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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 facility 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 facilitates 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 facilitating the availability of products and services online. The users can search, choose, sell, buy from a wide range of options through Internet.
The major activities of ecommerce are as follows −
- Selling products and services online (through internet)
- Buying products and services online
- Paying and accepting payment online
- Transaction of businesses and other services online
Features of E-Commerce
Following are the important features of ecommerce −
- It efficiently increases the business capability.
- It substantially reduces the cost.
- It perceptively increases the delivery services.
- It unbreakable solution of quick business transactions and office automation.
- It potentially increases the intra-business functionality.
- It competently increases the business communication.
Types of E-Commerce
Following are the major types of e-commerce businesses −
It is conducted between two business firms.
It is conducted between the business firm and the consumer.
Consumer-to-consumer business deals happen between two consumers; there are certain websites that facilitate 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 facilitates free market.
It is available 24×7.
Its presence is global (there is no constrain of political boundary as such).
Set up cost is substantially low.
It provides user-friendly technology.
It offers multiple opportunity parallel and simultaneously.
It provides frugal facilities to promote and market businesses.
It has features to offer market research facility.
It makes customer relations management easier.
It facilitates the provision of 24×7 customer care services.
It provides fund transfer facility domestically as well as internationally with simple steps.