What does e-commerce mean?
Definition of E-commerce
"The paperless exchange of important business information that takes place using various communication means such as e-mail, fax transmissions, electronic data interchange (EDI), electronic bulletin boards or forums, and electronic funds transfer is known as e-commerce."
E-commerce refers to the online/internet shopping, selling of soft goods/merchandise, business-to-business (b2b) transactions, and online stocks & bond transactions.
Simply put E-commerce stands for "electronic commerce". In simple terms, E-commerce is an innovative process that entails "buying and selling of products through websites on the internet" instead of the normal shopping-at-the-store offline. E-commerce is the pre-eminent online buzzword for business.
Why do I need to setup an e-commerce business?
Normally, we do business by putting up goods at a store. That's how we come to know more about our customers. Face to face communication is regarded as the best way to keep in touch with our customers. You can come to know exactly what your customers are looking for while you are communicating to them so as to understand their tone of voice, body language and facial expressions. If our customers cannot come to the shop and purchase an item, they would dial a number of the shop and place an order for an item to be delivered right at their doorstep. There are numerous other ways such as the U.S. postal service, federal express, a fax machine or even a messenger service through which shopping takes place. However, e-commerce has revolutionized the way we do business across the globe through simple clicks.
The internet has become a superb medium for communicating to a large number of customers within a short span of time. Maintaining customer relationships is easier than ever as doing business online has many benefits. A simple response to a customers query can be resolved within a flash of a second through sending an e-mail to the customer's inbox. E-commerce was originally started so as to enable business owners to do business better and faster. An online business requires the same commitment that an offline business requires but it is more efficient and helps generate more number of sales faster.
Now, if you setup an electronic business over the internet that saves time, energy and money for your customers while it meets their needs, and helps you save a lot of money on expanding your business without the need for intensive communication with customers, how good would that be for you?
It would be great! E-commerce would help expand your business multifold!
How does e-commerce work?
E-business is a way to sell more to more number of customers while they serve themselves as per their convenience irrespective if the time is 3 A.M. in the morning or the customer is vacationing in the Caribbean. Customers can just enter the website URL, for instance www.eBay.com, and search for the product they are looking for at eBay. Most importantly, customers do not have to compulsorily visit a shop, and a store owner need not purchase extra shop space to store & decorate all the goods for visitors to purchase them. The customers can just register their personal details with the e-commerce website and gain controlled access to the e-commerce website's product information database.
Many e-commerce websites have a huge list of products that they sell. They offer consumers to buy from a variety of branded and non-branded goods of better quality through faster, cheaper and trusted sources. They offer a very good shopping cart service just like the carts that are provided to shop in shopping malls and stores. Once the consumer decides to end shopping, the consumer can choose to checkout and make the final payment. If a consumer buys more products, there are various offers such as "free-shipping" or discount vouchers that are offered on major e-commerce sites like Amazon and eBay. Nowadays, most e-commerce websites accept payments by credit card or even digital cash through a secured server though payments are not accepted by cash/check. Once the consumer pays for the product they had like to buy, the product is then shipped to the address the consumer directs the website to for shipping which could be different from the residential address. Generally, it takes seven days for e-commerce companies to ship the product to the specified address. However, a product can be shipped within two business days through express mail delivery systems if a customer chooses to receive them faster. Moreover, if the consumers do have any complaints or suggestions about the product that they must have bought recently from an e-commerce website, they can call the toll-free customer service helpline or even write an e-mail to them to which they respond normally within two business days.
E-commerce . A faster, easier, smarter and affordable shopping experience on the internet.