Electronic commerce is the ability of buying and selling of goods over the internet. The main purpose is to conduct transactions irrespective of geographical barriers. The ability to have customer’s complete orders 24 hours a day is invaluable. A potential customer can role over in bed at 4 am think of something they want to buy search for it on the site and make the purchase instantly. Modern electronic commerce typically uses the World Wide entirely.
Mainly, e-commerce refers to exchange of goods and services, funds or an information, between business and customers using the electronic network that is internet or value added networks (VAN) for most security and integrity. Now, Internet is a global market place which is even afforded by a small retailer. E-commerce refers to a wide range of online business for products and services. It has become an integral part of business in modern world. Information and communication technologies (ICT) are used in e-marketing to create and add to relationships among organizations and between an individual and an organization.
Amazon.com is an example of US multinational company selling directly to the consumers over the network. E-commerce is important for business because it is user-friendly, Round the clock service. The ecommerce market has become a vital part of economy. The major difference between traditional commerce and ecommerce is accessibility, Ecommerce also provides the low cost of entry comparing to traditional commerce.
This paper mainly aims to discuss the role of e-commerce in today’s business. Keywords: ICT, VAN, Strategy
I. INTRODUCTION
The best way of dealing business is e-commerce in the present world. Banking transaction through internet consumes less time and expenses compared to traditional banking. While dealing any business with the e-commerce there is no need of more contact information between buyers and sellers.
The banking method which may take up to hours, this fact obviously proves that e-commerce is beneficial for both business and consumer wise a payment and documentations can be done with a great efficiency. It also provides a better connectivity for the customers as websites can be accessed virtually from internet. E-commerce is much more convenient as they can browse many categories. E-commerce is a multidisciplinary area which can be developed with the existing fields such as information systems and technology; Marketing, Finance and Supply chain management. Electronic commerce research and applications will contribute for the establishment of the community to create the knowledge, technology, theory and applications for the development of e-commerce.
This is targeted at the intersection of technological potential and business aims. E-commerce composes all business conducted by means of computer networks. Advances in telecommunications and computer technologies in recent years have made computer networks an integral part of the economic infrastructure. The various solutions of e-commerce are as shown in figure-1. Figure-1: The solutions of e-commerce.
E-commerce refers to buying or selling a product by using the internet as the platform. The computer communication network is creating an e-commerce market place a global one with the use of web-based technologies. India is showing an immense growth in e-commerce. One of the reasons for that are the usage of internet and the low cost of the pc.
The opportunity offered by e-commerce in India is a growing awareness among business community. Figure-1 tells about the different solutions for the betterment of e-commerce growth in modern business.
II. LITERATURE SURVEY
Almeida G A A et al 1, 2007, gives details about e-commerce is an easiest way of dealing business. Clayton T et al 3, 2002, studied the changes which have come across the electronic commerce in business.
Chavan J 2, 2013, examined about what are the benefits of e-commerce and also challenges of e-commerce in this economy. Molla A and Heeks R 6, 2007, analysis on Exploring ideas and views about benefits of e-commerce in business. Laudon K C and Traver C G 5, Fifth edition, detailed study on the introduction of e-commerce and about the improvement of technology and also about the society. Dhar p & Dutta S P 8, 2003, explained the basic ideas on information technology and in which applications it is used. Harris L and Spence L J 4, 2002, studied about some rules and regulations to be followed in the banking sessions.
Nanehkaran Y A 7, 2013, explaining about e-commerce and giving complete introduction to e-commerce.
III. OBJECTIVES OF THE STUDY
Objective gives the business a clearly defined target. Plans are made to achieve targets. It motivates the employees. The objective of this study is to use e-commerce domain companies and consumers. The major study is to conduct and evaluate the perception and secure recommending payment method based on the analysis.
To be safer and secure transaction consumers and e-commerce companies must follow some basic rules and regulations with latest technologies. Nowadays hacking has become very common due to that consumer and companies should maintain their transactions more secure and safe. This is one of the alarming sign for the whole world. The new breed of hackers can do damage if write steps are not taken.
IV. PROPOSED METHODOLOGY
This paper has designed an effective analysis of e-commerce in today’s business based on the secondary data.
