E-Commerce stands for electronic commerce. E-Commerce means buying, selling and exchanging of products, services and information via computer networks. A person can deal with customers throughout the world. People can buy and sell good on internet. Even payments can be make using credit cards. E-Commerce is rapidly becoming popular.
Role of E-Commerce
The role of e-commerce in daily life is becoming very important. E-commerce can be used in the following ways:
- Electronic banking
Many banks are now introducing electronic banking. Using your computer, you can connect to the bank’s computer system via the internet and control your daily financial dealing from home. It reduces the staff and building of banks. May customers pay their bills from their bank accounts using this facility.
- Electronic shopping
It has become very easy from the people to shop from home using internet. Different manufacturers present their product s on the internet. People can browse the website, place an order and even make a payment using credit card. It has made shopping very easy.
- Conducting Auctions
Many websites provide the facility of auction. People participate in the auction to purchase a product. They can also pay the price using their credit cards etc. a popular website that provides this facility is eBay.
- Marketing and Advertising
E-commerce is playing an important part to market and advertise products all over the world. The use of popular websites can be an effective way of introducing a product to the customers.
- Providing customer services
Businessmen can interact with their customers using the internet. They can discuss different issues about their products. They can also deal with their complaints and provide different services to them.
- Online travel reservations
Online travel reservation is a popular use of e-commerce, People can reserve seats in airline flights, hotels or car using the internet.
- Online trading
Online trading is a process of conducting business using the internet. The stockbrokers can do all trading activities electronically. They can submit and receive bids using computers. They can also interconnect with computer screens where brokers match buyers with sellers. It reduces the cost as no paper or special building is required to conduct these activities.
Video conferencing is a type of conferencing in which video cameras and microphones are used for discussions. It provides an environment of normal meeting. It enables participants to see, hear and present material to one another as if they are in the same room. Video conferencing can speed up business process and procedures.