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E-Commerce Is An Astonish Way Of Today’s Business

E-Commerce Is An Astonish Way Of Today’s Business

To provide the strong base for successful business in today’s world, it is particularly essential to make the society competitive for emerging economy. This challenge is prevailed over with the help of revolutionary communication mediums.

Strategic Insights

Thus, e-commerce is proved to be an important component of business strategy and very strong channel of economic development over traditional way of business system. “Any form of business transaction in which the parties interact electronically rather than by physical exchanges or direct physical contact is known as e-commerce, electronic commerce or electronic marketing”.

In simple words, it is an act of buying or selling on internet or other communication networks. The development and acceptance of online shopping, telephone banking, credit cards and automated teller machines (ATM), data mining, data warehousing, enterprise resource planning (ERP) systems and World Wide Web (Internet) are the revolutionary components of electronic commerce.

Reason to be lead:

Non existence of time and geographical restrictions and relatively low cost investment in marketing is the key component of e-commerce to prefer over other catalyst of business. 24/7 availability of business transactions is providing much easy route for buying and purchasing services or products.  On one hand where it gives the customer better opportunity to choose between multiple products of desired needs at reasonable price, on the other hand, it provides brilliant customer care service and promotional approaches to business companies.  Parties, customer as well as business owner are benefited using this approach.

Business applications:

Some of the most common applications of electronic commerce are given below:

1)  E-Mail

2)  Online Shopping

3)  Teleconferencing

4)  Online Office Suites

5)  Instant Massaging

6)  International & Domestic payment systems

7)  News Groups

8)  Online Banking

9)  Enterprise Content Management

10)  Electronic Tickets

11)  Shopping Cart Software

Hurdles and boundaries to be take care of:

A group of people who still hesitate to use internet financial transaction due to lack of trust or knowledge about such medium, it do not reach to greater population. Secondly, returning of product becomes more difficult by such transactions in case of any damage or dissatisfaction.

As advantages over weigh the drawbacks, specific and more addressed strategy should be planned to build the faith in the mind of customers.

Types of electronic commerce:

1)  Business to Business (B2B) electronic commerce that is between companies.

2)  Business to government electronic commerce that is between companies and government body.

3)  Customer to customer electronic commerce that is between customers

4)  Mobile commerce that is business through wireless network

It is difficult to depict about electronic commerce entirely in few words, an effort is made to understand various issues, terminologies and related information to the readers. Internet e-commerce relation is another vital subject of discussion.

Internet provides potential show case for exchange of information about services or products and gives more clear idea to customers to choose between various interests. Management of internal as well as global transactions and other commercial information turn into trouble-free approach with electronic commerce.