Electronic commerce, or e-commerce, is the term used to describe the purchasing and selling of goods and services over the internet. Over time, this has gained popularity, especially with the development of technology and the internet. There are three primary categories of e-commerce, each with unique features and benefits.
1. B2C (business-to-consumer) Online transactions between businesses and particular customers are referred to as B2C e-commerce. This is the most typical type of e-commerce, in which customers can buy goods or services straight from a company’s website. Retailers, like Amazon or Walmart, frequently employ business-to-consumer (B2C) e-commerce to offer their items to customers online. With the emphasis on closing the deal and making a sale, this kind of e-commerce is often transactional.
Online business-to-business transactions are referred to as B2B e-commerce. Businesses buy goods or services from other businesses in this kind of e-commerce. B2B e-commerce is frequently used for wholesale transactions, in which a company buys a product in bulk at a discounted price. Typically relationship-driven, long-term partnerships and collaborations are the center of this kind of e-commerce.
3. C2C (consumer-to-consumer) Individual consumer internet transactions are referred to as C2C e-commerce. Online marketplaces where people may purchase and sell goods to one another, like eBay or Etsy, frequently support this kind of e-commerce. Peer-to-peer C2C e-commerce is typical, with the goal of fostering a community of buyers and sellers.
E-commerce has grown in popularity throughout time as a result of advancements in technology and the internet. The first known online transaction occurred in 1994 when a man used his website to sell a CD to a friend. Since then, e-commerce has expanded into a multi-billion dollar sector, with both companies and private individuals profiting from the advantages of doing business online.
In light of this, the NAICS code for manufacturing, which includes the business of creating candles, is 339999. This code covers companies that manufacture candles as well as additional goods like soaps and cosmetics.
The NAICS code for Etsy vendors would vary based on the goods they offer. For instance, a manufacturer would come within the manufacturing industry if they sold handcrafted jewelry on Etsy; their NAICS code would be 339910, which is used to manufacture jewelry and silverware. Though their NAICS number would fall under the information sector, especially NAICS code 519130 for online publishing and broadcasting, if an Etsy merchant sells digital goods like graphic designs or printables. The manufacturing sector includes the NAICS code for bespoke t-shirts, precisely 315990 for producing apparel accessories and other apparel. This code covers companies that create personalized t-shirts, caps, and other clothing items.
In conclusion, organizations and individuals who want to sell online must grasp the many forms of e-commerce. Each type can be utilized to reach various markets and clients and has its own advantages and traits. E-commerce will probably remain a common way to sell goods and services in the future due to the ongoing development of technology and the internet.