What is E-commerce and Its Positive Impact On The Economy
What is E-commerce
E-commerce is the activity of buying or selling of products on online services or over the Internet. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems.
Modern electronic commerce typically uses the World Wide Web for at least one part of the transaction’s life cycle although it may also use other technologies such as e-mail. Typical e-commerce transactions include the purchase of online books (such as Amazon) and music purchases (music download in the form of digital distribution such as iTunes Store), and to a less extent, customized/personalized online liquor store inventory services. There three areas of e-commerce: online retailing, electric markets, and online auctions. Online retailing has seen tremendous growth both in terms of sales volume and in terms of the number of retailers.
E-commerce is supported by electronic business.
Electronic business refers to business processes that supported by electronic means. These electronic means use various technologies such as the Internet, enterprise resource planning (ERP), electronic data interchange (EDI), inventory management systems, and automated data collection systems.
The term ‘e-commerce’ coined in the early 1990s. It originally referred to the use of electronic means to conduct business, but in recent years it been used more broadly to refer to any type of business that is conducted online.
The growth of e-commerce has been fueled by the growth of the Internet. The number of people who have access to the Internet has grown exponentially over the past few years. In addition, the number of people who comfortable making purchases online has also grown. The ease of use of e-commerce systems. And the low cost of entry have made it possible for small businesses to enter the market and compete with larger businesses.
The growth of mobile commerce is also playing a role in the growth of e-commerce
Mobile commerce the use of wireless devices to conduct transactions. The number of people who own and use mobile devices has grown rapidly in recent years. In addition, the use of mobile devices to access the Internet has also grown. Mobile commerce expected to grow even further in the next few years as the use of mobile devices continues to grow.
The growth of e-commerce also fueled by the growth of social media. Social media platforms such as Facebook, Twitter, and Pinterest have made it possible for businesses to reach a larger audience than ever before. In addition, social media platforms made it possible for businesses to interact with their customers and build relationships.
The growth of e-commerce has had a positive impact on the economy.
E-commerce has created new jobs and businesses. In addition, e-commerce has helped to lower the cost of doing business by making it possible to sell products and services online.
E-commerce has also a positive impact on the environment. By making it possible to conduct business online, e-commerce has reduced the need for paper and packaging. In addition, e-commerce has made it possible to sell products and services that digital. Which reduces the need for physical products.
The growth of e-commerce expected to continue in the future. The continued growth of the Internet, the growth of mobile commerce. And the growth of social media all expected to contribute to the growth of e-commerce.