SlideShare Explore Search You. Electronic commerce more well known as e-commerce, consists of the buying or selling of products via electronic means such as the internet or other electronic services. E-commerce is also known as electronic commerce or internet commerce. This sector is steadily growing and attaining competitiveness. They are very beneficial to keep third-parties out of the network. When organizations go online, they have to decide which e-business models best suit their goals. Ecommerce is an umbrella term that covers everything there is to do with buying or selling online, and can sometimes be otherwise written as “E Commerce,” “e-commerce,” or “eCommerce.” Any variation of the spelling is correct, and it all describes the same act … E-business is an abbreviation for electronic business. The need for electronic commerce emerged from the need to use computers more efficiently in banks and corporations. The customer has to wait for delivery of their product. In order to use a digital signature, one must use a combination of cryptography and a message digest. Low-cost, high-speed internet needs to be ensured in the rural areas. Shop now. There are 6 different types of e-commerce businesses. Over time many variants of EFTs within banks were introduced like debit cards, credit cards and direct deposits.[1]. More customers moved from traditional purchase to e-commerce because it is often faster and cheaper. Sites such as ebay and Amazon marketplace allow everyday people to sell their belongings to each other for a little extra cash. E-commerce or eCommerce is basically Electronic commerce that deals with buying and selling of services and products over electronic systems such as Internet and other Computer networks. Besides, Both parties in an e-business transaction want to have the assurance that the other party is who they claim to be, especially when a customer places an order and then submits a payment electronically. Furthermore, the other things that require full attention are securing servers and admin panels, payment gateway security, antivirus and anti-malware software, using firewalls is also a must, regular updates, and back up our data. It is often associated exclusively with online consumer shopping, but the term extends beyond that category. An e-commerce payment system (or an electronic payment system) facilitates the acceptance of electronic payment for online transactions. From the inception of the Internet and e-commerce, the possibilities have become endless for both businesses and consumers. E-Commerce Overview Definition of E-Commerce Brief History of E-Commerce 1 4. [14], A final way to secure information online would be to use a digital signature. According to BTRC officials the number of internet subscribers in Bangladesh had crossed 80 million in 2017. E-commerce is still one of the biggest business opportunity and any entrepreneur can take advantage if it’s implemented in right way, even if the stock market falls down, e-commerce business will survive on his own and continue receiving high transaction. Whereas e-business refers to all aspects of operating an online business, ecommerce refers specifically to the transaction of goods and services. Electronic commerce has reached new heights in recent years. As consumers can avail credit, debit card services and digital wallet, the cash-on-delivery system is now more accessible. For instance, online auction, peer-to-peer system for money or file exchange can be classified as forms of C2C e-commerce. It can provide personalized product and customer customization. The most common limitations of electronic business are: Market participants in Electronic Business. This form of e-commerce involves the purchase of books or any form of consumer goods. [10][11][12] Author Andrew Keen, a long-time critic of the social transformations caused by the Internet, has recently focused on the economic effects of consolidation from Internet businesses, since these businesses employ much fewer people per dollar of sales than traditional retailers. The name is self-explanatory, it is the meeting of buyers and sellers on the internet. Out of which $10 million was from Foreign Direct Investment. For this purpose the business partners have to couple their business processes and their ICT systems. CONCLUSION E COMMERCE. Over the last few years, internet connections have improved and the number of people who have access to the web has increased thus making way for e-commerce business to flourish. From the mid-nineties, major advancements were made in the commercial use of Internet. [5], After conducting worldwide market research in October 1997, IBM began with an eight-page piece in the Wall Street Journal that would introduce the concept of "e-business" and advertise IBM's expertise in the new field. [1] The term "e-business" was coined by IBM's marketing and Internet team in 1996.[2][3]. [14] Definition of E-Commerce E-Commerce or Electronic commerce is a process of buying, selling, transferring, or exchanging products, services, and/or information via electronic networks and computers 5. Some customer still finds it hard to trust electronic businesses because of the lack of security, reliability and integrity issues. Each employee can be given these to access the documents that they need from wherever they are. A wide range of technologies is used in e-commerce that includes electronic data interchange (EDI), electronic mail (e-mail), electronic funds transfer (EFT). There are a variety of techniques to address this concern including firewalls, access privileges, user identification and authentication techniques (such as passwords and digital certificates), Virtual Private Networks (VPN), and much more. There are several different ways to prevent access to the data that is kept online. According to market analysts Bangladesh's e-commerce business market will reach USD 20 billion by 2020. In other words, it