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Chapter 1: What is eCommerce all about?
What is it?
Electronic commerce, which is commonly written as eCommerce, refers to the trading or facilitating of trading in products or services using computer networks, such as the Internet.
eCommerce relies on technologies such as mobile commerce, electronic funds transfer, electronic data interchange (EDI), supply chain management, online transaction processing, Internet marketing, inventory management systems, and automated data collection systems.
The World Wide Web is commonly used in modern electronic commerce for at least one part of the transaction's life-cycle. Although other technologies, such as e-mail, can be also used.
Why should you get into it today?
Here are some reasons to start an eCommerce business.
eCommerce is expected to grow.
According to eMarketer, global eCommerce sales are expected to peak at nearly $2.5 trillion by the end of 2018.
The US market is expected to grow by somewhere between 11.6% and 16.5%. China, with a projected $1 trillion in retail eCommerce sales by 2018, is anticipated to develop into the world’s 2nd largest eCommerce market, while the UK market is expected to generate about one-quarter of that figure.
That means that now is the best time to tap into the world of online sale as emerging markets rapidly enter the eCommerce game. Every day the opportunities increase.
It's recommended to examine trends when choosing a business model when moving into growth markets. The eCommerce model is an excellent choice for those that are interested in diversifying and expanding, or for entrepreneurs that are looking to start a new business.
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