An introduction to e-commerce

E-Commerce or electronic commerce refers to business transactions that are carried over the internet. Here, all the key aspects of the business transaction such as the price, quantity and other essential criteria are negotiated online using mediums such as the internet, extranet, electronic data interchange network, or electronic mail system. An E-commerce site is any site that involves the buying and selling of goods and services. It typically includes a shopping cart system and a payment processing system.E- Commerce does not include any transactions where terms of the transaction were negotiated through fax or telephone. It also does not include transactions where payments are made online, but the terms of the transactions were negotiated offline. When the World Wide Web became familiar to people during the early 1990’s, journalists and business analysts forecasted that e-commerce would become an important way of doing business in the future. It took a couple of years, however for technology to evolve with protocols such as HTTP to carry e-commerce to the next level. When the dotcom business collapsed in between 2000 and 2001, a large number of pure e-commerce businesses went out completely, but this did not mean put an end to e-commerce. Contrarily, it began a new era where e-commerce was added as a feature to organization websites thereby fostering it’s growth once more. Today e-commerce has come to include activities such as include electronic funds transfer, supply chain management, e-marketing, online marketing, online transaction processing, electronic data interchange (EDI), automated inventory management systems, and automated data collection systems. You will find major companies such as Nike, Adidas, Future Shop, Sears offering their products online. This is because by promoting their business online, they can offer quick and easy access to their products and services to their customers. This gives them an edge over their competitors in the same line. In addition to the revenue earned by way of traditional sales, sales through e-commerce will boost their business dramatically. They can make their presence felt not only in their place of origin but to anywhere in the world using the internet as their marketing tool.

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