E-commerce touches all key components of the economy and shows a series of complex issues. It involves the integration of many aspects of technology, infrastructure, business activities and public policy. All these factors need to work together as closely as possible to deliver the maximum benefits for its users. Most importantly, e-commerce requires new skills and forms of industrial organization; that it must also be examined by the social and political perspectives.
The transition of the global economy from an industrial focus on the one hand, the knowledge and information presents numerous opportunities and challenges. This new paradigm has a significant impact on how people lead their lives. It is enabled by the use of information and communication technology have led to a compression of time and space.
Increased speed of technological innovation, such as the rapid integration of the Internet and other communications based activities in almost every field of business has given rise to new ways to communicate, study and do business. The Internet has facilitated the establishment of “border-less” environment for communications and electronic delivery of certain services.
Enter e-commerce also known as e-commerce. Convergence technology is a major driving factor contributing to the rapid growth of electronic commerce. Convergence works by using technology to develop new products and services and is considered a vehicle to improve the quality of life in the community. Convergence will open new opportunities for all and all profits equal access to information and international markets. Small businesses will be able to compete on equal terms with corporations
But what is e-commerce
Electronic commerce can be defined broadly as:.?
“The use of electronic networks to exchange information, products, services and payments for commercial and communication purposes between individuals (consumers) and companies, between companies themselves, between individuals themselves within the government or between the public and government and last, between business and government “
This definition encompasses a variety of activities that are being conducted electronically and conveys the idea that electronic commerce is much broader than simply the purchase of goods and services electronically.
What are the advantages of e-commerce?
E-commerce is transforming the global market and its impact is to take care of a comprehensive enterprise. E-commerce requires an open, predictable and transparent business environment, which operates over territorial boundaries and jurisdiction. To foster an environment and realize the economic potential that requires international cooperation, which will be spent on developing the enabling conditions for growth.
Countries need to work together to remove barriers to the free flow of electronic products and services across jurisdictions and by solving problems that may arise due to a border character
The main advantages of e-commerce are demonstrable following benefits :.
Improved Response Time: Quick and cost efficient way in which to communicate and update
Improved competitive position :. Electronic commerce has the ability to level the playing field for small and large entities worldwide. Small and medium-sized businesses and public sector customers reap the benefits of e-commerce
Easy complete deals and financial transactions :. Click-and-pay technology is gaining popularity as a way in which to apply. Published information, communication, buying, selling, paying and stop orders will be 24 hours a day, 365 days a year
depth market reach and increase revenue :. Geographic barriers or boundaries are removed. That is an increase of Internet users to market products and services at lower cost and much faster
Increased consumer convenience and choice :. Consumers can easily find difficult to locate products and services, and also has a wide choice of who to buy anytime, anywhere.
reduced prices :. Increase competition forces organizations to produce better quality products at lower costs
Improved customer service :. Information is shared quickly by using the electronic medium
E-commerce has made life nice and simple technology improves, so will the concept of e-commerce to ensure that it is hassle free for its users.