Growing E-commerce in today’s world

Published: 19th August 2011
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Electronic commerce, commonly known as e-commerce, eCommerce or e-comm, consists of the buying and selling of products or services over electronic systems such as the Internet and other computer.

It is more than just buying and selling products online. It also includes the entire online process of developing, marketing, selling, delivering, servicing and paying for products and services. The amount of trade conducted electronically has grown extraordinarily with widespread Internet usage. The use of commerce is conducted in this way, spurring and drawing on innovations in electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems. Modern electronic commerce typically uses the World Wide Web at least at some point in the transaction's lifecycle, although it can encompass a wider range of technologies such as e-mail, mobile devices and telephones as well. With increase in overall internet audience all over the world and new technology facilitating ecommerce, the overall volume of ecommerce transactions has grown manifold. The major reasons for growing ecommerce in today’s world are as follows:

Time factor

In this era of stiff competition where time is money. Ecommerce has drastically reduced the time taken to execute many transactions along with replacing the chances of errors that of traditional commerce. In traditional commerce method a single transaction can cost both parties a lot of valuable time. With just a few clicks in minutes, a transaction or an order can be placed and completed via the internet with ease. For instance, a banking transaction can be completed through the Internet within a few minutes compared to the traditional banking method which may take up to hours. This fact obviously proves that Ecommerce is beneficial to both business and consumer wise as payment and documentations can be completed with greater efficiency.

Cost effective

Ecommerce is cost effective for both business as well as consumers. For Ecommerce, the total expenses incurred to run the business is significantly much less compared to the traditional commerce method. The reason due to that is where most of the cost can be reduced in Ecommerce. For example, in running an Ecommerce business, only a head office is needed rather than a head office with a few branches to run the business. In addition to that, most of the cost for staff, maintenance, communications and office rental can be substitute by a single cost, web hosting for the Ecommerce business. This eventually benefits the customers as well.



New opportunities

New opportunities are coming across with the advent of ecommerce. Local brands are turning global with online presence. Ecommerce has created a stiff competition between best brands, all over the world, hence forcing them to provide better services at better price to exist in the market. Therefore we can safely conclude that ecommerce has bought many advantages for both business and customers.

Convenience

Ecommerce is much more convenient than traditional shopping. As buyers can easily browse through a whole directories of catalogues without any hassle, compare prices between products, buying from another country and on top of that, they can do it while at home or at work, without any necessity to move a single inch from their chair. Besides that, for both consumers and business, Ecommerce proves to be more convenient as online trading has less red tape compared to traditional commerce method.

All of us have used ecommerce directly or indirectly, it has made our life easy, fast and smooth, hence we can conclude by saying that ecommerce is here to stay and will definitely increase in terms of both uses and users and thus ecommerce Website Design has became a job to be taken very seriously to target the desired segment of the population and to occupy a strong position in the market.





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