E- Commerce (electronic commerce) refers to the buying and selling of goods or services using the internet and the transfer of money and data to execute these transactions.
There are basically four types of e-Commerce model and all businesses fall into one of the categories. They are:
- Business-to-Business (B2B) – In this model, a business sells its product or services to another business. Sometimes the buyer is the end user, but often the buyer resells to the consumer. Example, when ekoinnovation create a website, for individuals who want to start up a tech company.
- Business-to-Consumer (B2C) – This is the most common business model. Here, the goods or services is distributed from the business to the consumer. Anything you buy from an online store as a consumer is a B2C transaction.
- Consumer-to Business (C2B) – The consumer creates value or offer products and services to companies, and the companies pay the consumer. Example, social media managers, content creators, brand managers, programmers.
- Consumer-to-Consumer (C2C) – This model connects consumers to exchange goods and services through a third party website or independent online platform and they make their money by charging transaction fee. Example, jiji.ng.
To use any of these models, you must use social media (Facebook, Instagram). Create a business account and learn the art of social media marketing. Get a website. Your website should have lead generation and lead follow up. Your website must be properly optimized.
E- commerce has come to stay. Utilize it and watch your business grow.