Importance of E-Commerce
This is an age of science and technology. The e-Commerce is the demand of time, customers, business and nations. The practice, description, and terminology of any or all applied sciences of commercial value by dint of science is E-Commerce. It is the online buying and selling process which is extremely important in our daily life now. Online stores like Amazon, Flipkart, Shopify, Myntra, Ebay, Quikr, Olx are examples of E-commerce websites.
Science has contributed one wonder after another day by day in the world. The foremost reason behind the growth of Internet users besides social media in e-commerce. The computer is one of the most useful inventions of modern science. By opening the computer, logs on to the internet click a few times and within a few moments, we may take the world in our hand and can go to the new world of E-Commerce. E-Commerce is at the heart of the Internet and e-commerce is as important as a heart is for a body. It is not limited to shopping on the internet. It encompasses all the aspects of running a business, from advertising and marketing to sales, ordering, manufacturing, distributing, customer service and inventory procurement. It is an important profit driver for business.
E-Commerce can have a very profound impact on corporate strategy because it not only changes the way a company interacts with its customers but also changes its suppliers, partners, employees or investors. Costs incurred in everything from inventory, customer details, payment details to product selection and management of customers’ interests are lower than traditional commerce expenses. A few years back it was beyond our imagination. Electronic media have changed the expectations of all concerned persons in the field of commerce. Day by day E-Commerce is becoming popular all over the world.
Between 1990 and 2000 the estimated number of internet users grew from around 1 million to 300 million. This explosion has had a major impact on commercial activities, as firms realize the potential of the Internet to reach a consumer audience beyond the reach of traditional marketing means. The increasing popularity of the web as a vehicle for commercial and marketing enterprises is due mainly to its current size and potential for future growth and expansion.
E-Commerce is very important in the age of science, technology, and the internet. E-Commerce has given the facility of making online transactions. Producers and customers are not required to talk face to face or customers are not required to go to shops for buying products or services. They may get their required products or services staying in their houses.
It presents a lot of advantages and challenges for all parties involved. Buyers and sellers are free to choose any marketplace for selling and buying their goods and services. For consumers, the benefits of E-Commerce are multi-folded including increased availability of information about products. Small Business owners can market their products and services on social media, search engines for free. E-Commerce also includes the enormous, potential of the web as a distribution channel, a global medium for marketing communications, lower distribution costs, as the use of middlemen no longer becomes essential. Lower marketing costs as buyers and sellers are able to communicate in a direction with each other.
Ecommerce platforms provided the way for business owners to maximize their business reach. Operational benefits such as reduced errors, time and overhead costs in informational processing; and easier, faster and cheaper creation of entry into new markets. E-Commerce is important for many reasons because it provides. Transaction of money, funds, and data are also considered as E-commerce.