In the era of Globalization, remarkable progress in science and technology has brought changes in the globe of trade, commerce, banking and marketing. Electronic Commerce has expanded the marketplace to national and international markets. But when you hear the term “E-Commerce”, what is the first image that pops up in your mind?
A customer loading his/her shopping cart online. Though it’s true that online shopping is the face for E-commerce, but it also has far reaching implication.
E-commerce business is about substantially more than showcasing or selling.
It impacts altogether on all the practical areas of a business. The biggest and best e-commerce business organizations have contributed vastly over numerous years to build up their IT frameworks, business procedures and capacities. E-commerce business has become the core of any organizations. This is especially the situation for multi or Omni channel organizations. A vital test for firms is to coordinate e-commerce business over all the functional areas. Specifically it is fundamental that tasks (coordination’s and stock administration) are firmly lined up with promoting exercises.
Internet has become an undivided part in all the aspects of our lives. Every day, going to the bank to formulate cash transactions or going to the market to buy things is now quite difficult since there is no time, human being has become too busy in his work and, so, in these circumstances, online purchases have become an increasingly essential part of our society. The Internet economy is flourishing at a rate of 20% and 25% each year through various e -commerce platforms, indicating a far-reaching change in the spending habits of consumers.
Internet is used instead of telephone directories or yellow pages for reviews of convenient products and to find updated information for your search and requirements.
Growing impact of e-commerce in various sectors:
· Business- A key reason why electronic commerce, especially the business-to- business segment, is growing so quickly is its significant impact on business costs and productivity. Because many of these applications are relatively simple, they may be expected to be widely adopted and have a large economic impact. The stable expansion in business-to-business e-commerce has changed the cost and profit depiction for companies worldwide. Growth of B2B e-commerce, in microeconomic level results in a substantial decline in transaction costs, enhanced supply chain management, and reduced costs for domestic and global sourcing. At the macroeconomic level, strong growth of B2B e-commerce places downward pressure on inflation and increases efficiency, profit margins, and competitiveness.
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