Whether it is a long-awaited iPhone model you have always wanted to buy or just a few eggs for your morning breakfast, everything which comes in a small paper bag or a large truck can be bought easily online from the comfort of your home through online websites. These websites are known as E-commerce websites that cater to the needs of the general public and provide B2B or B2C flow of goods and services. E-commerce in general is known as “Electronic commerce” which is the practice of buying or selling goods and services or the transaction of funds online.
The advent of E-commerce services and their successful adaptation by the public has decreased the dependency everybody had on the offline methods of buying, selling or transacting funds and data. It is one of the most significant features we have witnessed in recent years on the internet which has made the lives of many people more efficient.
What is E-commerce?
Now that you have attained a better understanding of the concept of E-commerce websites, let’s dive into the meaning of e-commerce and how it works.
It is a system or a platform that allows users to sell, buy, trade or successfully transfer funds or data using various E-commerce websites via the internet.
E-fact:- Do you know? The first thing ever to be sold on an E-commerce website was a Sting CD. On 11th August 1994, Dan Kohn sold a CD of Sting on a website he created known as “NetMarket”, to his friend in Philadelphia.
What are 3 types of E-commerce:
- B2B:- Business to Business E-commerce, which includes companies like Shopify.
- B2C:- Under the Business to consumer E-commerce, you can find websites such as Amazon, Flipkart, Koovs and Snapdeal.
- C2C:- Consumer to Consumer E-commerce is the practice of the buying and selling of products from one consumer to another. An example of this type of E-commerce is eBay.
Top 5 Giants of E-commerce in Asia
While many E-commerce websites have perished and failed to attain their goals in the past, many have flourished and successfully managed to build a great amount of consumer base. E-commerce websites usually require a few qualities such as perfect marketing, great service, efficient delivery, smooth communication and amazing offers to win over a great number of people. Let’s have a look at 5 mega E-commerce companies which have managed to successfully run and create a huge customer base across Asia.
Flipkart (India):- Founded in 2007 in Bangalore, India by Sachin and Binny Bansal, Flipkart has managed to successfully achieve its position as one of the most trustworthy and reliable E-commerce websites globally. With a funding of $3.15 Billion, Flipkart is the biggest E-commerce company in India.
Taobao (China):- One of the most brilliant companies founded by Jack Ma of the Alibaba Group, Taobao has more than 600 million monthly visits. It is the most visited e-commerce website in the world. This website, which is the same as Amazon or eBay, has funding of over $201 Billion.
Ali Baba.com (China):- It is needless to mention how significant Alibaba Group is and how much popularity they have acquired over the past 2 decades. Alibaba.com was founded by Jack Ma in 1999 with the simple idea of connecting Chinese manufacturers with companies and suppliers overseas. The reason why Alibaba.com grew so immensely is the lower manufacturing cost in China and high prices in western countries. Today, Alibaba.com
Rakuten (Japan):- A huge electronic commerce and retail company is based in Tokyo, Japan. Rakuten was founded in 1997 by Hiroshi Mikitani. Rakuten is the largest E-commerce company in Japan and the third-largest E-commerce marketplace company worldwide.
Tokopedia:- Tokopedia is the largest E-commerce website in Indonesia. It was launched in 2009 and received huge amounts of funds and grew abundantly. The most popular products sold on the platform are electronics, fashion, groceries and lifestyle.
These were the five biggest E-commerce websites from Asia which have a huge customer base and a great image.
What trends will reshape E-commerce in 2021?
The trends which will leave a huge impact on the E-commerce industry in 2021 will decide the future of the industry and the future of online shopping and transactions.
One of the most important trends which will leave an impact on E-commerce will be the rise and growing inclination towards sustainable practice in various industries around the globe. As more and more industries leave behind the practices which were deemed harmful to the environment, the E-commerce industry will also have to do its share of the good deeds as well and refrain from practices that are harmful to the environment. Another trend that will gain popularity and engender a significant change in the industry will be more options of payment. As many people lose interest if they find only a few payment methods on a website that doesn’t work for them, they refrain from shopping from the platform. This will encourage more selling and buying of goods and services online.
What is the New payment model
One of the most significant developments in this industry is the buy now and pay later method. This method is pretty effective and more feasible for many customers. From not sharing their crucial bank details on any portal to No upfront payments requirements, this has encouraged shoppers to shop hassle-free.
What is Go commerce?
If you’re intrigued by all the information shared above concerning E-commerce websites and their functioning and want to learn more about them, you can easily learn it from Go commerce, which is a platform that enables youth and teaches them more about E-commerce. It is a part of Pelan Jana Semula Ekonomi Negara (PENJANA), an initiative taken by the government to encourage people to opt for E-commerce business which will gradually improve the economy of the country.