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The role of E-Commerce in our lives
Nowadays, everyone recognizes that E-Commerce refers to electronic commerce. E-Commerce generally means to purchase or sell products as well as services and information using computers. Through an E-Commerce platform one can interact with customers from all over the globe. Customers can conduct buying and selling of items and services online. Payments can also be made with credit cards. Due to its ease of use and convenience, E-Commerce is quickly becoming a hit.
It’s not uncommon to find people who spend their day using the internet more to conduct business, marketing and entertainment, studying and even learning. Today, all social and commercial activities are connected to internet. Without E-Commerce, the world that is the internet would be inconceivable. Because of this, E-Commerce is becoming a crucial part of our lives every day.
In the current scenario, E-Commerce is the most popular choice of the moment for companies, customers as well as nations, in a couple of years it will be obligatory for every transaction. Have you ever thought about what the motive behind it ? What is the main reason behind E-Commerce such a hot topic?
E-Commerce as the online purchasing or selling method is the principal reason for the increase in Internet users. E-Commerce on users of the Internet is as essential as a heart is to the body. Many of the reasons for shoppers to shop online. These include convenience and price comparisons, no crowded in stores and no requirement for physical transport, and the ability to gift our loved ones much more quickly. According to a study global e-commerce sales are projected to increase to 4 Trillion dollars by 2020.
Function of E-Commerce
In E-Commerce the customer is the King and the buyer at their choice can buy products or services at any time as they require. Similar to the situation of E-commerce. E-commerce plays an essential function in our lives. It can be utilized in these ways:
1. Electronic banking
Numerous banks have launched mobile apps to facilitate electronic banking. Utilizing a laptop or their mobile phones, users are able to join the banking system through the internet and manage their financial transactions at the convenience at their homes. This helps reduce the bank’s staff and the building. A lot of customers pay various types of bills directly from their bank accounts using this method.
2. Electronic shopping
Shopping has become a breeze for those who use the internet from the comfort of their homes. Many manufacturers sell their goods on their websites. Visitors browse through the websites to place orders, and pay with credit cards. Shopping has become a extremely simple procedure.
3. Conducting Auctions
Many sites offer auctions to purchase various items. Participants can take part in auctions and buy the items they want. They can pay with their debit or credit cards, and so on. eBay is well known online site which offers this service.
4. Marketing and advertising
eCommerce is a significant platform for marketing and advertising products across the globe. The most popular websites are an effective method of introducing new products and services to customers.
5. Providing customer services
Web sites allow businessmen to connect with their clients through the internet. They can discuss various issues related with their offerings. They even address their customers’ complaints and provide solutions and various solutions to their customers. This is made possible through the feedback of customers.
6. Online reservations for travel
One of the most popular uses of E-commerce is the ability to purchase tickets for hotel rooms, flights, or even a cars on the internet. Travel booking online can save time and hassle of searching for available options in travel destinations.
7. Online trading
Online trading is the process that allows businesses to conduct business on the internet. Stockbrokers can transact electronically with various stocks in real-time. They can submit bids and accept bids via computers. They also join screens on computers where brokers connect buyers and sellers. This is a cost-saving strategy since the the work is done paperless and no specific facility is needed to carry out these operations.
8. Video conferencing
Video calls have cut down the distance and eliminated the barriers that prevented people from connecting. With the advent of the internet technology, it’s extremely easy to connect with any person anytime, anywhere, at anytime. Video conferencing refers to meetings that use microphones and video cameras to facilitate discussions. It creates the same atmosphere as a normal meeting. It allows participants to view as well as hear and communicate to one another, and to interact as if they were one room. Video conference can speed the process of business and improve procedures.
9. In the form of E-learning tools
The digital age has transformed everything around us, even education. Education online has become well-known in the last few years with students. With the variety of interactive tutorials, such as videos, e-books and e-books accessible on the internet students can learn, download and studies for free or for a price. Furthermore, some learning sites also offer classes for students, and individual sessions with their teachers to clarify their understanding and gain a greater understanding of the topic.
E-Commerce is vitally important due to the following motives:
A wide range of products
* Less expensive than traditional selling and shopping
* Less time-consuming and faster consumption of consumer goods
* Exciting deals and alerts about sales
• Transparent system for business
* Rapider expansion of businesses
* More job opportunities
* Enhancement of Digital products and digital services
Cost of low maintenance
* Multiple marketing and selling options
* Higher Retention of customers than traditional shopping
* Quality obligation for sellers
* Additional Contribution of the customer in the success of the brand
* Personalized customer experiences
* Accelerating the national economic development
* Improving the technology development in the villages
Benefits of E-commerce
- More efficient transactions are available 24/7.
- The products and services are readily available.
- It is easier to manage the business.
- Do not need any real estate.
- There are no geographical restrictions, which means an increased reach for customers.
- Quality of service and lower operating expenses.
The disadvantages of e-commerce
- No guarantee of quality of product.
- Customer loyalty becomes a more pressing problem when there is only a limited interactions between the company and its customers.
- The inability to test products prior to purchase results in more checkout abandonments.
- Anyone can create an online company, which often results in scam and phishing websites.
- Hackers target online stores more frequently than you would think.
- Mechanical failures are often more exhausting.