E-commerce or Electric Commerce is the most crucial attribute of the internet to emerge to the present stature. Ecommerce is any business-related transactions partially or totally carried out by electronic media, especially on the internet and computers using Open and Closed networks.
The most important feature accountable for the success of the internet is electronic commerce that allows people to buy or sell anything they want at any time of the day or night (24×7). The growth of e-commerce greatly benefits both merchants and consumers.
Benefits of Trader
Trading online has a definite advantage over traditional business methods. Advertising and Marketing products on the Web are inexpensive. It is very important to ensure that the website is designed very attractively, eye-catching and user friendly. With the Web and the Search engines’ help, the traders get connected to the global customers much faster. Online trading reduces the Cost of Labour, Marketing, Advertising, Processing Orders, And Delivery of Products.
The complete information of the dealer, products, and customers is stored in the server, allowing the customer to access only the relevant information required for the business transaction. This reduces communication cost (telecommunication charges), storage cost, stationery cost. To advertise and market a product online, a trader needs to design a webpage and host it that reduces the considerable amount of endorsement (banners etc.) cost, stationery (printing etc.) cost and Labour (Salesperson) cost. Any change in the price of the products can be incorporated by just modifying the price list, thus avoiding manual corrections and repetitive task (reducing printing cost). The Search engines and Web allows the vendors to contact customers globally faster. Ecommerce helps companies establish more mutual and intense relationships with their service providers by restructuring, computerizing, and facilitating areas like direct advertising/marketing, client services, retailing, and information management.
Benefits of Customer
Customer can now purchase their choice of product whenever they want (daytime or during the night) from anyplace across the globe. Today customers who have more choices before buying the product can compare the price, features and durability of the products from various options provided by various companies just by going to different websites. This reduces the cost of commuting and also significantly saves customers time. The delivery of products is also much faster. Instead of going to a bank and waiting for long hours to complete a transaction, customers can save time by using online services or ATM’s to withdraw amount or deposit cheques, and bank helplines provide assistance to all the queries of the customer and help solve customer related issues. Clients can develop and sell their digital goods such as write e-books, exclusive reports, programs, articles and host them on the website with fewer expenses and overheads. An individual from any profession (Medical / Engineering / Health and fitness Trainer, etc.) can write articles, publish them on the Web, and convert the people visiting these sites into their customers.
ECommerce is a new form of business that has developed rapidly. It provides a different mode of doing business that helps reduce labour cost, Operational costs (building, parking place, IT services etc.) and much faster transaction. Today most of the business transaction is performed online thus promoting offsite work. This also has a significant impact on other industries such as banking, but the only concern is privacy.