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What is Ecommerce?

It is known as internet commerce or electronic commerce, It is buying and selling platform of goods or services using the internet, and the transfer of money and data to execute these transactions. It mentioned to the online sale of physical products.

Specifically ecommerce mention to the transaction of goods and services.

Types of Ecommerce Models

For every transaction that takes place between consumers and businesses are almost described by following four major types of ecommerce models.

1. Consumer to business

Business sells a good or service or information directly to consumers. individual consumer. For example, you buy a product from an online retailer.

2. Business to Business (B2B):

When a business sells or exchange products, good or service to another business. For example, business sells software service to use for other businesses

3. Consumer to Consumer (C2C):

When a consumer exchange or sells a product good or service to another consumer. For Example, you sell your old things to another consumer through ecommerce.

4. Consumer to Business (C2B):

When a consumer sells or exchange their own products, ideas or services to a business or organization.

Growth of Ecommerce

Ecommerce has come a long way since the CompuServe launch in 1969. Technology Changes have certainly driven ecommerce growth, together with global circumstances. Now ecommerce must meet expectations of consumers for safety and convenience.

The Clicks Accounting, rode a pandemic-fueled surge in ecommerce to higher profits and a 13% jump in revenue during the June 2020 quarter. During that same quarter, UPS saw a 65% increase in deliveries to residences.

In 2019, U.S. e-retail sales on Amazon increased by 19.1% and amounted to over 222.6 billion U.S. dollars.

By the end of 2020, U.S. spending online is expected to reach approximately $375 billion. Experts forecast that by the end of 2024, online spending will surpass $476 billion.

E-commerce offers consumers the following advantages:

Convenience: It 24 hours a day, seven days a week occur

Increased selection: Many stores offer a wider array of products online increased their inventory.

E-commerce carries the following disadvantages:

Limited customer service.
Inability to touch products.

The most important ecommerce statistics for 2020

If you’re interested in doing business online, it’s important to stay up to date with the latest ecommerce stats, as we all know that the best way to understand any commercial sector is through hard facts and data.

We will start with 99 Ecommerce Firms Statistics for 2020, which prove that ecommerce is growing at a steady rate all over the globe. What’s more, experts predict that retail ecommerce sales will reach $4.13 trillion in 2020. 2040, 95% of all purchases will be expected via ecommerce. China is the world’s fastest growing ecommerce market. In 2017, it estimated $672 billion ecommerce value. The US has the highest ecommerce penetration rates, with around 80% of all internet users making at least one purchase. The top reason why people make online purchases is that they can shop whenever they want, 24 hours a day, seven days a week. Slow-loading websites see an abandonment of 75%.

We understand the complexities of sales tax compliance for online sellers as well as how to implement a manageable sales tax compliance process.

Clicks Accounting provides the external guidance to successfully implement the technology and processes to manage and grow your Ecommerce business.