E-Commerce is the use of the internet, the web, and apps for commercial transactions between organizations and individuals. This buying and selling have currently taken over traditional methods. The internet is now responsible for 23% of all transactions in retail, that’s $370 billion, about the same as credit cards. In addition, e-commerce is a form of communication and exchange between businesses, consumers, organizations, and the government through different types of information technology. Moreover, e-commerce can be via press, radio, TV, the internet with the Web site, it will also be a more familiar word for many people in the coming years as it continues to grow in popularity among most businesses.
The current conventional method of transacting business calls for a buyer to have dealings with a few intermediaries who are not always credible. The internet has taken over this process by offering a platform that can be accessed from anywhere in the world at any time. There are different modes of payment that can be used under e-commerce such as Credit Cards and Debit Cards.
E-commerce has different types among which are
There is also social e-commerce, Mobile e-commerce, and local e-commerce, but the above mentioned are the most discussed types. E-commerce is also made up of three factors which include: Communication Technologies, Business Technologies, and Consumer Behavior & Needs.
- Communication Technologies
Communication technologies include the use of the internet, telephone, fax, and even voice mail messages. We are living in a digital era where communication is more instantaneous than ever before. In the past, we had to rely on phone calls or snail mail to talk to friends and relatives that lived far away from us, but now, with all of the new communication technologies that exist today, it's not hard anymore. However, not all communication technologies are created equal! There are just so many options available for communicating nowadays that it can be tough figuring out which one you should use in any given situation.
- Business Technologies
Business technologies include items such as bar code readers and scanners that are used to process online orders. Electronic commerce has become a major part of all industries, even within the small business market. Just think about how much easier e-commerce makes running your business. You no longer have to worry about pricing and inventory because the process is managed by the internet. However, with all of the different e-commerce companies out there, it can be hard to decide which one you should use for your online business. Besides, the business world is constantly changing, new technologies are revolutionizing the way we do things, and many of these changes are happening at lightning speed. It is not always easy to keep up with all the new developments, which can create problems for organizations that lag behind in adopting new technology.
- Consumer Behaviors & Needs
Consumer behaviors and needs include the ability of consumers to order at their convenience from home or work without traveling to a store, for instance, you can get your internet service just with a phone call and get it all done within a few days only. Consumer Behaviors & Needs discuss the most popular consumer trends that can be used by entrepreneurs to predict what will sell well in the future. These trends also serve as great starting points for marketing campaigns and Public Relations Proposals. However, trying to understand people's needs and what drives their behavior or stay on top of the latest changes in consumer behaviors can be difficult.
Although e-commerce is not that old and without neglecting the fact that it faced many critics doubting its long-term prospects, but it has changed the way people do and buy things through platforms that can be accessed from all over the world and at any time. It is a new way of communication between consumers and companies, it is also a new tool to determine the consumer’s attitude and vision towards the brands.