is a business that electronically manages both the collections and payments. In this context, the expansion of the internet usage and mobile phone users is critical in the development of the e-commerce. The e-commerce industry needs to put more emphasis on delivery logistics and customer service. E-Commerce or Electronic Commerce means buying and selling of goods, products, or services over the internet. Digital certificates are not commonly used because they are confusing for people to implement. Despite the obstacles, the sector has a lot of potential and in the next few years, contribution of e-commerce to the country's GDP is likely to be significant. Currently the number of internet subscribers has reached 96.199 Million (June, 2019). The stress of this course will show you how to get started in the complex and exciting world of Electronic Commerce. E-commerce is an ever developing area. They are a little more complicated than normal encryption however. The costumers can buy straight from their homes. Electronic commerce or E-commerce allows consumers to electronically exchange goods and services with no barriers of time or distance. Hackers can easily get customers’ financial and personal details. credit card), or "something you are" (i.e. In case of Electronic Data Interchange (EDI) there needs to be an agreement between trading partners. This chapter explains about e-business, e-commerce, relation between e-business and e-commerce, adoption of e-business, types of e-commerce, e business in case of small and medium sized enterprises and current state of e-business in India and benefits of e-business. Conclusion. Ecommerce is an umbrella term that covers everything there is to do with buying or selling online, and can sometimes be otherwise written as “E Commerce,” “e-commerce,” or … Distribution management, inventory management, channel management, supplier management and payment management are some of the areas in which B2B applications are widely used. [8] A business model is defined as the organization of product, service and information flows, and the source of revenues and benefits for suppliers and customers. Solutions such as Shopify and WooCommerce allow even the least tech-savvy individuals to set up a store.. Gone are the days where hiring a designer and a web developer to get your ecommerce company off the ground are necessary.. Nowadays design templates and WYSIWYG systems enable people to launch an ecommerce store in a matter of minutes. The concept of e-business model is the same but used in the online presence. The market measure for e-commerce is expected to equal Tk 70 billion by 2021. It identifies which revenue source to pursue, what value to offer, how to price the value, and who pays for the value. The buyer cannot touch or feel the product online. often used interchangeably but at its core e-commerce is much broader than this – it embodies a concept for doing business online Hackers are one of the great threats to the security of e-businesses. C2C is a form of e-commerce we know, used well before internet appeared. The hacker could live three continents away from its victim, and they wouldn’t even know they were being hacked. Summary & Conclusion
E-commerce is a great way for businesses and consumers to interact internationally. Santa Clara University. Companies can use these certificates in several different ways. E-commerce is still one of the biggest business opportunity and any entrepreneur can take advantage if it’s implemented in right way, even if the stock market falls down, e-commerce business will survive on his own and continue receiving high transaction. In 1994, IBM, with its agency Ogilvy & Mather, began to use its foundation in IT solutions and expertise to market itself as a leader of conducting business on the Internet through the term "e-business. Government-to-Citizen(G2C) The Government-to-citizen refers to the government services that are accessed by the familiar people. Web. According to June 2019 statistics of BRTC, 90.4 million users subscribe to the mobile internet, 0.06 million subscribe to WiMAX, and 5.73 million to ISP + PSTN connections. Some companies set up traps or "hot spots" to attract people and are then able to know when someone is trying to hack into that area. How to Buy an E-commerce Business - FREE Course . [14] A digital signature not only ensures that a message or document has been electronically signed by the person, but since a digital signature can only be created by one person, it also ensures that this person cannot later deny that they provided their signature. A company needs to be sure that their keys are registered with a certificate authority. When compared to developed countries, developing countries have a higher potential for improving the business structure and raise productivity by using e-commerce as a medium. Summary and Conclusion 3. These messages have to be decrypted in order to be understandable or usable for someone. E-commerce or electronic commerce is, according to the definition of Wikipedia is… A system for the buying and selling of goods and services using the Internet as the main means of exchange. 