Electronic commerce commonly referred to as e commerce, refers to the buying and selling of products or services over electronic systems such as the Internet and other computer networks. However, the term may refer to more than just buying and selling products online. It also includes the entire online process of developing, marketing, selling, delivering, servicing and paying for products and services. The first type of e commerce started in 1979 by a man named Michael Aldrich who invented online shopping. A large percentage of electronic commerce is conducted entirely in electronic form for virtual items such as access to premium content on a website, but mostly electronic commerce involves the transportation of physical items in some way. Online retailers are sometimes known as e-tailers and online retail is sometimes known as e-tail. Almost all big retailers are now electronically present on the World Wide Web. Further more online banking is also a huge aspect of e commerce. Online banking is ubiquitous. Some businesses are being produced just for online banking this includes such websites as egg.
Online shopping for user- Shopping online is becoming increasingly popular. Companies are beginning to use the online shopping method, by producing a website for customers to view their products and be able to purchase products via the website so they can be delivered to the customer’s door without the customer going to the store. Therefore a huge element of online shopping for users is convenience. It saves hassle, time and fuel. In addition customers avoid the biggest problem of shopping today, queues is a huge problem for customers it takes up a lot of customers time and can result in them not coming back to stores because the customer service is so poor. So by using online shopping queues can be avoided. Also if you want to purchase a large amount of products then carrying them can be hard, so by using online shopping you don’t have to carry the products and they are delivered to your door. Product comparison is a major advantage of online shopping, by looking at products and comparing prices you can see what product is the best to purchase. Customer reviews can also be accessed when shopping online, whereas in stores a vast majority of stores don’t have customer reviews. Special deals is also more apparent online, stores buy in bulk and don’t have any money to spend on displaying the products therefore
Online shopping for the company owner- Shopping online has many pros and cons for the owner, the benefit of not having to store products allows for a lot of money to be saved, and can go towards improving the company. They can entertain each of their buyers by providing the right details and guidelines for buying which is always not possible in a real store because of many reasons like lack of manpower, lack of specialized staff etc. Such personalized acceptance of a customer helps to build faith in him and boast a long-term relationship with the seller. Such personalization builds goodwill and trust in the sellers. Business owners don’t need rent space or make purchases for selling their products. They can purchase at the time of orders resulting in cutting on their initial investments. The right delivery of goods on time would enable them to be trust worthy and get loyal customers. Payments can be received through online banking, credit/debit cards, or online payment. Online shopping means that the money comes into the company instantly. Repeat purchase for online shopping the details of the customer can already be stored online. it may also have the favorite items making it easy for delivery.
Brick and click- is a business model which has an online service as well as a store. Additionally, many also offer telephone ordering as well, or at least provide telephone sales support. A popular example of the bricks and clicks model is when a chain of stores allows the customer to order products either online or physically in one of their stores, also allowing them to either pick-up their order directly at a local branch of the store or get it delivered to their home. There are many alternative combinations of this model. The brick and click model usually used by retailers, the model has typically been used by traditional retailers who have a wide range of products and supply chains, but are well known and often respected for their traditional physical presence. Part of the reason for its success is that it is far easier for a traditional retailer to establish an online presence, than it is for a start up a company to employ a successful purely online one, or for an online only retailer to establish a traditional presence, including a strong and well recognised brand, without having a large marketing budget.Online banking advantages- Banking has developed dramatically in the last couple of years. Online banking is now a huge aspect to banking. Online banking has many advantages, for a start online banking is significantly easier the money is transferred into your account immediately. Your account is easily accessible and can be done in the comfort of your own home therefore avoiding the queuing. In addition it can also be accessed 24 hours a day whereas stores are only open at limited times during the day. Furthermore it is also convenient once you have logged on once your details are stored, so you don’t have to go through the procedure of typing in all the information every time you log on. Online banking also has different however useful features For example, you can apply for credit cards, manage investments, and pay bills through your online account portal. You can also perform more mundane tasks such as ordering new checks, requesting additional deposit slips, or reporting a lost or stolen debit card.
Online banking disadvantages-Online banking does however have its downfalls. It is still possible for identity theft or fraud to occur if you fall victim to a “phishing” site or otherwise have your sensitive account information compromised. In addition a huge problem with online banking involves your bank operating only online or simply does not have a branch office in your local area. You will not be able to reach a representative in person for discussion of account issues. Furthermore not all transactions are immediate. This is definitely the case with paper checks or money orders. Online banking also requires some basic computer literacy and familiarity with navigating the Internet. Some people may not be comfortable with the concept therefore online banking won’t be suitable for them, this shows that online banking is not for all the generation some people find online banking a waste of time.
Ebay Advantages- Ebay is renounced for its wide range of products all at relatively cheap prices, ebay is a safe and secure website, the payment is all done through PayPal therefore any queries or problems your money can be refunded. All products displayed have a picture and description of the product, so all products are easily viewed with information regarding the product. The “rating” is also a key aspect to the success of ebay, the seller has a star rating to how good the product was and if the product came within a reasonable time period, there is also a buyer rating which indicates if the money was transferred to the seller within a reasonable time of buying the product.
Ebay Disadvantages-Ebay however does also have some issues, some sellers will advertise a product then wait for a customer to buy the product, take the buyers money and not give them the product. Furthermore some products sold are fake or can also be stolen goods. Not knowing what state the product is in is a huge disadvantage. 10 percent of the money made by the seller goes to the ebay company therefore not a 100% of the profit goes to the seller.
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