Technological advancements today, have greatly improved international and domestic businesses. The internet has become a vital asset in business for providing services to the public.
Business and cooperate organizations, market their businesses using the internet through user-friendly websites.
The office of PC-based technology and the Internet by and large brings together the divided business sectors by offering them a common ground. Technology has additionally helped organizations in cost reduction and has likewise decreased the cost of products and services.
Technology helps clients in purchasing goods or services of their choice by irrespective of their location.
What is electronic commerce?
Electronic commerce or web-based business is defined as the means of promoting the availability of online services. Consumers can look, pick, sell, and purchase from a wide scope of options through the Internet.
The significant exercises of web-based business are as per the following −
- Selling goods and services on the web (through the web)
- purchasing goods and services on the web
- Paying and obtaining money on the web
- Transaction of business and different services on the web
Highlights of E-Commerce
Following are the significant highlights of web-based business −
- It effectively builds the business capacity.
- It significantly lessens the expenses.
- Expansion of the delivery services.
- It rugged arrangement of speedy deals and office automation..
- It conceivably expands the intra-business usefulness.
- It skillfully expands business communication.
Kinds of E-Commerce
Following are the significant sorts of web-based business organizations −
1. Business-to-Business (B2B)
It is between two business firms.
2. Business-to-Consumer (B2C)
It is between the business firm and the shopper.
3.Consumer-to-Consumer (C2C)
Consumer-to-consumer bargains occur between two buyers; there are sure sites that work with a typical stage to both the customers – one who needs to purchase and one who needs to sell.
Advantages of E-Commerce
Let us currently talk about the advantages of e-commerce.
- It works with an unrestricted economy.
- It is accessible 24×7.
- Its quality is worldwide.
- Set up cost is considerably low.
- It gives easy to understand technology.
- Â offers different freedom equally and at the same time.
- Gives materials to advance and market businesses..
- Has highlights to bring to the table market research facility..
- It makes client relations management simpler.
- Provides 24×7 client care services.
Applications of E-commerce
- Retail and wholesale;
There are many applications of E-commerce in this sector. Electronic retailing is simply a business-to-consumer ( B2C). Mobile commerce is a kind of retail commerce that involves buying and selling goods and services using a mobile device on the website of the retailer. These retailers make use of electronic payments which may be a card or mobile transfers.
2.Online marketing:
This refers to the collation of data about what the consumers like, their behaviors, methods of buying, and more. It facilitates marketing practices like negotiation, haggling of prices, and so on. It also aids in building good client relationships as this can be used to provide clients with a nice shopping experience..
3. Finance:
E-commerce is used in the banking industry. Clients can see their accounts balances, send and receive payments, pay their bills, insurance, trade commodities, and more.
4. Online advertising ;
This allows business to showcase their products to the consumers/clients and also deliver promotional materials. It involves the use of ads. The advertiser gives the ads to the publisher, who now integrates the ads into online content.
5.Auctions:
This enables people from diverse locations to come together to trade products at agreed prices with the use of e-commerce. An example of an auction is bidding for seat position at a transport website: seats close to the window, those next to the driver’s seat, and so on.
Reference: ipixtechnolgies.com
