In its lowest form, its just a venue online that enables you to sell goods
However it has evolved over and over again from that now, with PPC, affiliate marketing, Blogging etc etc there are many ways to make money online.
Sometimes combining these can make it even more profitable, but if you have an online store I would advise against anything that will take traffic away from your site
The limits are endless with e-commerce nowadays, the web has evolved a lot since the initial dot com boom!
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