Commerce is a division of trade which deals with the exchange of goods and services among two or more entities. Electronic commerce is popularly known as e-commerce or electronic marketing.
Commerce is a division of trade which deals with the exchange of goods and services among two or more entities. Electronic commerce is popularly known as e-commerce or electronic marketing. In simple terms, e-commerce is a process of buying, selling or exchange of products or service and information through various electronic networks. E-commerce allows the customers to electronically exchange goods and services with no barrier of time or distance.
Evolution of E-commerce
The evolution of e-commerce began with the electronic data interchange (EDI) and electronic funds transfer (EFI) allowing the business to exchange the commercial documents or goods and services among different entities. With the commercialization of internet, users moved to participate in internet start-ups. Customers started using innovative applications and experienced e-learning. Gradually e-commerce spread to the banking industry through credit card, automatic teller machine (ATM), and online banking. Many American and European company started offering their services through the world wide web. Since then, people began to associate with the word “E-commerce”.
India is developing rapidly, and every other person in the country uses the internet, with the government promoting cash free India, the scope of e-commerce has increased rapidly. People use the internet to look for every other thing in their daily life. E-commerce has become an important part in every person’s life to survive in this world of internet.
As more people getting linked with the e-commerce, the demand for internet and other online applications has increased in recent times. The future of e-commerce in India would be bright in upcoming years if all the essential factors would be implemented properly.