Essay About Electronic Commerce And E-Commerce

Electronic Commerce
Introduction
Electronic commerce, also known as e-commerce or eCommerce, refers to commercial transactions
that are conducted over electronics medium such as the internet, computer network, mobile network
Some of these transactions include buying and selling of product, accessing
online services and trading shares/stocks etc. conventional marketplaces for many kinds of
transactions. For example, the Internet is an ideal technology for streamlining mortgage lending
processes. Customers can complete loan application over the Internet rather than tying up the time of
staffs in an office. Furthermore, data and funds can be sent back and forth electronically.
E-commerce
allows consumers to electronically exchange goods and services with no barriers of time or distance.
With the flexibility offered by computer networks and easy availability of the internet, e-commerce has
become the fundamental platform for business around the world. Instead of using paper during
transaction, businesses have turn to electronic signals in virtual space as the preferred medium of
communication, both in and outside the organizations.
Consumers are gradually turning to the Internet to locate and purchase their goods and services.
Whilst having a rich source of product and company information, the Internet helps organizations to
provide better, faster, cheaper goods and services to their customers. For example, through regular
media coverage, growing interests in the technology sector, and a steady stream of product
announcements, public interest in the online phenomenon has greatly increased.
Internet e-commerce is redefining industry value chains, shrinking the dimensions of time and space
to create a dynamic competitive environment. This creates opportunities for businesses to perform
profitable activities online and serves as a distribution channel for both information and transactions;
Internet e-commerce is quickly replacing the intermediaries that link the gap between a company and
its customers promoting easier cooperation and communication between different groups. As the links