Importance of E-commerce in Modern Business - 1176 Words

Table of Contents Definition and types of E-commerce 3 E-commerce payment systems 3-4 Importance of E-commerce in modern business 3 Conclusion 7 Recommendation 7 References 8 E-Commerce refers to the buying and selling of products and services over electronic systems like the internet and other computer networks. This system depends on technologies like electronic funds transfer, supply chain management, internet marketing, online transactions, electronic data interchange and automated data collection systems. E-commerce is divided into three major categories which include; Consumer to consumer: electronic commerce which involves consumers selling directly to consumers. Like eBay†¦show more content†¦Electronic commerce also helps to create interactive web stores where users can look at the products, their descriptions and order for them online through shopping cart and they can use the various options like credit cards, visa cards, digital wallet and smart cards which factor reduces the labor cost and hence vendors are able to make branded products available at lower prices and hence a wider market. Electronic commerce has also reduced on the cost of marketing and promotions in form of advertisements for many companies using electronic commerce like DELL and eBay whereby, various products on the market are always uploaded on the different web sites which factor enables such companies to save and invest more in their respective businesses and hence boosting business in the modern globe. Electronic commerce saves time of both the vendors and the customer in a way that, the vendor only needs a well designed and attractive web sites where his or her products are to be uploaded and its upon the customers to browse and see what they really need and then just order directly from the vendors. With the introduction of multiple payment systems, electronic commerce has greatly improved on the business standards in different countries like UKShow MoreRelatedImpacts Of Technology E Commerce1471 Words   |  6 PagesTechnology in Business – E-Commerce Since the introduction of the Internet in the 1950’s, development of technology began for use by the military until it was soon introduced to the public for commercial and private use. Throughout the decades ever since, technology was then on the road to sudden rapid expansion, with a big boom in new hardware, software and internet capabilities such as faster computer speeds, faster internet connections and efficient software. 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