What is the meaning of eCommerce store?

BusinessInternetEconomicsGeneral Topics

E-Commerce or Electronic commerce is a process of selling, buying, exchanging or transferring products, services, and information via electronic networks and computers.

A brief history of E-commerce

  • 1970’s: Electronic commerce meant the facilitation of commercial transactions electronically, using technology such as electronic data interchange (EDI) and electronic funds transfer (EFT), allowing businesses to send commercial documents like purchase orders or invoices electronically.

  • 1980’s: The growth and acceptance of credit cards, Automated teller machines(ATM), Telephone banking, Airline reservation system.

  • 1990’s: The internet commercialized and users flocked to participate in the form of dot coms or internet start-ups. Innovative applications ranging from online direct sales to e-learning experiences.

  • The 2000s: Many European and American business companies offered their services through the World Wide Web. From that time onwards people have been referring to E-commerce as a means of transactions.

E-commerce categories

  • Business-to-consumer(B2C): Online transactions are made between business and individual consumers. For example amazon.com, eBay.com.

  • Business to business (B2B): In this type of E-commerce the business firms are making online transactions directly with the other business firms.

  • Other categories: Consumer to consumer (C2C), Mobile Commerce, E-learning.

Benefits of using E-commerce

  • Global reach, Cost reduction, Supply chain improvements, Extended working hours, Customization, Improved customer relations.

  • More products and services, Cheaper products and services, Instant delivery, Information availability, Participation in auctions.

  • Email, Instant messaging, Online shopping and order tracking, Online banking, Shopping cart software, Teleconferencing, Electronic tickets.

  • Online shopping is the process of buying goods and services from the merchants who sell items on the World Wide Web or the internet. Consumers that are evenly split tend to be better educated, younger and more affluent than the general population.

  • The advantages of having the facility of online shopping are that we can have 24-hour access to the online store and there is also a possibility of comparing different items that are present in the online store.

  • We also have in-home privacy that means that we can order from our homes without even having the need to step outside. You also find a greater variety of items in the online store.

The internet has lead to the birth and evolution of E-commerce. E-commerce has now become a key component of many organizations in the daily running of their business. As the e-commerce and the World Wide Web have developed and continue to grow, it is vital that any organization must base its strategic planning around such a rapidly growing medium.

Updated on 30-Jul-2019 22:30:25