eCommerce is a commercial transactions conducted electronically on internet. E commerce was first introduced in the year 1971. As we all know eCommerce is used to either sell or buy products or services. Millions of people are into the business of eCommerce. eCommerce has different criteria.
B2B (business to business) – It is a business to business type of eCommerce transaction where 2 companies deal together to procure their business’ product or service.
B2C (business to consumer) – It is a business type where companies selling product or service use internet as a medium to reach their audience consumers.
C2B (consumer to business) – It is a business type where Consumers reach businesses to buy certain products, components, or anything.
C2C (consumer to consumer) – In this type of eCommerce business, consumers who are willing to buy or sell used products interact with each other through these sites.
US, Europe and India are the countries with maximum user of eCommerce. There are millions of internet users and eCommerce shoppers and sellers too. Normally payment is done through Credit Cards, Debit Cards and Cash on Delivery.
Industries are moving to the internet as it is much clear that internet is the most effective and efficient way of doing business without any boundaries.
Need for e commerce in Electronic Industry?
Traditional way of business had several limitations. Demographic limitation, technological limitations, etc. This concept of doing business online helps buyers and sellers to deal online without having to travel and put other efforts and time. Traditionally if you had to buy components for procurement of your electronic product, you had to go to the vendor and buy wasting so much of time and energy. The need for globalization, time saving and money saving encouraged eCommerce.
Many companies use eCommerce as a tool for expanding their businesses. Now a days no matter what the companies are into; they are looking forward to sell their product and service online. You can get a needle to needle manufacturing machine on internet! Its revolution!
How vast it has become in last decade?
eCommerce has developed so vast in the last decade. 649 million people from the world used internet in the year 2006. In 2016, approx 3.5 billion people are using internet. You can see the huge difference and one of the major reason behind this is eCommerce. According to a survey done by infoplease; 71% of the internet users spend time on eCommerce sites.
There are hundreds of eCommerce companies selling electronic components. eCommerce is so easy to understand and implement that it is helping lot of small scale entrepreneurs to expand their small home based businesses.
Major e commerce companies in Electronic industry?
Digikey: Digi-Key has been committed to offering the broadest selection of in-stock electronic components, as well as providing the best service possible to its customers, aiding engineers through the entire design process, from Prototype to Production. This has led the company to be highly ranked year after year in industry surveys, in North America as well as Europe and Asia, in categories covering such facets of business as availability of product, speed of service, responsiveness to problems, and more.
Octopart: Octopart is a Search Engine for Electronic Components.
iodParts: iodParts is a marketplace for electronic components which is global, provides verified quality, trace-ability and No Lead Time.
Mouser: Mouser specialize in the rapid introduction of new products and technologies for design engineers and buyers. Their extensive product offering includes semiconductors, interconnects, passives, and electromechanical components.
Rapid Online: Rapid is one of the UK’s leading distributors of electronic components, cables and connectors, electrical products, tools and educational resources.
- Manufacturers will never be out of stock. Manufacturers who are running shortage of inventory can immediately buy components they require for not being out of stock
- Time saving. Online component selling companies display the inventory they already have in stock and which is ready to ship. This helps buyers by immediately getting access of inventory they are seeking.
- Money saving. Online shopping provides you with price details for every component displayed on the same page. Buyers can tally prices offered by different companies and select the vendor.
- No Demographic limitations. Buyers can buy from any country around the world without having to travel so long.
- In previous times there were security concerns related to the money transaction and quality of products. But ecommerce websites have solved it by maintaining security check ups and quality.
- Transparency. E commerce sites keep all the transparency and they display all the details related to the product such as price, date of delivery, material of component, manuals, availability of stock, etc.
- So many options: While shopping online, users get large number of options. They can choose demography of their choice, they can choose brand of their choice. Also they can compare prices for the same components on different sites. If certain component is out of stock on some website, user can get it on another website.