise his site to reach their audience for better search engine rankings.
Electronic data interchange (EDI)-
Electronic data interchange is considered the electronic interchange of the information that belongs to a business using a standardised format. It is a procedure that allows one business to send data and information to another business electronically (or virtually) rather than with paper. Business entities that operate business electronically are known as trading partners. A lot of business documents can be exchanged with the utilisation of EDI, but two central commons are known as invoices and purchase orders. The main strength of electronic data interchange is the normalisation of information communicated in the documents.
Automated data collection-
There are mainly three reasons for the utilisation of automated data capturing techniques. It is known as the business of data capture procedure where measurements can be taken from a physical system and displayed or stored without involving human intervention. Human operators are present to supervise and relate with the data collection system but can’t directly record data. In addition to the data collection procedures, the data collection gear can perform data presentation and analysis duties. Primarily, the utilisation of such methods can relieve human personnel from ordinary duties like converting strip charts and graph information into numeric numbers.
Internet marketing is a broad term for marketing products and services on the internet. This refers to the techniques used to market the goods and services on the internet and other digital modes. It includes a variety of methods and platforms that communicate with customers like websites, social media, email, and online advertising. It may include various online tools, platforms, and content management systems like email marketing, social media, web content, podcasting, online advertisements, sponsorship, and paid promotions.
Online transaction processing-
OLTP is a branch of software programs efficient for helping transaction-based applications. In computing, transactions are a procedure of discrete information exchanges considered a unit. Many acts have online transaction processing and include online shopping and banking or even stores where the point of sale is tied to inventory management software. Two key traits of an OLTP system are atomicity and concurrency. Atomicity makes sure that if one step fails during the transaction, the procedure will not continue. Concurrency prevents various users from altering similar data simultaneously. To complete the order for a transaction to be completed, databases changes should be lasting.
Explain how the eCommerce industry is transforming with the help of Artificial intelligence?
Using artificial intelligence in eCommerce is evolving this industry by predicting shopping patterns based on the goods that people buy and the duration of buying them. The AI tools enhance capabilities like making grocery stores lists and planning online shopping orders for them. For example- if buyers rapidly buy a specific brand of rice every month, then the online retailer could easily send a personalised offer to these buyers for this product or can use machine learning approval for an additional product that goes ideal with rich dishes.
While there are various benefits of artificial intelligence in eCommerce, here are 2 key AI applications for eCommerce that are leading this sector today.
Chatbots and virtual assistants-
Retailers of eCommerce platforms are extensively turning towards chatbots or virtual assistants to provide 24×7 support to online buyers. Chatbots are built using artificial intelligence technologies. They are getting more intuitive and are activating a better customer experience.
Smart product recommendation-
Personalised and intelligent product recommendations for shoppers are enhanced in the major applications of artificial intelligence in eCommerce. With the utilisation of big data, artificial intelligence in eCommerce affects customers’ choices by understanding previous purchases, online habits, and searched products.
What is the customer-to-customer (C2C) model in eCommerce?
C2C marketing has surged in reputation with the internet and businesses such as eBay and Etsy. Customer to customer is considered a business model whereby customers can be marketed to each other generally in an online environment. Two applications of C2C markets are categorised as auction advertisements.
C2C businesses are a kind of business model that evolved with eCommerce technology along with sharing economy. This model represents a market environment where one customer buys goods from another customer utilising a third-party organisation or platform to enable the transaction. Margins can be greater than traditional pricing techniques for sellers due to their minimal costs because of the absence of wholesalers or wholesalers. Customers getting this advantage from the competition for goods find items that are challenging to locate anywhere else.
Kinds of C2C businesses-
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