The Basics Of E-Commerce

E-commerce is defined as the online dealing of business, connecting a vendor or seller and a buyer. Various products and services are being offered, but it’s key cornerstones is that the interactions, deal sign-ups and the payment processes happen online. According to www.searchcio.techtarget.com, e-commerce can be split into the following:

E-tailing or “virtual storefronts” on Web sites with online catalogues

Utilization of demographic data through Web contacts

Electronic Data Interchange (EDI)

Business-to-business purchasing and selling (B2B)

key facet of e-commerce is online shopping. Online shopping was actually developed by Michael Aldrich in 1979. E-commerce has earned a foothold in the today’s world. Almost in each corner of the globe, people have accepted the increasing importance of e-commerce. It gave rise to electronic funds transfer, supply chain management, internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems.

1. Electronic funds transfer – is the computer-based systems that are used to execute electronic financial transactions.

2. Supply chain management – is the management of interconnected businesses involved in rendering products and services to consumers.

3. Internet marketing – is simply put, the selling of products over the Internet.

4. Online transaction processing – is used to facilitate and manage transaction-oriented applications through data entry and processing.

5. Electronic data exchange – this is the transmission of data between companies or organizations through electronic means.

6. Inventory management systems – it is electronically tracking objects or materials through the use of barcodes, or other automatic identification for the inventory of objects.

Electronic commerce conducted among business is generally called B2B or business-to-business. Meanwhile, electronic commerce carried on between businesses and consumers is called B2C. E-commerce actually falls under the umbrella of e-business and also embraces data exchange for the facilitation of the financial and payment part of business deals and transactions.

Find out more about E-Commerce principles and how you can increase your Company Sales with different Online Marketing strategies.

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