Examples of E-commerce include on-line shopping, electronic payments, on- line auctions, internet banking, on-line ticketing etc. This book provides the detailed overview of E-commerce. The rapid growth of the internet and e-commerce has almost become a compulsion. EDI is an automated format of exchanging information between businesses over private networks. 1. But the personal information so collected must be used for stated business purposes. Traditional companies such as Intel, Disney, Dell, and Cisco use their web activities to affirm their corporate identity and brand image. using E- Commerce. For example – tele workers and online auctions are C2B processes. Electronic Commerce (e-Commerce) is a general concept covering any form of business transaction or information exchange executed using Information and Communication Technologies (ICTs). E-Commerce is the exchange of goods and services between (usually) independent organizations and/or persons supported by a comprehensive usage of powerful ICT systems and a globally standardized network infrastructure. The key message is that faculty who want to teach an introductory class on e-commerce and focus on the strategy Few of them will have truly secure jobs in the traditional sense, and all of them will have to be willing and able to constantly learn, adapt, make decisions, and stand by them. Today, we can configure not only computers but also cars, jewellery, gifts, and hundreds of other products and services. E-commerce is the tool of Business which can be done through the Internet.. Between email and databases, there's a lot of data that needs to be protected. It’s suggested to start this process by identifying successful companies already working in this sphere. The evolution of e-commerce since the turn of the century has dramatically impacted the daily lives of consumers and altered the standard operating structure of many businesses. Unless a sound virus-protection strategy is used by the ecommerce Solutions firm, these malicious agents can compromise the credibility of all ecommerce web solution services. A search engine can come up with the best music deals, for example, yet consumers continue to flock to trusted entities such as HMV. Introduction to E Commerce and Internet. Users can send e-mail, exchange views, shop for products, and access news and business information. (d) Ad Sense Advertising – This refers to companies’ paying major search engines (such as Google) to promote their business within the first three links that appear when a search is entered. As the years passed, building websites became less and less expensive. 1. Business to Customer or B2C refers to E-Commerce activities that are focused on consumers rather than on businesses. This requires use of appropriate keywords in META tag. Much like there is a Principles of Marketing that is intended to be the first course in marketing, The text covers the entire landscape of e-commerce. ii. vi. The Web became a popular mainstream medium (perceived as the fourth mainstream medium in addition to print, radio and TV) in a speed which had never been seen before. Logistics is a specialized function, so most sellers outsource it to third party logistics providers. E-Commerce allows the delivery of products. 1. Company that have advertising budget can promote the site by placing banner ads at popular websites and portals. Similarly network security measures like firewall needs to be installed so that intruders are not able to make authorized access to corporate network. Consumer Search is not Efficient or Cost-Effective: On the surface, the electronic marketplace seems to be a perfect market, where worldwide sellers and buyers share and trade without intermediaries. E-commerce operates digitally. Customer to Customer or C2C refers to E-Commerce activities, which uses an auction style model. Something may be ethical in our country but unethical in another country. Disclaimer Copyright, Share Your Knowledge (vii) Audience Sizing – On-line Marketers can learn how many people visited their web site and how many of them shopped at particular places on the site. often used interchangeably but at its core e-commerce is much broader than this – it embodies a concept for doing business online Japan is seen as a global leader in m-commerce. (vi) Relatively Building – On-line marketers can dialogue with consumers and learn from them. Money Thefts E-commerce services are about transactions, and transac­tions are very largely driven by money. Ocean carriers and their trading partners can exchange bill of lading instructions, freight invoices, container status messages, motor carrier shipment instructions, and other documents with increased accuracy and efficiency by eliminating the need to re-key or reformat documents. Email Marketing – Direct emails are being sent to potential customers describing benefits of the product or service. In developing countries cost may exceed benefits in initial years of e-commerce initiatives. Enhanced Service- Development of E-Commerce equipped domestic providers to offer more services to clients. This gives instant shipping information access to anyone in the company, from any location. The users need to pay an Internet provider-to be hooked up to it through their computers. The customers also get benefited from the fact that he/she does not need to physically visit the shop for making the purchase. 