80 per cent of the payments are done through cash-on-delivery method, whereas only 15-20 per cent are done through mobile payment gateways. [3] Though popular, this definition is not compre-hensive enough to capture recent developments in this new and revolutionary business phenomenon. Flexible Business Hours: There are no time barriers that a location-based business can encounter since the internet is available to everyone all the time. Thus small suppliers cannot get business through internet. If it is an international purchase (i.e. There can be complications when using different browsers, which means they need to use multiple certificates. Simultaneously, foreign investments are required in this sector. eBay is still the market leader in this niche, having established themselves in 1995. Beynon-Davies P. (2004). And Most of the government services fall under G2C. These certificates also use encryption. Security Issues: Scams could be mentioned as a factor for people's distrust in electronic business. Sites such as ebay and Amazon marketplace allow everyday people to sell their belongings to each other for a little extra cash. El Comercio Electrónico nace como una alternativa de reducción de costos y como herramienta fundamental en el desempeño empresarial; formando parte importante en el mundo de Internet, el cual no conoce fronteras y está transformando al mundo. They should look into protected access, virtual private networks, or internet protocol security. The key can be just a simple slide of letters or a completely random mix-up of letters. it greatly improves the efficiency of companies. Conclusion; What is Ecommerce. Online Business or e-business is any kind of business or commercial transaction that includes sharing information across the internet. The market is restricted to high income and educated population who own and know the use of internet. Home > Articles > Information Technology. B2C and B2B belong to e-commerce, while A2B and A2A belong to e-government sector that is also a part of electronic business. 5 August 2003. Read further to know about all these types. Palgrave, Basingstoke. E-commerce is commonly known as electronic marketing. Some of the key challenges are net neutrality, high-speed net, parcel delivery logistics and assurance of quality products. By having a revenue model, a business can focus on a target audience, fund development plans for a product or service, establish marketing plans, begin a line of credit and raise capital. : house rental) at generally lower costs than by promoting physically their business. Foreign players also pose competition and risk to local start-ups. E-commerce or electronic commerce, a subset of e-business, is the purchasing, selling and exchanging of goods and services over computer networks (such as the internet) through which transactions or terms of sale are performed electronically. Upcoming SlideShare. The new age og global e-commerce is creating entirely new economy … E-commerce is the pursuit of commercial activity through electronic tools. Numerous things can be done in order to protect our E-Business. <, "What Is Nonrepudiation? Though the benefits of E-commerce are many but creating a right user-friendly and secure platform for your e-commerce portal is also an art. E-commerce is also can do business it can provide a new way to companies of all sizes to create new relationships and extended relational operations on the basis of the now, website and network activity. The business internet which supports e-business has a cost to maintain of about $2 trillion in outsourced IT dollars just in the United States alone. Sometimes the review can be created manually to lure the customer to buy the product with wrong intention of selling. Without a well-defined revenue model, that is, a clear plan of how to generate revenues, new businesses will more likely struggle due to costs which they will not be able to sustain. Some of the types of e-commerce are as follows : Business-to-Business (B2B) Transactions that take place between two organizations come under Business to business. Its impact will be far-reaching, and more prominent then we know currently. Ecommerce, also known as electronic commerce or internet commerce, refers to the buying and selling of goods or services using the internet, and the transfer of money and data to execute these transactions. Another option they have is an intrusion detection system. Another missing factor of personal touch could also be in online transactions. However, in this book we will only use the term “E-Commerce“, because every business transaction finally is involved in selling or buying of products or services. This system replaced traditional mailing and faxing of documents with a digital transfer of data from one computer to another, without any human intervention. By Ravi Kalakota and … Neyddy Dyraz. Producers and traditional commerce wholesalers typically operate with this type of electronic commerce. Delivery Time: Traditional business enables instant satisfaction as you obtain the product the moment you purchase it, while in electronic business that is not possible. [14] The firewall also has the ability to log attempts into the network and provide warnings as it is happening. E-Business 2.0 Emerging Business Models. This does not resolve the issue completely, but it is an improvement. When it comes to security solutions, sustainable electronic business requires support for data integrity, strong authentication, and privacy. You also learned some of the key challenges of and tools available for developing an eBusiness solution. Ecommerce is a shortened version of the phrase “electronic commerce” which essentially describes any type of exchange of currency for goods or services online. Online transactions in Bangladesh have been increasing over the years. [14], The point of a digital certificate is to identify the owner of a document. The e-commerce industry in Bangladesh is an emerging industry. Perishable goods bought online can get spoiled during delivery. At present there are approximately 2,000 e-commerce sites and 50,000 Facebook-based outlets delivering almost 30,000 products a day. (i.e. 7th Aug 2019 Commercial Law Reference this Tags: UK Law. A business needs to be confident that data is not changed in transit, whether deliberately or by accident. In Bangladesh retail e-commerce is growing at 72 per cent a month. This page was last changed on 15 November 2020, at 20:32. - Definition." Conclusion - "E-commerce is an evolution" - By using electronic technology through the internet, it achieved * More competitions, more marketplaces, faster transactions, and more advanced technologies to make activities between customers and producers more active. E-commerce refers to commercial transactions of goods Cost of Goods Sold (COGS) Cost of Goods Sold (COGS) measures the “direct cost” incurred in the production of any goods or services. The level of the actual encryption can be adjusted and should be based on the information. Your products and services can be accessed by everyone with an internet connection. E commerce and E Contracts. 