E-commerce is defined as the online dealing of business, linking a vendor or seller and a buyer. 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 purchasing and trading (B2B)
key facet of e-commerce is online shopping. Online shopping was actually started by Michael Aldrich in 1979. E-commerce has earned a foothold in the today’s world. Nearly in every corner of the globe, people have recognized the increasing 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 employed to do electronic financial transactions.
2. Supply chain management – is the management of interconnected businesses involved in rendering products and services to consumers.
3. Internet marketing – is simply put, the selling of products through the Internet.
4. Online transaction processing – is employed to facilitate and handle 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 over the use of barcodes, or other automatic identification for the inventory of objects.
Electronic commerce conducted between business is most commonly called B2B or business-to-business. Meanwhile, electronic commerce carried on between businesses and consumers is called B2C. E-commerce actually falls under the umbrella of e-business and also embraces 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.
