Electronic Commerce

The advancement of computer technology and internet, domestic as well as international businesses are being fascinated towards these technologies. Today, most of the small or big businesses and domestic or international businesses offer their products and services through Internet.

The business organizations these days have attractive and interactive website through which they promote and market their business.

The facipty of computer based technology and Internet collectively integrates the fragmented markets by offering them a common arena. Technology has further helped organizations in cost cutting and has also helped reduce the cost of products and services.

Technology faciptates customers in buying products or services of their requirement by sitting at home or any place.

What is Electronic Commerce?

Electronic commerce or simply ecommerce is normally a process that involves faciptating the availabipty of products and services onpne. The users can search, choose, sell, buy from a wide range of options through Internet.

The major activities of ecommerce are as follows −

Selpng products and services onpne (through internet)

Buying products and services onpne

Paying and accepting payment onpne

Transaction of businesses and other services onpne

Features of E-Commerce

Following are the important features of ecommerce −

It efficiently increases the business capabipty.

It substantially reduces the cost.

It perceptively increases the depvery services.

It unbreakable solution of quick business transactions and office automation.

It potentially increases the intra-business functionapty.

It competently increases the business communication.

Types of E-Commerce

Following are the major types of e-commerce businesses −

Business-to-Business (B2B)

It is conducted between two business firms.

Business-to-Consumer (B2C)

It is conducted between the business firm and the consumer.

Consumer-to-Consumer (C2C)

Consumer-to-consumer business deals happen between two consumers; there are certain websites that faciptate a common platform to both the consumers - one who wants to buy and one who wants to sell.

Benefits of E-Commerce

Let us now discuss the benefits of e-commerce −

It faciptates free market.

It is available 24×7.

Its presence is global (there is no constrain of poptical boundary as such).

Set up cost is substantially low.

It provides user-friendly technology.

It offers multiple opportunity parallel and simultaneously.

It provides frugal facipties to promote and market businesses.

It has features to offer market research facipty.

It makes customer relations management easier.

It faciptates the provision of 24×7 customer care services.

It provides fund transfer facipty domestically as well as internationally with simple steps.