Topic: What is E-Commerce? OR Define E-Commerce. OR Write a Note on Ecommerce.
E-Commerce:
E-Commerce is the use of the internet, the web, and smartphone apps and
browsers running on mobile devices to transact business. Precisely, it is
the digitally enabled commercial transactions carry out between/among organizations and individuals.
E-Commerce is the process of buying, selling, or exchanging products and
information via computer networking.
Elements of
E-Commerce:
·
Internet
and Web
·
Mobile Apps
and Browsers
·
Digitally
Enabled Transactions (all transactions through digital technology)
·
Commercial
Transactions (exchange of value)
These days, e-commerce is booming and almost every industry has shifted
its operations online. This is the reason that the IT sector is flourishing and
innovating day by day. The number of users of the internet is enormously increasing, and
thousands of websites are launched on daily basis. Every business has its own
smartphone apps that give its customers real-time experience to interact with
the business and buy its products and/or services setting in any corner of the
world.
The e-commerce ecosystem is the digitally enabled system that facilitates users to
transact via digital media and information technology. These technologies are
only used for commercial transactions (exchange of value). Commercial
transactions are those transactions; either of tangible and intangible nature,
which involve exchange of value between/among the transacting parties. For simplicity's
purposes, an online retail bookstore sells books to its customers for the exchange of
money (cash). In this example, the cash brings value for the bookstore’s owner
and the book creates value for the buyer.
Exchange of Value: Exchange of value means that in commercial transactions the transacting parties exchange things that fulfill their needs or intended purpose of transacting. This may be exchanging products and/or services with money, and/or bartering products/services with products/services (mainly termed as barter system). Exchange of value is also termed as exchange consideration.
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