Ecommerce

Electronic commerce, commonly known as e-commerce, is the buying and selling of product or service over electronic systems such as the Internet and other computer networks. Electronic commerce is generally considered to be the sales aspect of e-business. It also consists of the exchange of data to facilitate the financing and payment aspects of business transactions.

Broadly speaking, e-Commerce emphasizes the generation and exploitation of new business opportunities and to use popular phrases: “generate business value” or “do more with less”.  

e-Commerce enables the customer to have an increasing say in what products are made of, how products are made and how services are delivered from a slow order fulfillment process with little understanding of what is taking place inside the firms,to a faster and open process with customers having greater control. It endeavors to improve the execution of business transaction over various networks. It leads to more effective performance i.e. better quality, greater customer satisfaction and better corporate decision making.

We may achieve greater economic efficiency (lower cost) and more rapid exchange (high speed, accelerated, or real-time interaction) with the help of e- commerce. Firms use technology to either lower operating costs or increase revenue.  e-Commerce has the potential to increase revenue by creating new markets for old products, creating new information-based products, and establishing new service delivery channels to better serve and interact with customers. 

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