1. It has some unique ways to put a business transaction in place. Most items available on-line are cheaper with quick and easy shipping and returns. Moreover, e-mails can be made of customers. Building customer loy­alty to a specific site is not an easy task. Nevertheless, electronic cash is certain to come soon and it will change the manner in which payments are being made. E-commerce, also called e-trading, operates in all four major market segments – Business to Business, Business to Consumer, Consumer to Consumer and Consumer to Business. An example of this is peer auction giant, E Bay. If the company expects 2 million customers and 6 million show up, website performance is bound to experience degradation, slowdown, and eventually loss of customers. The term e-business came into existence in the year 1996. Often planted by individuals for reasons known best to them alone, viruses breed within the systems and multiply at astonishing speeds. Therefore, company management has to set up advertising budget and decide the tools that it shall use to promote the e-commerce website. The marketer can easily monitor and track the results of the campaign. Large organizations have been investing in development of EDI since sixties. Not many businesses realise that even e-business cannot survive over the long term without loyal customers. By using E-commerce importers can make enquiries about the products, their manufacturers, price, quality, other terms and conditions etc. The term e … E-commerce will give businesses more flexibility in managing the increasingly complex movement of products and information between businesses, their suppliers and customers. While the fraudsters gains, the original account holder continues to pay the price until the offender is nabbed. 5.0 out of 5 stars Good Book. They include electronic malls that guar­antee legitimacy of transactions. To be more flexible and responsive to the market, new processes must be put in place. A supply chain is a set of relationships between a number of companies who have a symbiotic relationship with each other in that one company supplies commodities or services to other companies which, in turn, supply commodities or services to other companies, and so on. This course will give you an introduction to e-commerce and discuss the environmental challenges and strategic challenges that organizations face. Instagram – It is cost-effective because these platforms allow business to create profiles for free. Internet Strategies for Business and Key Success Factors in E-Commerce: Internet users are better educated, better informed. 5. It refers to that part of e-commerce that entails the sale of product merchandise and does not include sale of services, namely railway tickets, airlines tickets and job portals. Video Marketing – In this kind of e-marketing, a video will be shared describing the usage and benefits of the product or a service. The management needs to view electronic commerce potential in the light of the competition and not just as technological advancement. 4. E-tailing involves business-to-business or business-to-customers transactions. Cost Efficiency- At the beginning of the internet age in the 1990s, creating websites was a costly undertaking. Introduction to E-commerce discusses the foundations and key aspects of E-commerce while focusing on the latest developments in the E-commerce industry. Customers define what information they need, what products or services they are interested in and what prices they are willing to pay. There are no physical market places and the entire process of marketing and selling of goods, takes place on-line or electronically. Using web-based ERP systems, orders that are taken from customers can be directed to designers and to the production floor, within seconds. There are various types of e-advertising: (a) Wallpaper Advertising – It changes the background of the web site to the chosen promotion. Online shopping, an important component of electronic commerce was invented by Michael Aldrich in the UK in 1979. The term electronic commerce or e-commerce refers to any sort of business transaction that involves the transfer of information through the internet. Therefore management needs to set up some kind of intrusion detection system an establish security policy. The information will be used subject to terms and conditions, for advertising purposes. Ultimately, web sites can provide a universal, self-service system for customers. viii. Customers have to feel confident about the integrity of the payment process before they commit to the purchase. The major different types of E-Commerce are: 1. Business to Business or B2B refers to E-Commerce activities between businesses. E-commerce sites should be user-friendly, the best sites make it clear and easy to select desired products. E-business applications turn into e-commerce precisely, when an exchange of value occurs. 1. Thus the book not only examines technologies … Major savings are also realized in delivering digitized products versus physical delivery. Organizations are to be restructured and re-engineered in to a network based organization. Similarly e-mails can be and are often intercepted as they travel through the network. The digital age workers will have to become very flexible. Security continues to be a problem for online businesses. By making more information available about the commercial side of companies, businesses will make their web site a place where customers will not only get detailed information about the services the company offers, but also where they can actually conduct business with the company. Privacy Policy3. 