Electronic commerce, commonly known as e-commerce, is the buying and selling of product or service over electronic systems such as the Internet and other computer networks. A wide range of technologies is used in e-commerce that includes electronic data interchange (EDI), electronic mail (e-mail), electronic funds transfer (EFT). E-Commerce is the exchange of goods and services between (usually) independent organizations and/or persons supported by a comprehensive usage of powerful ICT systems and a globally standardized network infrastructure. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply in chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection. eBay is still the market leader in this niche, having established themselves in 1995. The level of the actual encryption can be adjusted and should be based on the information. Distribution management, inventory management, channel management, supplier management and payment management are some of the areas in which B2B applications are widely used. These messages have to be decrypted in order to be understandable or usable for someone. These certificates also use encryption. An e-commerce business model “enables a firm/individual to conduct business over an electronic network, typically the Internet.”The biggest advantage of an e-commerce is that the size of the market gets enlarged, hence the business gets bigger and the consumers have better access to quality products and services. Chapter 2. The key can be just a simple slide of letters or a completely random mix-up of letters. 4. B2C and B2B belong to e-commerce, while A2B and A2A belong to e-government sector that is also a part of electronic business. Conclusion. In addition, also can buy or sell goods and products on the internet. electronic commerce, or buying and selling over the web) is becoming more and more popular. Traditional commerce is still popular where there is no reachability for the delivery of the goods and services to faraway places from the urban areas. Advantages of B2C platforms to companies are reduced operating costs, bigger outreach, globalisation, customer convenience and knowledge management. Messages must be delivered in a reliable and timely fashion, and information must be stored and retrieved as required. Cheaper than Traditional Business: Electronic business is less costly than a traditional business, but it is more expensive to set up. 1) Business (B) The history of ecommerce begins with the first ever online sale: on the August 11, 1994 a man sold a CD by the band Sting to his friend through his website NetMarket, an American retail platform. This is relatively easy to implement because there is software that a company can purchase. The concept of e-business model is the same but used in the online presence. Conclusion. It can help increase profits; it can increase sales and decrease costs. According to BTRC officials the number of internet subscribers in Bangladesh had crossed 80 million in 2017. There have been many technological advances that have been added to the growth of e-commerce businesses, resulting in 6 types of e-commerce business models or e-business models. This type of trade has been growing rapidly because of the expansion of the Internet. E commerce and E Contracts. and then you make the paym… At present, more than 35,000 individuals and above 25,000 small and medium enterprises (SMEs) are part of this sector. Palgrave, Basingstoke. Challenges also persist in the logistics sector. e-Business Resource Group Security Guidelines. E-Commerce – Business Applications: Sale, Purchase of Goods, Real Estate Market, Online Banking, Delivery of Goods, Import and Export, E-Tailing and a Few Others Following are the major business application areas where E-Commerce is used widely: 1. [8] A business model is defined as the organization of product, service and information flows, and the source of revenues and benefits for suppliers and customers. There are 6 different types of e-commerce businesses. [5] However, this proved to be too successful and by 2000, to differentiate itself, IBM launched a $300 million campaign about its "e-business infrastructure" capabilities. Conclusion With the growth of electronic commerce (e-commerce) and the future forecasting of the increasing of online business transaction, it is important for e-commerce to develop its full potential. Your products and services can be accessed by everyone with an internet connection. E-commerce is a popular term for electronic commerce or even internet commerce. According to the U.S. Department Of Commerce, the estimated retail e-commerce sales in Q1 2020 were representing almost 12% of total U.S. retail sales, against 4% for Q1 2010.