E-commerce is defined as the approach of purchasing and selling range of goods or services through internet in order to reach maximum number of customers. In addition to that, e-commerce also supports transfer of money & data in order to complete the sales. This approach is also known as internet commerce or electronic commerce. Due to rise in customer demand and advancement in technologies, many small and medium businesses have implemented this business approach. Studies shows that, e-commerce approach is comprised of four business model, that includes B2C, B2B, C2C & C2B.
Study shows that there are various advantages a firm might witness due to implementation of e-commerce model in their business. This includes:
Even though there are various advantages an e-commerce platform provides however, a firm might also witness potential drawbacks that might reduce their overall effectiveness of their business.
As discussed, e-commerce platforms provide several advantages to the firms hence, many small as well as medium businesses has expanded their core operations in this sector. On the other hand, multinational companies such as Amazon, eBay, JD.com among many others have gained significant benefits from the market due to their effective business approach.
Amazon is considered to be the largest e-commerce platform around the world. It has been analysed that the firm gained massive sales in the year of 2020 due to implementation of worldwide lockdown (because of Covid-19 pandemic). Furthermore, the annual revenue increased by 38% (which is an approximate profit of 386 billion dollars), which reflects the rise of total 100-billion-dollar profit. Similarly, eBay also gained a profit of 9.56 billion and 9.76 billion in ecommerce sectors and in their other business. Hence, it can be assumed that positive brand image has helped these firms to gain significant growth during the covid pandemic.
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