2 They can initiate requests for advertising and information from manufacturers. Electronic Business - the transformation of key business processes through the use of Internet technologies. E-commerce impacts supply chain management in a variety of keyways. Wider Audience- The internet provides businesses, access to millions and millions of people. Paperwork is significantly reduced and the shipping department will therefore be more efficient. Before the sale, customers might have queries about product features that are not mentioned on the website. These are developed by expert programmers who are a notch above the hackers and crackers themselves. E-tailing shops believe in building strong brands. In addition, e-commerce allows customers to track shipments down to the individual product and perform other supply chain management and decision support functions. 1.3. 4. (iii) Fewer Hassels – Customers don’t have to face sales people or open themselves upto persuasion and emotional factors, they also don’t have to wait in line. (b) Pop Up Advertising – It pops up a new screen upon clicking on a certain link on the web site, that it advertises the product. Consumers gain the following capabilities in the E-commerce providing information-rich regime: 1. An introduction to e commerce and distributed applications. You reserve the right to access and change your personal data, aswell as the right to request its deletion within the limits permitted by law. Website of the company has to be constantly updated, which required research and skills and thus timing of updates are also critical. (x) Large and Medium – These companies have designed their own websites to automate corporate purchasing. Customers can manage the increasingly Complex movement of products and information through the supply chain. Step 1: Choose your e-commerce niche . Unit 4. These programmes restrict access to and from the system to pre-checked users/access points. Share Your PDF File Essentials and Procedures 11. For Example- Manufacturers and wholesalers are B2B companies. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems. The upheaval brought on by these changes is creating new opportunities and new risks and forcing us into new ways of thinking about jobs, careers, and salaries. Here we focus on digitally enabled commercial transactions among organizations and individuals. Good book and worked great with my class. The technological foundations of E-commerce are internet, WWW and various protocols. When taken electronically, orders can be quickly routed to the appropriate order-processing site. (v) Lower Cost – On-line Marketers avoid the expense of maintaining a store and the costs of rent, insurance and utilities. E Commerce by Vardhman Mahaveer Open University. For example, Motorola gathers customer needs for a pager or a cellular phone, transmits them electronically to the manufacturing plant where they are manufactured, along with the customer’s specifications and then sends the product to the customer within a day. As content delivery over wireless devices becomes faster, more secure and scalable, some believe that m-commerce will surpass wire line e-commerce as the method of choice for digital commerce transactions. Marketers can download useful reports or a free demo of their softwares. As far as offline promotion is concerned, company can advertise the web address through visiting cards, letter pads, bill books etc. So transactions normally can be initiated online but materialize offline in a face to face contact of parties. Younger users of Internet in general place a greater value in information, entertainment, socialising etc. E-commerce will help companies deliver better services to their customers, accelerate the growth of the e-commerce initiatives that are critical to their business, and lower their operating costs. If the product is downloadable such as music, e-book etc., the website must also provide for that after accepting payment from customer. In 1990 Tim Berners-Lee invented the World Wide Web and transformed an academic telecommunication network into a worldwide everyman everyday communication system called internet/www(dot)Commercial enterprise on the Internet was strictly prohibited until 1991. Once customers make the payment, the e-com­merce site must ensure the delivery of product in good condition on time. E-commerce (electronic commerce) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet. The internet has simplified the import and export business. This information can help them improve offers and advertisements. And such threats are in­creasing day by day in this digital, networked world. It is a replica of a physical market place in the virtual world. The websites can be accessed from anywhere around the globe at any time therefore it possess the feature of universality. Moreover, URL can also be advertised at various trade fairs, exhibitions and business related events like seminars, conferences etc. As in the brick-and-mortar environment, they simply cannot compete on price or product offering. Advantages: Convenience, Information, Fewer Hassels, Lower Cost, Relatively Building, Audience Sizing, On-Line Marketing and a Few Others, So far, success stories in e-commerce have forced large business with deep pockets and good funding to invest in creating on-line web­sites. In E-Commerce B2B, transactions are usually carried out through Electronic Data Interchange or EDI. E-commerce allows for new products to be created and existing products to be customized in innovative ways. By highlighting the customer service, the companies are trying to subjugate a lion-share in the market. Channels 10. Payments can be made by electronic modes including digital means like internet payment or internet money transfer. Blogging – Publishing blogs about similar products is also a very subtle way of marketing some business. The term electronic commerce or e-commerce refers to any sort of business transaction that involves the transfer of information through the internet. 