E-commerce is defined as the online transaction of business, connecting a vendor or seller and a buyer. Various products and services are being offered, but it’s foundations 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 catalogues
Utilization of demographic information through Web links
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 gained a foothold in the today’s world. Nearly in each corner of the globe, people have acknowledged 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 supplying products and services to consumers.
3. Internet marketing – is simply put, the marketing of products over the Internet.
4. Online transaction processing – is employed 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 over 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 carried on between business is most commonly named 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 covers data exchange for the facilitation of the financial and payment aspects of business deals and transactions.
Find out more about E-Commerce principles and how you can boost your Company Sales with different Online Marketing strategies.