The Foundations Of E-Commerce

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

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

Use of demographic information through Web links

Electronic Data Interchange (EDI)

Business-to-business purchasing and trading (B2B)

A primary 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 recognized the increasing significance of e-commerce. It led to the development of 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 perform 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 through the Internet.

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

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

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

Electronic commerce conducted between business is most commonly called B2B or business-to-business. Meanwhile, electronic commerce conducted between businesses and consumers is called B2C. E-commerce actually falls under the umbrella of e-business and also covers data exchange for the facilitation of the financial and payment aspects of business deals and transactions.

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

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