what is e-commerce? and Advantages of e-commerce. If You Find The Answer Of This Question Then This Article Is Definitely For You. In This Article We Will Discuss e-commerce. So Without Wasting Time Let’s Know About The e-commerce.
what is e-commerce
Electronic commerce, commonly known as (electronic marketing) e-commerce , consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks.
The amount of trade conducted electronically has grown extraordinarily with widespread Internet usage. The use of commerce is conducted in this way, spurring and drawing on innovations in electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems.
Modern electronic commerce typically uses the World Wide Web at least at some point in the transaction’s lifecycle, although it can encompass a wider range of technologies such as e-mail as well.
A large percentage of electronic commerce is conducted entirely electronically for virtual items such as access to premium content on a website, but most electronic commerce involves the transportation of physical items in some way. Online retailers are sometimes known as e-tailers and online retail is sometimes known as e-tail. Almost, all big retailers have an electronic commerce presence on the World Wide Web.
Electronic commerce that is conducted between businesses is referred to as business – to – business or B2B. B2B can be open to all interested parties (e.g. commodity exchange) or limited to specific, pre-qualified participants (private electronic market). Electronic commerce that is conducted between businesses and consumers, on the other hand, is referred to as business – to consumer or B2C.
This is the type of electronic commerce conducted by companies such as Amazon.com. Electronic commerce is generally considered to be the sales aspect of e-business. It also consists of the exchange of data to facilitate the financing and payment aspects of the business transactions.
Advantages of e-commerce
E-Commerce is one of the most important facets of the Internet to have emerged in the recent times. E-commerce or electronic commerce involves carrying out business over the Internet with the assistance of computers, which are linked to each other forming a network. To be specific e-commerce would be buying and selling of goods and services and transfer of funds through digital communications
* E-commerce allows people to carry out businesses without the barriers of time or distance. One can log on to the Internet at any point of time, be it day or night and purchase or sell anything one desires at a single click of the mouse
* The direct cost – of – sale for an order taken from a web site is lower than through traditional means (retail, paper based), as there is no buman interaction during the on-line electronic purchase order process. Also, electronic selling virtually eliminates processing errors, as well as being faster and more convenient for the visitor.
* E – commerce is ideal for niche products. Customers for such products are usually few. But in the vast market place i.e. The Internet, even niche products could generate viable volumes * Another important benefit of E – commerce is that it is the cheapest means of doing business.
* The day – to – day pressures of the marketplace have played their part in reducing the opportunities for companies to invest in improving their competitive position. A mature market, increased competitions have all reduced the amount of money available to invest. If the selling price cannot be increased and the manufactured cost cannot be decreased then the difference can be in the way the business is carried out.
E – commerce has provided the solution by decimating the costs, which are incurred.
* From the buyer’s perspective also e-commerce offers a lot of tangible advantages.
1. Reduction in buyer’s sorting out time.
2. Better buyer decisions.
3. Less time is spent in resolving invoice and order discrepancies.
4. Increased opportunities for buying alternative products.
* The strategic benefit of making a business ecommerce enabled ‘, is that it helps reduce the delivery time, labor cost and the cost incurred in the following areas:
1. Document preparation
2. Error detection and correction
4. Mail preparation
5. Telephone calling
6. Data entry
8. Supervision expenses
* Operational benefits of e-commerce include reducing both the time and personnel required to complete business processes and reducing strain on other resources. It is because of all these advantages that one can harness the power of e-commerce and convert a business to ebusiness by using powerful turnkey e-commerce solutions made available by ebusiness solution providers.
This Is Our what is e-commerce? and Advantages of e-commerce. I Hope You Find Your Answer About Ethernet. If You Have Any Suggestions Or Questions Related To This Article, Then Definitely Tell In The Comment, We Will Reply To You As Soon As Possible.
Source: I&WT, Wikipedia
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