What is E-commerce?
Electronic commerce, commonly known as e-commerce, is a type of industry where the buying and selling of products or services is conducted over electronic systems such as the Internet and other computer networks. It also pertains to any form of business transaction in which the parties interact electronically rather than by physical exchanges or direct physical contact. An e-commerce site can be a commercial organization, educational institution, government organization or individual. Some examples of e-commerce would include websites such as www.ebay.com, www.next.co.uk, www.homeshopping.com.pk, www.dell.com, www.davincigourmet.com .
Communications is at the heart of e-commerce and community. -Meg Whitman
How has E-commerce changed our lives?
Consumers can access e-commerce and e-businesses at any time of the day or night, from their workplace or in their pyjamas. Consumers can search through countless products and services using online databases. Better, more inviting, convenient and comprehensive presentation of goods is conducive to greater sales. For instance, if you are at Amazon, you can look at what other people who ordered a book also purchased. It is a more Flexible way of buying our groceries, one can shop in the comfort of their own home or at work. Often items on the internet can be cheaper than in the supermarket. People can buy items from overseas that are not yet available in their country. Facilities such as being able to compare costs of several stores at the same time, keep a tab on your selections, the flexibility of being able to add, remove, and even come back later to carry on choosing instead of closing the deal in one online session itself are quite convenient to a customer. E-commerce and e-businesses offer online storefronts, complete with virtual shopping carts and wish lists that can be emailed to friends and family.
- Electronic Shopping (E-commerce):
The shopping conducted through Internet is known as electronic shopping or e shopping. Many business organizations have their websites on the Internet. These websites are use to sell goods and services. Customers place their orders through websites and make payments using credit cards. Any computer connected to Internet can be used for this purpose. People can purchase any goods such as books, software, movies, and computers etc.
- Electronic Banking:
A service that allows an account holder to obtain account information and manage certain banking transactions through computer network is called electronic banking or e-banking. An electronic banking is also known as online banking or cyber-banking. Many banks are now introducing online banking. The customers do not need to go to the bank. They can connect to the bank through network/Internet and see their bank account status at home. They can also conduct certain online transactions from home. They can also pay their utility bills through their bank accounts (or through credit card) using this facility.
- Conducting Auctions:
Many websites provide the facility of auction. People participate in an auction to purchase a product. They can also pay the price using their credit cards. A popular website that provides this facility is eBay.
- Online travel reservations:
It is a very popular use of e-commerce. People can reserve seats in airline flights, hotels or car using the internet. For one thing, with ecommerce, you can never be too sure from whom you are buying your products and whether or not your online payment will be secure. Online payments have certainly increased the number of hackers out there who attempt to steal your identity and credit card numbers. Ecommerce is a blessing as long as it is used wisely. It should not be used to replace human contact altogether and there is certainly something fun about going window shopping along the streets that ecommerce will never be able to replace.One thing that we can definitely conclude is that ecommerce has changed the way we do business for good and it will continue to evolve and improve
Don’t forget to watch this video about benefits of blogging for e-commerce!