E-commerce is defined as the online dealing of business, connecting a vendor or seller and a purchaser. Various products and services are being offered, but it’s key cornerstones is that the interactions, deal sign-ups and the payment processes happen online. As reported by www.searchcio.techtarget.com, e-commerce can be split into the following:
E-tailing or “virtual storefronts” on Web sites with online catalogs
Utilization of demographic data through Web contacts
Electronic Data Interchange (EDI)
Business-to-business buying and selling (B2B)
key facet of e-commerce is online shopping. Online shopping was actually developed by Michael Aldrich in 1979. E-commerce has made a foothold in the today’s world. Almost in every corner of the globe, people have acknowledged the advancing significance of e-commerce. It gave rise to electronic funds transfer, supply chain management, internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems.
1. Electronic funds transfer – is the computer-based systems that are used to do electronic financial transactions.
2. Supply chain management – is the management of integrated businesses involved in providing products and services to consumers.
3. Internet marketing – is simply put, the marketing of products over the Internet.
4. Online transaction processing – is used to facilitate and oversee transaction-oriented applications through data entry and processing.
5. Electronic data exchange – this is the transmission of data between companies or organizations through electronic means.
6. Inventory management systems – it is electronically monitoring objects or materials through the use of barcodes, or other automatic identification for the inventory of objects.
Electronic commerce conducted among business is generally named B2B or business-to-business. Meanwhile, electronic commerce conducted between businesses and consumers is called B2C. E-commerce in reality falls under the umbrella of e-business and also covers data exchange for the facilitation of the financial and payment aspects of business deals and transactions.
Discover more about E-Commerce principles and how you can boost your Company Sales with different Online Marketing strategies.
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