E business - What is E Commerce
The basic concept of E-commerce is doing business using internet so as to improve the speed and efficacy of the business. In the process, the website of an organization is integrated with the heart of the business, thus giving more control to the customer. So E-commerce not only makes the life of customers easier, it also increases the scope of business activity of the organization.
When we say that E-commerce solutions refer to conducting business on-line over the Internet, this includes a whole gamut of activities from buying and selling products, business-to-business transactions to product catalogues, staff and client training systems and many more! Anybody selling a good or service, irrespective of the size or nature of the business, can have his/her analogue on the Internet and benefit from e-commerce solutions.
The reasons for the choice of E-commerce are many:
Firstly, since the internet is the fastest growing medium in history, i.e., reaches more people, affects more aspects of our lives and has become a fundamental part of twenty-first century living, E-commerce has much wider reach to the customers than any other means.
Here are a few statistics about internet:
- Each day, 160,000 people log on to the Internet for the first time.
- Over 125,000 home-based businesses are being launched on the Internet every single week.
- Consumers use the internet more often than they watch TV, read the newspaper, or listen to the radio.
- By 2005, Jupiter communications predicts the online market will surpass $7 billion a year
- 80% of all Internet user sessions begin at a search engine.
- 8 out of 10 users are looking for product and service information using search engines everyday!
- The numbers clearly show that the Internet is attracting more and more users, which mean more business.
- Potential buyers of goods and services are online.
Secondly, E-commerce development is an exceptionally cost effective way of promoting your business, generating extra profits and delivering better services to your customers. E-commerce solutions can remove all geographical boundaries and time differences while working for you 24 hours a day, 7 days a week.
Also, internet is a boon to many small to medium size businesses which cannot afford to advertise on television nor in highly circulated magazines, newspapers, or business directories. As more users, which mean more potential buyers of goods and services are online, the business can reach more potential customers at affordable prices.