2) Consumer (C) That value is then encrypted with the sender's private key.[14]. The process is being adjusted so that it is easier to use. [6] Crimes by computer vary, and they don’t always occur behind the computer, but they executed by computer. In 2017, the B2C e-commerce business market measure equalled USD 110-115 million (around BDT 9.0 billion) compared to BDT 1335.71 billion made by the retail market. Thus small suppliers cannot get business through internet. The public one is used for encryption, and the private for decryption. If a document has a digital signature on it, no one else is able to edit the information without being detected. The term e-business came into existence in the year 1996. E-commerce is continuously progressing and is becoming more and more important to businesses as technology continues to advance and is something that should be taken advantage of and implemented. An e-commerce business model “enables a firm/individual to conduct business over an electronic network, typically the Internet.”The biggest advantage of an e-commerce is that the size of the market gets enlarged, hence the business gets bigger and the consumers have better access to quality products and services. The consumer and seller or service provider interaction gets bett… Upload; Login; Signup; Submit Search. To keep such information secure means protecting any electronic records and files from unauthorized access, as well as ensuring safe transmission and data storage of such information. Ecommerce is often used to refer to the sale of physical products online, but it can also describe any kind of commercial transaction that is facilitated through the internet. E-mail and fax are also forms of EDI. The growth around this area has been great. [14], This concern deals with the existence of proof in a transaction. The e-commerce companies fail to reach all parts of the country, including of course the rural areas, due to poor infrastructure and inability to access remote areas for lack of adequate transport facilities. Conclusion. Paul Marson, (2000), Electronic Commerce - strategies & models for B2B trading, pp.31, John Wiley & Sons, Ltd. University of Pittsburgh, comp. E-commerce includes buying and selling of goods, information, and services using a network of computers. They do this in order to assure authenticity of the documents as well as confidentiality and data integrity which always accompany encryption. EDI is a standard method for exchanging business data. With public key encryption, there are actually two keys used. Summary & Conclusion
E-commerce is a great way for businesses and consumers to interact internationally. 500 crores which can be invested only by big players. While much has been written of the economic advantages of Internet-enabled commerce, there is also evidence that some aspects of the internet such as maps and location-aware services may serve to reinforce economic inequality and the digital divide. Easy to set up: electronic business is easy to set up even from home, the only requirements are software, a device and internet connection. So the buyer and the seller don’t meet personally.In today’s world, we are exposed to various forms of e-Business. This module discussed why eBusiness is so central to the economy. In the traditional model, we have a more personal customer experience, while in electronic business that is mostly not the case. E-commerce Definition Electronic commerce or e-commerce is a term for any type of business, or commercial transaction, which involves the transfer of information across the Internet. A large chunk of almost 65 per cent of the operations of the e-commerce companies takes place in the capital and Chattogram. The history of ecommerce begins with the first ever online sale: on the August 11, 1994 a man sold a CD by the band Sting to his friend through his website NetMarket, an American retail platform. Transportation system affects the delivery of products. Amazon, which launched in 1995, started as an online bookstore and grew to become nowadays the largest online retailer worldwide, selling food, toys, electronics, apparel and more. The establishment of authenticity is even greater when a combination of techniques are used, and such techniques involve checking "something you know" (i.e. For example, Amazon assures one-day delivery. It was estimated that the number of deliveries per day added up to about 15,000 to 20,000 at the retail level. This type of trade has been growing rapidly because of the expansion of the Internet. Historian Peter Watson and Ramesh Manickam date the history of long-distance commerce from circa 150,000 years ago.. Conclusion. Electronic business can take place between a very large number of market participants; it can be between business and consumer, private individuals, public administrations or any other organizations such as NGOs. In addition, also can buy or sell goods and products on the internet. Many times in e-business, however, "something you are" is pretty strongly verified by checking the purchaser's "something you have" (i.e. VIDEO SALE. Conclusion On E Commerce E-commerceis the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network,primarily the Internet (Rous These business transactions occur in business-to-business, business-to-consumer, consumer-to-consumer or consumer-to-business (Kinjal, 2014). Conclusion. Lower levels of inventory: Electronic business enables companies to lower their level of inventory by digitalizing their assets. Since its emergence, it has grown by leaps and bounds. The hacker’s identity is ranged between 12 years young to 67years old. A business must have assurance that the receiving party or purchaser cannot deny that a transaction has occurred, and this means having sufficient evidence to prove the transaction. This technological Improvement has brought faster … One way to address non-repudiation is using digital signatures. electronic commerce, or buying and selling over the web) is becoming more and more popular. One common way to ensure this is to limit access to a network or trusted parties by using a virtual private network (VPN) technology. 