What is E Commerce?

Definition of E-Commerce:

E Commerce stands for electronic commerce and caters to trading in goods and services through the electronic medium such as internet, mobile or any other computer network. It involves the use of Information and Communication Technology (ICT) and Electronic Funds Transfer (EFT) in making commerce between consumers and organizations, organization and organization or consumer and consumer. With the growing use of internet worldwide, Electronic Data Interchange (EDI) has also increased in humungous amounts and so has flourished e-commerce with the prolific virtual internet bazaar inside the digital world which is righty termed as e-malls.

We now have access to almost every knick-knack of our daily lives at competitive prices on the internet. No matter one is educated or illiterate, an urbane or a countryman, in India or in U.K; all you need is an internet connection and a green bank account. With e-commerce then, you can buy almost anything you wish for without actually touching the product physically and inquiring the salesman n number of times before placing the final order. Here is a beautiful picture depicting how has human life evolved to adapt to the digital world and hence trading over the internet. As seen, from pizza and potted plant to pair of shoes, we have everything on sale on the internet available in tempting offers..!! Snapdeal.com, Amazon, eBay, Naaptol, Myntra, etc are some of the most popular e-commerce websites.

Elements of E-Commerce:

The element of E-Commerce contain their existence to recongnized as well as to make an integration/combination of one another according to E-Commerce spirit. E-Commerce has 3 elements.

Electronic Data Interchange (EDI)

It provides a standardized system of coding where organization make large number of regular transactions which can translate into machine and human language.

Internet

Internet contain the process or cycle of hardware, software, topologies, securities delivered by host and accepted by buyer or visitor.

Electronic Market

It is used for information and communication technology availability in a market segment to make a decision by purchaser attributed with the price, packing, promotion, place etc.

Related Posts:
Themes of E-Commerce
Unique features of E-Commerce
Types of E-Commerce
Porter's Value Chain Model
Financial/Revenue Model for E-Commerce