[7]. In the twenty-first century, look for new businesses that will help standardize the look and feel of the internet presence of a business to be more uniform in nature to help reduce the cost of maintenance. Government-to-Citizen(G2C) The Government-to-citizen refers to the government services that are accessed by the familiar people. Currently the number of internet subscribers has reached 96.199 Million (June, 2019). Sites such as ebay and Amazon marketplace allow everyday people to sell their belongings to each other for a little extra cash. To keep such information secure means protecting any electronic records and files from unauthorized access, as well as ensuring safe transmission and data storage of such information. M-Commerce (Mobile Commerce) and F-Commerce (Facebook Commerce) are very popular in today's e-business world. Before we check the different e-commerce business models, let us briefly discuss the e-commerce business models’ classifications. credit card) and "something you know" (i.e. E-commerce includes buying and selling of goods, information, and services using a network of computers. A company needs to be sure that their keys are registered with a certificate authority. Currently, 80 per cent of the online sales are taking place in Dhaka, Chattogram and Gazipur. Tools such as encryption and firewalls manage this specific concern within e-business. Information Security: Covering Today's Security Topics. In the world with over 70% of internet users active on social networks, who spend at least one hour a day on average on those social networks, we have to conclude that social networks have become a sort of reality in which people communicate, interact, and obviously trust. Historian Peter Watson and Ramesh Manickam date the history of long-distance commerce from circa 150,000 years ago.. Share this: Facebook Twitter Reddit LinkedIn WhatsApp The advent of new technologies such as the internet and other networks have changed the business world and provided the trading processes in e-business more efficiency. The market measure for e-commerce is expected to equal Tk 70 billion by 2021. Sites such as ebay and Amazon marketplace allow everyday people to sell their belongings to each other for a little extra cash. Conclusion . 500 crores which can be invested only by big players. E-governance is the network that includes government, public, and business organizations. The customer has to wait for delivery of their product. e-commerce requires large investment to build a brand image on internet which is esti­mated around us$ 100 million or around Rs. Improvements in standard of living coupled with advancement in livelihood, shopping behaviour has experienced a significant shift. How to Buy an E-commerce Business - FREE Course . E-commerce refers to commercial transactions of goods Cost of Goods Sold (COGS) Cost of Goods Sold (COGS) measures the “direct cost” incurred in the production of any goods or services. Throughout the world, e-commerce (i.e. Types of E-Commerce Business Models. Neyddy Dyraz. E-commerce is still one of the biggest business opportunity and any entrepreneur can take advantage if it’s implemented in right way, even if the stock market falls down, e-commerce business will survive on his own and continue receiving high transaction. They do this in order to assure authenticity of the documents as well as confidentiality and data integrity which always accompany encryption. You also learned some of the key challenges of and tools available for developing an eBusiness solution. 5386 words (22 pages) Law Essay. With the advancement in technology and communication, e-commerce has also gained popularity among the people of India and worldwide. [15] With any business, confidential information must remain secure and only be accessible to the intended recipient. Electronic commerce more well known as e-commerce, consists of the buying or selling of products via electronic means such as the internet or other electronic services. 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. So when you log into your Amazon and purchase a book, this is a classic example of an e-commerce transaction. It is a key component of a company's business model. 6. Over time many variants of EFTs within banks were introduced like debit cards, credit cards and direct deposits.[1]. This technological Improvement has brought faster … In addition, the number of credit and debit card users in the country is low, as a result many customers are unable to make online payments. Consumer-to-consumer, the oldest form of e-commerce has facilitated in large part by websites offering free classified advertisements, auctions, forums, and individual pages for start-up entrepreneurs. often used interchangeably but at its core e-commerce is much broader than this – it embodies a concept for doing business online One is public and one is private. E-commerce is continuously progressing and is becoming more and more important to businesses as technology continue. CONCLUSION E COMMERCE. No Geographical Boundaries: The greatest benefit is the possibility of geographically dispersion. You can change your ad preferences anytime. Electronic commerce started with the introduction of electronic funds transfer (EFT) by banks. The new age og global e-commerce is creating entirely new economy … All of them can be either buyer or service provider within the market. Also Read: A Step-by-Step Guide To Launch Your Ecommerce Store. E-Business 2.0 Emerging Business Models. A far greater number of people have access to e-businesses through the internet than would have access to a traditional business. E-commerce levels the playing field for any organization that chooses to participate, small or large. An e-commerce payment system facilitates the acceptance of electronic payment for online transactions. Low-cost, high-speed internet needs to be ensured in the rural areas. E-business or Online business means business transactions that take place online with the help of the internet. In 1979, the entrepreneur connected a television set to a transaction processing computer with a telephone line and called it "teleshopping", meaning shopping at distance. [14] A digital signature not only ensures that a message or document has been electronically signed by the person, but since a digital signature can only be created by one person, it also ensures that this person cannot later deny that they provided their signature. 