The secondary data are gathered from eBooks, journals, real time survey, internet, research papers. According to Forrester Research says: Online retails are projected to outpace brick-and-mortar sales for least several years. Customers and buyers are facing many problems purchasing products online such as poor quality of products, delivery and logistics, digital payment failures, lack of security, unclear guarantee policies and return and so on… The present paper deals with the poor quality of products. Clothes are one of the examples for poor quality of the products. In past years, exchanging of products is a difficult task.
The present generation online stores provide exchange and also return products within a specified limit. They also provide fantastic offers such as Jabong dresses sale, voonik offers, Myntra coupons and so on. Myntra is one of the India’s largest online fashion stores. Voonik is an online marketplace operating in products for women.
V. SITUATION OF E-COMMERCE IN INDIA
India is one of the fastest-growing e-commerce markets throughout the world. E-commerce has been growing rapidly because people are more easily accessing the internet compared to past. India is remarkable in e-commerce. Convenient, economic internet access, increased use of internet and busy schedules of working professionals are the factors lead to the growth of e-commerce. Internet users in India are about 450 million as of July 2017, 40% of the population.
India is a first country came into interaction with the online E-commerce via with the IRTC. The government came forward with the IRTC online passenger Reservation System was the first time encountered the online ticket booking from anywhere at any time. Cash on delivery is the most preferred payment method, accumulating 75% of the e-retail activities. By considering the year 2015, the largest e-commerce companies in India are Snapdeal, Flipkart, Amazon India and paytm.
According to ASSOCHAM-Forrester study, as compared to annual growth of 51% for e-commerce market in India, the world leader, China stands on an 18% annual growth. According to a study organized by the Internet and Mobile Association of India, e-commerce sector is approximated to reach Rs.211, 005 crore by December 2016.According to some studies, India is expected to generate $100 billion online retail revenue out of which $35 billion will be through fashion e-commerce.
VI. APPLICATIONS OF E-COMMERCE
One of the advantages of using e-commerce in business is motivating lot of businesses to the use of e-commerce for their business. Some of the business areas using e-commerce such as retail, wholesale and manufacturing are using. Virtual Banking is one of the applications of e-commerce. Numbers of online banks are insured by a Federal Deposit Insurance Corporation (FDIC) in the United States.
Payment can be done electronically. The facilities available such as customers can order a cheque book, report loss of credit cards, stop payment on a coequal, statements, advise change of address and other routine actions. Most of the banks provide customer to download copies of bank statements, which can be printed at the customer premises. Some banks also provide customers to download transactions directly into the customers accounting software. Ex: ICICI Bank, HDFC Bank.
Electronic Auctions: To implement the auction process, internet has added a new dimension by creating an online mechanism. The electronic auctions potentially encourage greater participation as any internet users with access to site hosting an auction can bid. AuctionIndia.com and ebay.com are the examples. Electronic Searching: Electronic search involves searching for object of interest utilizing one or more such as SARSAT queries, Radio, Radar and other electromagnetic methods.
Examples of electronic searching are yahoo (http://www.yahoo.com), AltaVista, Whowhere.com, yp.intel.com (http://www.altavista.com) and India123. Supply Chain Management: It is the integration of key business processes from end user through original suppliers that provides products, services, and information that add value for customers and other stakeholders.
VII. CONCLUSION
E-commerce is a technology which gives the consumer access to business throughout the world. The internet has led to the birth and evolution of e-commerce. At present e-commerce is the key component for many organizations to run their daily business transactions.
One of the main benefits of e-commerce through commercial transactions is making money on the internet. In general, today’s businesses must always strive to create the next best thing that consumers will desire their products and services, Speed and flexibility, low cost transactions, are some of the advantages to deal business online internet. This paper conveys that a person who can deal business online using e-commerce site can lead their life easily and comfortably in future without any investment for establishment. Growth of e-commerce from the year 2000 to 2018 as shown in figure-2. Figure-2: Growth of E-commerce.
E-commerce is evolving rapidly. E-commerce has become important part of modern businesses and a luxury for consumers. Today’s e-commerce giants like Amazon and eBay started two decades back. According to figure-2 growth of e-commerce increasing from past years till today. Some of the most important milestones and the development of e-commerce state and industry from 2000 to 2018 as shown in figure-2.
