E-commerce has become a new type of global business and a major part of the new economy. It uses the most recent telecommunication and information technology to extend this market worldwide. E-commerce has become a highly popular type of business because of its numerous advantages. For instance, a business owner is required to travel for discussions with his business partners or customers. The overall costs and time necessary for promoting and supplying good and services have been significantly reduced. It is also in the advantage of the customers as they can buy whatever they want from the comfort of their home. To accomplish that, they need to have a computer, some internet browser, an internet connection and some sort of credit card. Furthermore, e-commerce is also about sales transactions, online financial transfers and purchases. Virtually, it offers unlimited possibilities and opportunities to individuals, institutions and companies.
The United States of America, for instance, went even further in terms of e-commerce as they support online transactions in such domains as imports and exports.
What is E-Commerce?
E-commerce refers to the information used in global business deals that take place possibly between different countries. It basically enables the trade of various different products, services or information. E-Commerce can offer electronic transactions which generate revenue, improving the demand for products and services, offering sales and customer support service. Thus, e-commerce serves as a virtual market, where communication takes place between vendors, brokers and buyers. In this market, the goods and services are available in digital and virtual form and are exchanged for electronic cash. Through the network, business opportunities and information are shared and various operations are performed including promotion, marketing, transaction, pre and post sale services, maintenance, loading and unloading or transportation. E-commerce also covers various services including insurance, contracting, tourism services, bank services, medical professions and consulting. Payl8r
Main Advantages of E-commerce
1. Creates numerous job opportunities. It has a major contribution in creating job opportunities in various fields as the demands for products and services leads to new investments to manufacture them and to extend the current capacity with more employers. E-commerce also requires people with new skills to be able to deal with the current modern trading methods. Various products and services are easily introduced in the global market, being a tremendous opportunity for people and companies to offer worldwide services at highly competitive prices.
2. E-commerce offers a great environment t for smaller business entities, offering them the chance to be part of the global business world, expanding their current activities and dominating the local market at very low costs.
3. E-commerce prevents monopoly, as the information is available for vendor and the buyer as well. Thus, the market becomes a highly competitive one, which is in fact in the benefit of the customers. The prices are truly determined by the evolution of supply and demand.
E-commerce expands markets, offers great opportunities at low costs and makes various products and services available worldwide, contributing to the welfare of numerous people.