2. Crimes by computer vary, and they don’t always occur behind the computer, but they executed by computer. If it is an international purchase (i.e. Hackers are one of the great threats to the security of e-businesses. The hacker’s identity is ranged between 12 years young to 67years old. The payment procedures offered by e-commerce sites need to be made more secure. B2G e-commerce is rather insignificant when compared to the other three forms. In Bangladesh bikroy.com, clickbd.com are examples of C2C platforms. Many choose to think of Mobile Commerce as meaning "a retail outlet in your customer’s pocket." Conclusion. E-commerce or eCommerce is basically Electronic commerce that deals with buying and selling of services and products over electronic systems such as Internet and other Computer networks. <, Learn how and when to remove this template message, https://www.census.gov/retail/mrts/www/data/pdf/ec_current.pdf, "How the Internet Reinforces Inequality in the Real World", "E-commerce will make the shopping mall a retail wasteland", "‘Free Shipping Day’ Promotion Spurs Late-Season Online Spending Surge, Improving Season-to-Date Growth Rate to 16 Percent vs. Year Ago", "The Death of the American Shopping Mall", https://bcanotespu.blogspot.com/2019/03/unit-vii-e-security-systems.html, http://www.scu.edu/ethics/publications/submitted/westfall/privacy.html, http://searchsecurity.techtarget.com/sDefinition/0,,sid14_gci761640,00.html, "Benefits and Limitations of e-Business : Dis-advantages, Solved Questions", "Advantages Of E-Business in Today's World | Sri Lanka Tourism Development Authority", Criminal Reduction Utilising Statistical History, https://en.wikipedia.org/w/index.php?title=Electronic_business&oldid=995101831, Wikipedia articles needing context from May 2011, Wikipedia introduction cleanup from May 2011, Articles with unsourced statements from February 2018, Creative Commons Attribution-ShareAlike License. A firewall is used to restrict access to private networks, as well as public networks that a company may use. E-Commerce – History of E-Commerce Early Development: The history of E-commerce begins with the invention of the telephone at the end of last century. In 2017, the B2C e-commerce business market measure equalled USD 110-115 million (around BDT 9.0 billion) compared to BDT 1335.71 billion made by the retail market. The most common limitations of electronic business are: Market participants in Electronic Business. . Here are some: Despite all the advantages there are also some disadvantages that we need to address. Conclusion. Lower levels of inventory: Electronic business enables companies to lower their level of inventory by digitalizing their assets. : house rental) at generally lower costs than by promoting physically their business. Delivery Time: Traditional business enables instant satisfaction as you obtain the product the moment you purchase it, while in electronic business that is not possible. 80 per cent of the payments are done through cash-on-delivery method, whereas only 15-20 per cent are done through mobile payment gateways. This has seen a particular boom over the last ten years. Some companies set up traps or "hot spots" to attract people and are then able to know when someone is trying to hack into that area. Furthermore, the other things that require full attention are securing servers and admin panels, payment gateway security, antivirus and anti-malware software, using firewalls is also a must, regular updates, and back up our data. E-mail and fax are also forms of EDI. Upcoming SlideShare. . In Bangladesh, bgmea.com.bd, bizbangladesh.com are examples of B2B platforms. Online Business or e-business is any kind of business or commercial transaction that includes sharing information across the internet.Commerce constitutes the exchange of products and services between businesses, groups and individuals and can be seen as one of the essential activities of any business. Whereas e-business refers to all aspects of operating an online business, ecommerce refers specifically to the transaction of goods and services. Conclusion On E Commerce E-commerceis the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network,primarily the Internet (Rous These business transactions occur in business-to-business, business-to-consumer, consumer-to-consumer or consumer-to-business (Kinjal, 2014). This does not resolve the issue completely, but it is an improvement. In 1994, IBM, with its agency Ogilvy & Mather, began to use its foundation in IT solutions and expertise to market itself as a leader of conducting business on the Internet through the term "e-business. It was developed in 1971 or in 1972. It is often associated exclusively with online consumer shopping, but the term extends beyond that category. Till 2018, the number of e-commerce business sites and e-commerce pages equalled 2,500 and 150,000 respectively. Businesses that use Wi-Fi need to consider different forms of protection because these networks are easier for someone to access. [citation needed], E-business systems naturally have greater security risks than traditional business systems, therefore it is important for e-business systems to be fully protected against these risks. This module discussed why eBusiness is so central to the economy. The process is being adjusted so that it is easier to use. 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