Components, Framework & Benefits of E-Commerce in Business

Electronic Commerce is the use of electronic communication to do business. E-Commerce is not about technology. It is not a new business. E-Commerce is a method for companies to create and operate their business in new and efficient ways. Nowadays we don't have to show up at the market, and we don't even need physical goods or currency to conduct business. E-Commerce is the most recent step in the evolution of business transactions. It replaces or augments the swapping of money or goods with the exchange of information from computer to computer. Within a few years, Internet has turned businesses upside down, be prepared or die. This might seem like an over-hyped statement, but it is not. If we look around, even today, the Internet is fundamentally changing the way companies operate from conducting business internally to conducting business with trading partners. Entirely new companies and business models are emerging. It is helping companies to lower costs dramatically across their supply and demand chains, take their customer service into a different league, enter new markets, create additional revenue streams and redefine their business relationships. If a company does not use the Internet to do any or all of these things in the near future, it will be destroyed by competitors who are leveraging the power of the Internet to conduct business, which literally means E-Commerce or Electronic Commerce is the most crucial reality of today’s business scenario.