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. Markkula Center for Applied Ethics, 2010. [citation needed], E-business systems naturally have greater security risks than traditional business systems, therefore it is important for e-business systems to be fully protected against these risks. It has made e-business easy and accessible to people sitting at home. As we focus on the costs of online shopping, it seems that online shopping is really detrimental for the environment. Starting an E commerce business has never been easier. Commerce constitutes the exchange of products and services between businesses, groups and individuals and can be seen as one of the essential activities of any business. Till 2018, the number of e-commerce business sites and e-commerce pages equalled 2,500 and 150,000 respectively. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply in chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection. [13][14], Confidentiality is the extent to which businesses makes personal information available to other businesses and individuals. A stated Wikipedia, electronic commerce - the purchase and sale of goods or se rvices on the . As we can see, online shopping may or may not be greener than traditional shopping. The availability of Internet has led to the development of E-Commerce (Electronic commerce), in which business transactions take place via telecommunication networks. Consumer-to-consumer, the oldest form of e-commerce has facilitated in large part by websites offering free classified advertisements, auctions, forums, and individual pages for start-up entrepreneurs. credit card) and "something you know" (i.e. It increases flexibility and ease of shopping for the customer. It includes material cost, direct or services conducted over the internet. Before we check the different e-commerce business models, let us briefly discuss the e-commerce business models’ classifications. A far greater number of people have access to e-businesses through the internet than would have access to a traditional business. With the extensive use of Internet, the amount of trade carried out electronically has developed tremendously. Conclusion With the growth of electronic commerce (e-commerce) and the future forecasting of the increasing of online business transaction, it is important for e-commerce to develop its full potential. The payment procedures offered by e-commerce sites need to be made more secure. These wireless devices interact with computer networks that have the ability to conduct online merchandise purchases. In Bangladesh bikroy.com, clickbd.com are examples of C2C platforms. a imported good), the product may be. Throughout the world, e-commerce (i.e. Transaction of money, funds, and data are also considered as E-commerce. E-Business. [14], This concern is specifically pertinent to a business' customers as certain information must be available when customers need it. 1) Business (B) This is largely due to a lack of trust and the absence of a reliable and safe payment system. There will always be a waiting period before you receive the product. This has seen a particular boom over the last ten years. In 2018 the number of internet users further increased to 91.3 million and the penetration rate was 52.77 per cent. Cheaper than Traditional Business: Electronic business is less costly than a traditional business, but it is more expensive to set up. Transactions cost are also cheaper. Electronic commerce is popularly known as e-commerce. 5386 words (22 pages) Law Essay. In 2016, $50 million was invested in the e-commerce sector in Bangladesh. This chapter explains the conclusion, limitations and future recommendations. It is difficult to know when an online site is safe to use. Conclusion. These services provided online over the internet network. E-commerce includes buying and selling of goods, information, and services using a network of computers. Download. E-commerce business in India has a tremendous scope and the future of e-commerce looks really lively. This type of trade has been growing rapidly because of the expansion of the Internet. They can be used as a replacement for user names and passwords. Shoppers are given a broader range of products to choose from online. 6. Credit cards remain the most common forms of payment for e-commerce transactions. The need for electronic commerce emerged from the need to use computers more efficiently in banks and corporations. This chapter explains the conclusion, limitations and future recommendations. It helps organizations identify new suppliers, partners and customers. Types of E-Commerce Business Models. This system alerts when there are possible intrusions. All the advantages there are nine possible combinations for electronic commerce started with the existence of in... And seller or service provider interaction gets bett… Starting an E commerce occurs when consumer sells directly consumers! To HTTPS from old outdated HTTP protocol which is esti­mated around us $ 100 million or Rs. Virtual private networks, such as ebay and Amazon marketplace allow everyday people to sell their belongings to other! Broader than this – it embodies a concept for doing business easier when looking at e-business we many! 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