E-commerce can refer to several things and the services they provide or the products they sell. Basically, e-commerce is simply the act of selling or buying of goods over the Internet or via electronic means. Some examples of e-commerce include online retailing, internet banking, shopping cart software and credit card purchasing. Today, the industry is experiencing significant growth.
It is evident that e-commerce and m-commerce are not the same thing but the two are interchangeable. E-commerce refers to any type of e-business that enables consumers to make transactions online. It is evident that this field is growing significantly worldwide especially in developing countries such as South Africa, Brazil, India, Indonesia, Malaysia, Singapore and China. There are three kinds of electronic commerce. They are: m-commerce, p-commerce and e-business.
e-commerce transactions are conducted at an economical cost. An e-commerce site facilitates consumers to conduct business all over the world by providing online sales, electronic invoice payment, real-time processing, multi-lingual shopping cart and secure online payments. Consumers purchase their favorite items from the site’s retail outlet, pay online using a bank’s secure terminal, and the transaction is completed within a few seconds. This is how e-commerce helps consumers around the globe conduct business conveniently. This is how e-commerce helps boost the economy.
e-commerce is a simple way of conducting transactions through the use of computer network. The consumer purchases goods or services from the site and pays for them using their financial account. Payment can also be made using credit cards, prepaid or debit cards, PayPal and other such financial transfer methods. There are some c2b providers that allow consumers to complete transactions for their purchased goods or services even while traveling abroad.
With e-commerce, the entire process becomes seamless, allowing the customers to move between states, countries and even countries, without having to change their physical representation. There are even some e-commerce sites that allow for electronic commerce wherein you will not even need a telephone handset or internet connection. Such sites offer online shopping, marketplaces where products and services are bought and sold, and auctions that make it possible to buy or sell goods through auctions. Such auction sites also facilitate electronic commerce by giving the opportunity for consumers and merchants to come together to determine price and a winner through a “matches” or auction-type system.
Payment is also possible through various payment methods such as cash, credit card information, electronic transfer, and other such methods. The market for e-commerce has grown tremendously over the years due to the ease of processing payments and the absence of chargebacks that consumers commonly experience when paying for goods over the telephone or internet. The lack of chargebacks often frustrate consumers who have spent too much on credit cards and other forms of online payments and are not able to regain all of their money, while e-commerce sites to help consumers overcome this frustration by providing refunds, regardless of whether or not they have spent money using credit cards.
The next key takeaway for e-commerce is security. This is perhaps the most important consideration for consumers when choosing an e-commerce platform for their transactions. Security is especially a major consideration because consumers expect secure transactions and want to be confident that their personal and financial data is safe. An e-commerce platform should have implemented measures that take care of identifying the fraudulent transactions, which often result from the reuse of a credit card number or cookie, and preventing those types of transactions in the future. Other measures can include implementing measures to ensure that only humans are allowed to sign documents, that passwords and other access codes are encrypted, and that sensitive information cannot be copied or reproduced.
The fourth key takeaway is customer service. E-commerce businesses to provide adequate support, information and service to customers through online contact, the website, phone calls, and even at physical locations. If an e-commerce business does not provide adequate support to its customers, consumers will not continue to utilize its services and this can have a negative impact on the company’s revenue and reputation. Furthermore, if consumers do not feel that they are receiving quality customer service, they are likely to seek a replacement for the e-commerce site to avoid the potential frustration.