Simply expressed, E-Commerce refers to the use of an electronic platform to conduct business transactions. A ‘Virtual Market Place’ is another name for it. Every minute, millions of individuals from all over the world access the Internet in search of information, products, services, news, music downloads, and online shopping, among other things. Every individual is hunting for something that he or she would like to attain or purchase online rather than in person. Consider the implications for commercial organizations. They’ll have a prepared customer if they can discover and reach out to those users who have a certain need or desire.
It’s possible to speculate whether the online community or technology is paving the way for E-Commerce. The truth is that E-Commerce is fueled by both of these forces. The backbone for commercial transactions is being provided by technical advancements, and the expanding number of people shopping online is allowing E-Commerce and markets to thrive. Business to Business and Business to Customer business models define E-Commerce. We are all familiar with the Business to Customer approach, which has grown extremely popular and acceptable in our daily lives for finance, coverage, online buying, and online booking, among other things. Business organizations have also re-engineered their business processes to suit the E-Commerce paradigm, encompassing advertising, promotion, sales customer orders, supplier management, and customer relations. On a worldwide scale, Dell has successfully implemented the ‘online selling’ concept. Visitors can use it to ‘make the layout’ and ‘buy online.’ Dell fulfills the transaction and assures that the DELL Products are delivered to the Customer location within 7 working days after the transaction is completed properly and cash has been confirmed. DELL has not only effectively exploited E-Commerce as a key sales channel, but they have also implemented a ‘Built to Order’ method, in which the computer is manufactured according to the individual client order and delivered to the customer. DELL has eliminated the need for inventory keeping and reduced expenses by combining E-Commerce with its production process.
For giant enterprises and global organizations, e-commerce has become a critical business procedure. On a worldwide scale, most MNCs rely on ‘Online Selling’ and ‘Online Procurement.’ They can now access worldwide marketplaces and get raw materials from all over the world thanks to e-commerce. Furthermore, E-Commerce has significantly reduced the cost of selling as well as the cost of buying, resulting in a significant increase in the bottom line. In the consumer market, the E-Commerce model of selling has benefited the health coverage, banking, airline, and entertainment sectors. E-commerce has become a reality. E-Commerce is made feasible by a variety of technologies, platforms, agencies, and networks. The primary enablers that have enabled commercial transactions to take place are EDI and online banking and transactions.
It’s incredible to consider that with a single click of a mouse, one may purchase, sell, or effect financial transactions worth millions of dollars in a matter of minutes. This is, however, correct, and E-Commerce is the way of the future.