E-commerce is an industry where we can buy and sell the products/goods through online. Internet has brought a drastic change in the increment of no. of merchants & customers. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, processing, electronic (EDI), inventory management, and automated data collection sys tem.
It consists of the exchange of data to facilitate the financing and payment in business transactions. This is an effective and efficient way of communicating within an organization and it also encourages in conducting the business in the most efficient way.
Applications of electronic commerce
• Domestic and international Payment systems
• Group buying
• Automated online assistants
• Instant messaging
• Online shopping and order tracking
• Online banking
• Electronic tickets
E-commerce empowers the customers to have a right choice in the selection of goods at right time & right place. It not only bring benefits to organizations & also helps in fulfilling the customer’s needs .The main advantage of E-commerce is that it SAVES THE TIME of consumers & mainly beneficial to those who are overloaded with their business works. In 2010, the United Kingdom had the biggest e-commerce market in the world when measured by the amount spent
E-commerce has grown in importance as companies have adopted Pure-Click and Brick and Click channel systems. We can distinguish between pure-click and brick and click channel system adopted by companies.
• Pure-Click or Pureplay companies are those that have launched a website without any previous existence as a firm.
• Bricks-and-Clicks companies are those existing companies that have added an online site for e-commerce.
Research by four economists at the University of Chicago has found that the growth of online shopping has also affected industry structure in two areas that have seen significant growth in e-commerce, bookshops and travel agencies.
The mobile commerce was originally coined in 1997 to mean “the delivery of electronic commerce capabilities directly into the consumer’s hand, anywhere, via wireless technology