3. Once the customer fills the cart with items that he or she has shopped, the site should take the customer towards the payment gateway, which collects money electronically. I purchased this book new. New Sales Channel – E-commerce creates a new distribution channel for existing products. By intercepting duplicate billings and incorrect charges, a significant percent of shipping costs will be recovered. E-commerce is run primarily by users. Digitally enabled transactions include all transactions mediated by digital technology and platform; that is, transactions that occur over the Internet and the web. And the price was the best I could find. This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. New forms of marketing will also emerge, such as web-based advertising, linked advertising, direct e-mail, and an increased emphasis on relationship marketing. 6. Cleverly crafted strategies can sift a part or the entire amount being transferred from the user to the online vendor. Company management can also outsource this task to some third party, normally an experienced web development firm. A business develops an interactive interface with customers via a website. 2. Therefore, building and integrating infrastructure is a big challenge faced by company managements. 2. It can be regarded as the internet front of any traditional retailer. The software that makes this happen is called a shopping cart. During the 1980s, online shopping was also used extensively in the UK by auto manufacturers such as Ford, General Motors and Nissan. He/she can then have the order delivered to an address other than the one listed on the records. New technologies require new organizational approaches. Costs associated with e-commerce includes costs of hardware like PC clients, web servers, transaction servers routers and other networking devices, leased line and software like operating system, firewall, application software, web server software and transaction processing software, cost of recruiting and training staff for e-commerce etc. For example, the numbers of consumer brand retail sites like Amazon(dot)com and Flipkart(dot)com which normally provides information about products and also allows monetary transactions to happen over the internet. Exporters can also make enquiries about suitable customers. In many ways, electronic cash, which can be backed by currency or other assets, represents the biggest revolution in currency since gold replaced cowry shells. Firewalls are another common way of implementing security measures. E-commerce is a vital link in the support of logistics and transportation services for both internal and external customers. Introduction to E-Commerce most of the information is still relevant. This can force larger brick and mortar retailers to open an online division. This creates a fundamental change in the manner in which advertisement is conducted not only for online trades but also for products and services that are ordered in traditional ways. E-tailers can be pure play businesses like amazon(dot)com or businesses that have evolved from a legacy business, Tesco(dot)com. vii. 3. Practical case studies offer a useful reference for dealing with various issues in E-commerce such as latest applications, management techniques, or psychological methods. 2. The Internet is a global web of computer networks that has made instantaneous and decentralised global communication possible. Electronic Completion of Business Processes: By using E- commerce we can perform business transactions like accounting and inventory through computers at global level. For example, France has certain language and cultural laws that must be obeyed. E-tailing is a subset of e-commerce. Introduction to E-Commerce 2. Undoubtedly, it will continue to influence how companies sell and market their products, as well as how people choose to make purchases for many years to come. 2. INTRODUCTION TO E-COMMERCE. Since its emergence, it has grown by leaps and bounds. (xii) New groups, Bulletins board systems (BBSs) and Web committees help also buyers, sellers and people in general to have access to valuable information on diverse topics including information of cultivation for farmers. These steps have found wide favour all around due to their effectiveness in weeding out unwelcome access. According to a report, small retailers that go head-to-head with e-commerce giants are fighting losing battle. Report abuse. By definition it covers a variety of business activities which use internet as a platform for either information exchange or monetary transaction or both at times. EDI (Electronic Data Interchange) is widely viewed as the beginning of ecommerce if we consider ecommerce as the networking of business communities and digitalization of business information. These channels provide information, news, libraries, education, travel, sports and reference, entertainment, shopping services, dialogues opportunities and e-mail etc. E-business is an abbreviation for electronic business. By definition it covers a variety of business activities which use internet as a platform for either information exchange or monetary transaction or both at times. Direct Savings – The cost of delivering information to customers over the internet results in substantial savings to senders when compared with non-electronic delivery. There is no guarantee of supplying an error-free product. 