eCommerce known as the Electronic Commerce is related to the purchase and sale of goods and services over the internet. Conducting any sort of business on the internet, which is related to the sale of items with the help of websites and software is eCommerce. It refers to the electronic transactions over the internet or other media devises like telephones, display screens, fax machines etc.
The importance of the Electronic Commerce or Electronic business has increased over the years because of the extraordinary increase in the usage of internet and other computer or electronic devices. Most of the business in eCommerce is done electronically and with the help of websites. Information is provided on the internet about different items and things but most of the times the transportation consists of physical items. Online buyer or retailer is known as e-tailer and online retail is known as e-tail.
All the traders have the access to the World Wide Web (WWW).
Electronic commerce or e-business consists of the exchange of data in order to smooth the progress of the financing and payment facet of the business dealings. eCommerce has its history and the meaning of this term has changed over the years due to the rapid development of science and technology especially in the field of Electronic Commerce. In the past, only the transactions of goods and services electronically were known as eCommerce.
Technologies like Electronic Exchange Data (EED) and Electronic Funds Transfer (EFT) were introduced in 1970?s. At that time, only the exchange of documents and papers were included in e-business. Then in 1980?s, eCommerce included the use of credit cards, ATM machines and telephone banking.
By the end of 1990?s this business became very popular worldwide and many companies started introducing and launching their businesses on internet. Nowadays, many big and well-known international companies are offering their services and dealing with the exchange of commercial transactions through Electronic Commerce.
There are different forms of eCommerce. Electronic Commerce provides you the facility to go to the related website as a consumer and in minutes you can buy whatever you want. You can purchase anything online from daily household needs, groceries, books to expensive and premium items. Online banking is another example of eCommerce; you can pay your bills online, transfer money and funds from one account to another all over the world, buy stocks and shares and get details related to your account. You can also get to know your bill before the scheduled time by just visiting the related website. All this work can be done in just minutes instead of hours, which you would have to waste otherwise.
Big companies, institutions and corporations use the internet to exchange the financial data and to have a record of all the sale and purchase. It helps facilitating the national and international business.
There are many advantages of eCommerce as you can buy any thing present in any part of the world in just countable minutes. It offers you the maximum convenience that you can make purchases all over the day without leaving your homes and offices. Dealing and exchange of goods and services can be done in a limited time, thus it helps strengthen your business. Sellers can market their product globally without the need of staff or any big store.
Through e-business you can also track the interests and preferences of your customers in order to increase the sale. Despite of many advantages it has some drawbacks too like people hesitate buying any good or thing online because they are not aware of the quality of that product. Imposition of taxes on online products is another reason of people?s lack of interest towards it. Moreover, many people prefer buying things from the markets where they can visit themselves. Besides, all such technologies are meaningless for the person who does not have the access to internet. However, the fact is that the demand and popularity of eCommerce is increasing day by day due to its versatile benefits.
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Source: http://www.ooztech.com/internet/what-is-ecommerce
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