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E-COMMERCE AMONG STUDENTS

Electronic commerce can equally be called internet commerce, as the name implies, refers to the buying and selling of goods or services using the internet, and the transfer of money and data to execute these transactions. Ecommerce is often used to refer to the sale of physical products online, but it can also describe any kind of commercial transaction that is facilitated through the internet.

Whereas e-business refers to all aspects of operating an online business, ecommerce refers specifically to the transaction of goods and services. The history of ecommerce begins with the first ever online sale: on the August 11, 1994 a man sold a CD by the band Sting to his friend through his website Net Market, an American retail platform. This is the first example of a consumer purchasing a product from a business through the World Wide Web—or “ecommerce” as we commonly know it today.

Since then, ecommerce has evolved to make products easier to discover and purchase through online retailers and marketplaces.  Independent freelancers, small businesses, and large corporations have all benefited from ecommerce, which enables them to sell their goods and services at a scale that was not possible with traditional offline retail.

TYPES OF E-COMMERCE MODELS

There are four main types of ecommerce models that can describe almost every transaction that takes place between consumers and businesses.

  1. Business to Consumer (B2C):

When a business sells a good or service to an individual consumer (e.g. you buy a pair of shoes from an online retailer).

  1. Business to Business (B2B):

When a business sells a good or service to another business (e.g. A business sells software-as-a-service for other businesses to use)

  1. Consumer to Consumer (C2C):

When a consumer sells a good or service to another consumer (e.g. You sell your old furniture on eBay to another consumer).

  1. Consumer to Business (C2B):

When a consumer sells their own products or services to a business or organization (e.g. an influencer offers exposure to their online audience in exchange for a fee, or a photographer licenses their photo for a business to use).

TIPS TO START ECOMMERCE AS A STUDENT

Most students understand the internet and online business from a consumer’s perspective, most of them lack the expertise to integrate available infrastructure, protections, strategies, and backend operations to maintain a successful online business.

Here are a few tips every college student should take a look at before they launch an e-commerce business.

Choose a business that has low start-up costs

As a student and a young aspiring entrepreneur, you’ll be tempted to start and set your sights high and go for a business that requires external funding. This is not your best move since VC firms are careful where they put their money and will only fund ideas from experienced entrepreneurs; people who have built successful businesses in the past.

Come up with a product or a service with a definite market

When it comes to online business and ecommerce, you don’t have to come up with a ground-breaking idea to run a successful company. Just be creative and think of a simple product or service that will fetch a ready market wherever you are.

Take advantage of social media

Social media can be a very effective marketing tool. Incorporate social media tools into your business strategy to expand your market and address customer service issues.

There is a new generation of consumers that utilize social media sites like Twitter, Facebook, Instagram, and Pinterest as their primary mode of communication.

Students should bear in mind that ecommerce can go a very logway in paying up their schools if these strategies are put in place. Most students have equally used ecommerce to set a standard in the society amidst all odd. At the moment, starting an online business while still in college is definitely a good idea. The risks are minimized in case things don’t go as planned. You also stand to gain a lot of valuable experience and offer a myriad of benefits over conventional internships.

 

 

 

 

 

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