E-commerce was born in the 1960s, when the first electronic transactions took place on primitive computer networks. These networks were known as EDI, or Electronic Data Interchange. These networks were originally developed by the military to send important information in case of a nuclear attack. The technology that was developed from these networks became the foundation for e-commerce.
Evolution of e-commerce
E-commerce is a business method that allows people to buy products online without visiting physical stores. Its roots can be traced back to the Berlin Blockade, when West Germany ordered supplies via electronic typewriters known as telex. In the early 1970s, electronic funds transfer came on the scene. Before then, e-commerce was little more than an efficient way to exchange documents within a business.
As technology advances, e-commerce’s scope is expanding. Social media has made it possible to reach a worldwide audience for virtually anything. Twitter, for instance, recently introduced “Buy Now” buttons that allow customers to purchase products instantly. Instagram, meanwhile, recently enabled “actionable” advertisements. These developments are helping advertisers capitalize on millennials’ desire to purchase items instantly. As a result, more companies are adapting their online stores to accommodate millennial shoppers.
Today, consumers can browse thousands of products in one convenient location. By filtering and organizing their search, they can easily find what they are looking for. Today, ecommerce is an important part of the world’s economy, and is increasingly popular among people of all ages.
Business to business vs. consumer e-commerce
In the business world, there are two fundamental types of e-commerce. The first is business to business, and the second is consumer to consumer. Both involve a transaction between two businesses that involves goods or services. Business to consumer is typically the preferred mode for e-commerce, as it allows businesses to reach out to their consumers directly.
Consumer to business e-commerce is different than business to business e-commerce in several ways. It involves a mutually beneficial relationship between consumers and businesses. In contrast to the traditional business model, consumers are the ones creating value for organizations. This can give businesses a competitive edge.
Consumer to consumer e-commerce, on the other hand, is aimed at individual consumers. B2C companies typically sell office supplies, while B2B companies sell products to individuals. Business-to-business e-commerce involves more research and needs-based purchasing than consumer-based e-commerce. In addition, many B2B buyers have more rigid parameters around purchases, which means that traditional revenue drivers don’t have as much of an impact. Moreover, there is less incentive for B2B organisations to optimize their customer journey.
Payment options in e-commerce
Offering multiple payment methods is crucial for e-commerce success. While it is impossible for businesses to offer every possible payment option, they must offer at least a few of the most popular options. Adding additional payment options can boost conversion and lower dependence on a single method. Here are four types of payment methods you should offer your customers:
Traditional payment methods include debit and credit cards. Many banks have internet banking systems that make this process easy and secure. E-wallets are another advanced way of making online purchases. These systems allow customers and merchants to store payment information securely and facilitate hassle-free financial transactions. Examples of digital wallets include Google Pay, Apple Pay, and Paypal.
Payment options in e-commerce have become increasingly popular. In the US, the largest e-commerce market in the world, the market is growing at 45% annually. While credit cards remain the most common way to pay for online purchases, American shoppers are increasingly turning to other options.
Securing an e-commerce platform
The security of your eCommerce website depends on several factors. One of the most important is the choice of passwords. Using passwords that are easy to guess can expose your website to hackers. Another factor is the security of customer information. Hackers can steal customer data through brute force attacks. To prevent this, you should consider using complex passwords and two-factor authentication.
One of the best ways to protect your business is to use a website security suite. A good security suite includes an automatic malware scanner that works around the clock. It scans your website for any malicious objects and can be scheduled to run on a daily, weekly or monthly basis. The results of these scans are displayed on the dashboard of your security suite. The security suite has a human support team available to answer any questions you may have about the security of your website. Additionally, it offers comprehensive guidance.
Another way to secure your website is by installing an SSL certificate. Most web hosts will provide an SSL certificate as part of the package. This certificate ensures that all transactions between the website and the user are secure. You can also install a plugin known as Really Simple SSL to redirect HTTP requests to HTTPS.
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