CHAPTER 1 INTRODUCTION E- Commerce Concept and

Transcript:CHAPTER 1 INTRODUCTION E- Commerce Concept and:
CHAPTER 1 INTRODUCTION E- Commerce Concept and Meaning of E- Commerce electronic commerce or internet commerce wide range of buying and selling of goods or services online with the exchange of money or data. ‘any kind of commercial transaction in which the parties interact electronically rather than by direct physical contact.’ It is also associated with the transaction involving transfer of ownership or right to use goods and services through the computer mediated network. E- Commerce giants like Amazon and eBay have been leaders in the industry from the beginning and were amongst the first well known e- commerce brands. The concept of e- commerce is surrounded with the application of the Electronic Document Interchange (Electronic Data Exchange, Electronic Fund Transfer), Electronic Messaging (e-mail, fax), Electronic Publishing (marketing, advertisement, sales and customer interaction) and digital library (Amazon- Kindle). Importance of E- Commerce in the context of today’s business The concept introduced in India by our Prime Minister in recent time to make India digitally developed like other advanced countries. Introduction of digitalized methods of payment and habit to pay money shifted from paper currency to cashless transactions i.e. through Paytm, PhonePe, Gpay, etc. due to several restrictions imposed by Government on paper currency. Convenient in term of cost and time. Every day’s busy life style makes more dependency on online transactions. Secured mean of doing transaction with confidential password. Invention of smartphone apps make the companies significantly increased online activities. Various online websites are available in India according to the nature of different trades and businesses like Amazon, Flipkart, Club Factory, Alibaba, Zomato, Uber, Snapdeal etc. User friendly interface. Unlimited customized purchase options and bulky online stores with new fashions and choices. Different promotional strategy like discounts, coupons, offers, referral systems, 30days return guarantee, 1-7 days delivery time, etc. Online advertising is possible through the huge usage of social media like facebook, what’s up, twitter, etc. that make the company profitable way to attract customer online at minimum cost and time. Quick mean to do business outside the territorial boundaries. Advantages of E- Commerce over Traditional Commerce: Disadvantages of E- Commerce Poor Network Access to modern technology Implementation Cost Lack of personal touch Security Awareness Payment system User resistance Technological drawbacks Mobile Commerce: Basic Idea Mobile Commerce or M- Commerce is the delivery of e- commerce applications directly in the hand of customer through wireless handheld devices like cellular phone,