What's The Buzz On The B2Bs?
Website Editor • April 29, 2020
Decoding Digital Business & Consumer Sales Lingo
While business transactions are not a new concept, some of the terminologies used today can get confusing. Online marketing and the relationships between buyers and sellers, businesses and customers, have all changed as we sell anything to anybody at pretty much anytime. The internet is a 24 hour market. Let's take a look at some terminologies you should understand to become familiar with various business models used today:
What Is Business to Business (B2B)?
Its a business selling goods and/or services to another business consumer online. Business to Business refers to business-to-business transactional sales including manufacturing, wholesaler, and retail. B2B is connected by companies rather than business-to-customer (B2C) and business-to-government (B2G). B2B transactions tend to happen within the supply chain, usually involving the transfer of raw materials to be used in the manufacturing process. Common Industries B2B transactions are seen can include auto industry companies, property management, housekeeping, and industrial cleanup companies.
What Is Business to Consumer (B2C)?
Its a business selling goods and/or services to an individual consumer online. Business to Consumer refers to business-to-consumer transactions, which is the process of selling and providing goods and services between a business-customer relationship. Typically, no middleman is used in companies/businesses shaped in a B2C model, providing most consumers with access to goods either through an in-person store, or online website designed for direct online shopping. Examples of B2C companies include Amazon, eBay, etc.
What Is Consumer to Business (C2B)?
Its an individual consumer selling goods and/or services to a business online. Most consumers are accustomed to Business to Consumer business models, whereas a Consumer to Business model represents the opposite. Consumers have products of services of value that businesses can utilize, such as a business utilizing focus groups or a consumer writing a blog for a specific product or service. C2B provides businesses opportunities to acquire what they need or want from individuals to promote or assist them, as previously states typically something that would help expand or grow a business if it's in reviews and PR, or tasks and services that need to be done.
What Is Consumer to Consumer (C2C)?
Its an individual consumer selling goods and/or services to another individual consumers online. The Consumer to Consumer business model (customer-to-customer) relate to a trade market, where individuals typically exchange goods on an individual level, typically online. Because of e-commerce technology, third party businesses and platforms paved the way for customers to purchase and trade goods with one another, leading to the C2C business model, such as Craigslist, and Etsy.
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