E-Commerce & Its Features

E-COMMERCE & ITS FEATURES 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. 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-commerce is a transaction of buying or selling online. 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. Whereas e-business refers to all aspects of operating an online business, ecommerce refers specifically to the transaction of goods and services. 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 email. Typical ecommerce 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. Features of E-Commerce 1. E-Commerce is Technology-Enabled: Traditional commerce is taking place since times immemorial but E-commerce is result of integration of digital technology with business processes and commercial transactions. The technological foundations of E-commerce are internet, www and various protocols. 2. Technology Mediated: In E-commerce buyers and sellers meet in cyber space rather than physical place. Hence E-commerce does not involve face to face contact. 3. Universality: Buying and selling take place through websites in E-Commerce. The websites can be accessed from anywhere around the globe at any time therefore it possess the feature of universality. 4. Intercommunication: E-commerce technology ensures two way communications between buyer and seller. On one hand by using E- commerce firms can communicate with customers through E-commerce enabled websites. On the other end, customers can also fill order forms, feedback forms and can communicate with business operating firms. 5. Delivery of Information: E-commerce serves as the best channel of communication. Ecommerce technologies ensure speedy delivery of information at very low cost and considerably increase information density as well. 6. Electronic Completion of Business Processes: By using E- commerce we can perform business transactions like accounting and inventory through computers at global level. 7. Virtual Communities: Virtual Communities are online communities created by means such as chat rooms and specifically designed sites like, where people can interact with each other having common interest using the internet. 8. Inter-Disciplinary in Nature: Implementation of E-Commerce needs a lot of knowledge of managerial, technological, social and legal issues. Besides this, understanding of consumer behaviour, marketing tools and financial aspects is as crucial as designing interactive E- Commerce websites. 9. Customization: With the use of E-commerce technology, the world is moving from mass production to mass-customization. Product customization ensures that goods are tailor made as per the requirements and preferences of customers.