In the global village conducting business electronically is no more a dream but it's an important facet of cyber reality.
ecommerce can be defined as "conducting of all the business transactions and communications on the internet ". To simplify further, it is buying and selling of goods and services over the internet. Thus, seller and buyers can interchange inquiries, orders, invoices, transfer of funds etc. directly over the internet.
ecommerce is an ensemble of technologies that make possible the online access to services via the Internet and it follows a thin client model, in which multiple services are packaged and presented to a given user to meet their specific requirements. It facilitates technologies and core infrastructure components, for majority of the needs, be defined and implemented independently of tangible business requirements.
Benefits of e-commerce:
No Geographical Barrier
ecommerce facilitate people to carry out their business without any geographical barrier because all the business transaction of buying and selling has to be done over the internet which implies no geographical barrier.
Availability of your business over internet is 24X7 and 365 days, one can logon to the internet at any time during day or night for doing business transactions, such scenario provide time flexibility to buyer as well to seller.
Extend Business to unlimited Market Place
The internet facilitate business owners to reach customers around the globe without any market place constraints and with effective use of ecommerce, your product can be shown to the global customer who has the opportunity to browse your products or services irrespective of your market physical location and shop at their own convenience from office, home or cyber café etc with time flexibility.
Lower operational cost
The Internet facilitate ecommerce web sites owner to reduce product approval time, labour cost, delivery time and reduction in financial constraints for error detection and correction, document preparation, reconciliation, data entry, supervision, cold calling etc.
Thus this reduction in overall business factors result in reduction of personnel required to complete the various business processes and reduces strain on other resources, which facilitate the business owner in lowering the overall operational cost.
ecommerce facilitate the various business partners, customers from different geographical locations and suppliers to work in a collaborative manner in order to manage, allocate and improve project work without any geographical location barriers.
Ease in Business Administration
ecommerce facilitate in automation of the total business functionalities like inventory management, payment management, logistics management and customer care management etc. ecommerce web site owner just have to administer the entire modules of the developed system through internet and update the latest information which will be updated and running with few seconds. Thus, the concept of ecommerce facilitates ease in business administration.
Fast Approval of work
With the help of ecommerce the whole process of the work approval will become faster because work like quotation generation, purchase order, covering letter etc are quickly designed using various tools and delivered through email for approval.
Secured Payment systems
Business Payment transactions are secured in ecommerce using various advanced techniques like encryption etc that helps business owner or customers to do payment transactions online without any worries.