1. E-commerce has changed the face of retail, services, and other things that make our economy work. The result has been the emergence of new business-to business supply chains that are consumer- focused rather than product-focused. This will ensure that each freight bill is efficiently reviewed for accuracy. 3. In 2019, online shopping reached global sales of 3.5 trillion US dollars. The history of E-commerce begins with the invention of the telephone at the end of last century. The first recorded Business to consumer was Gateshead SIS/Tesco in 1984. Some of the important issues before the organizational management are explained as follows: Management has to develop e-commerce strategy based on the analysis of industry and competition. Much like there is a “Principles of Marketing” that is intended to be the first course in marketing, The text covers the entire landscape of e-commerce. Corporate image means trust, which is necessary for direct sales. Most of the time, it refers to the sale of products via Internet, but the term eCommerce also covers purchasing mechanisms via Internet (for B-To-B). If products get damaged or stop functioning after a while, or a wrong product is delivered—the ecommerce seller must ensure the flow of products in the reverse direction—known as reverse logistics—where goods flow from customer to the seller. The production systems are integrated with finance, marketing, and other functional systems, as well as with business partners and customers. In general, Internet users respond to messages aimed at selling, and receive information about products and services. Customers might get addicted to on-line shopping, which in turn boost sales and increase revenue. The results are often easily measurable and quickly obtained. From the 1990s onwards, electronic commerce would additionally include enterprise resource planning systems (ERP), data mining and data warehousing. Data security and network security are major issues. As it is done round the clock, the customer will always have online help regarding the products. People now are not only just using internet for gathering information, leisure or socializing online but also at the same time they are seeking measures to conduct business. For instance, one can effortlessly login to an online shopping mart under a stolen identity and make purchases worth thousands of dollars. Electronic commerce and the internet are fundamentally changing the nature of supply chains, and redefining how consumers learn about, select, purchase, and use products and services. It reduces the cost of marketing campaign. Before publishing your Articles on this site, please read the following pages: 1. Also, the administrative work related to physical delivery, especially across international borders, can be reduced significantly, cutting the cycle time by more than 100 percent. Development in our society began to happen post the World Wars, where in Industrial revolution started changing the face of economies. Welcome to EconomicsDiscussion.net! All these intermediaries add to transaction costs. 2 Introduction to E-Commerce - Keeping Your E-World Secure. M-commerce (mobile commerce) is the buying and selling of goods and services through wireless technology i.e., handheld devices such as cellular telephones and personal digital assistants. Objectives 5. Company management has to take steps to promote the website. Now builders can use virtual reality technology on their website to demonstrate three dimensional floor plans to buyers. It is the sale of goods and services through the internet. For E-commerce to happen there should be a prod­uct or service that has value and for which someone is willing to pay a price. Verified Purchase. This means, the buyer and the seller do not often meet face to face. Shipping Documentation and Labelling: There will be less need for manual intervention because standard bills of lading, shipping labels, and carrier manifests will be automatically produced; this includes even the specialized export documentation required for overseas shipments. However, e-tailing shops need to have a strong distribution network in order to secure the delivery of the products. In E-commerce buyers and sellers meet in cyber space rather than physical place. Thus, E-com­merce service providers have also turned to educating users about safe practices that make the entire operation trouble free. 5. vii. Production cycle time is cut by 50 percent or more in many cases, especially when production is done in a different country from where the designers and engineers are located. Nowadays companies are transforming themselves into e-commerce enabled organizations. Company management has to make decision regarding in sourcing or outsourcing. vii. The term electronic commerce or e-commerce refers to any sort of business transaction that involves the transfer of information through the internet. Electronic marketing (e-marketing) is also known as internet marketing, web marketing and digital marketing on on-line marketing. Originally, electronic commerce meant the facilitation of commercial transactions electronically, using technology such as Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT). Broadly, promotional activities can be classified into two categories: Online promotion is concerned with submitting your site to search engine. E-commerce means using the Internet and the web for business transactions and/or commercial transactions, which typically involve the exchange of value (e.g., money) across organizational or individual boundaries in return for products and services. Choosing a niche is the most important step in starting an online business. 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