Electronic Commerce – Your Next Business Endeavor

The development of computers, Internet, and networking technologies gave birth to a new approach in business, Electronic commerce (Ecommerce). Concepts, principles and ideas in traditional business endeavor are also being used with Ecommerce, but on a different medium. Ecommerce expands the opportunity of selling and buying products and services to a wider audience.

With Ecommerce, it has never been so easy advertising a product. Through the Internet and mobile phones, companies are now able to deliver the information with regard to a certain product or services to a desired group and possible future clients. Traditional method of advertising could take days and huge amount of effort to reach a prospect. The introduction of Ecommerce made it possible for a company to reach consumers from regional, country wide or global market.

Rising number of industries incorporate Ecommerce with their traditional business conduct. Websites, advertisements and promotions are now being presented through the Internet. Systems are designed to allow consumers to avail of the product through electronic means. Anyone can purchase a product or take advantage of services even without meeting the seller. Business-to-Client (B2C) solution can take place in this instance. A good example is the online ticketing system.

On the other hand, a company can also do business with another company. Business-to-Business (B2B) solutions are also developed to have this possible. This includes the software, sets of rules and regulations, and a contract to be followed by each party. Networking technologies play a major role in this instance. A client can access the company’s internal network to be able to make a transaction. Other means of Business-to-Business solution are also available.

Payment processing and fund transfer can also be done through the Internet and mobile phones referred to as online payment system. Ecommerce allows third party companies to offer payment processing services and handle the transaction in a secured and confidential manner. A seller can collect payment from a consumer through software embedded on a website or a system that will be connected to the third party company. By this means, a consumer does not have to be where the seller is.

One advantage of Ecommerce is availability. A company can have official business hours and holidays. Even if a business establishment is close at this certain period of time, the online advertisement and promotion is continuously active allowing a consumer to view what a company offers. With 24/7 availability through the Internet, a company can continue to receive orders and provide support for a consumer.

Another advantage of Ecommerce is cost management. Investing in Ecommerce is a new door for promotion. What are needed are a website, an online shopping cart application, and a payment system. This will just cost a company few dollars, but will also produce a remarkable return of investment.

The Swift Towards Electronic Commerce

A whole new process has been born, and this is not only the result of the technological evolution, but also the result of market and societal factors, which constitute a highly competitive business environment where the customer has the choice. Electronic Commerce (EC) is the outcome of the fast changes occurring in the telecommunication marketplace, as every company that desires to be a part of the future must try to find ways to renew its offers and produce innovative services while focusing on customer satisfaction. Under this notion, telecom corporations have to work under increasing pressures to produce more and faster, using fewer resources.

Few innovations in human history encompass as many potential benefits as EC does. The global nature of the technology used, the low cost production, the opportunity to reach hundreds of millions of people with a single effort, the interactive nature of the medium, the variety of possibilities, and the resourcefulness and rapid growth of the supporting infrastructures-especially the Web-result in many potential benefits to organizations, individuals and the society in general. These benefits are just starting to materialize in some countries, but they will increase significantly as EC continuous to grow. It is not surprising that some maintain that the EC revolution is just “as profound as the change that came with the industrial revolution.”

Electronic commerce has a number of benefits. First, EC expands the marketplace to national and international markets. With minimal capital outlay, companies today can easily and quickly locate more customers, find the best suppliers in the industry and the most importantly suitable business partners worldwide. For example, in 1997, Boeing Corporation reported savings of 20% after a request for a proposal to manufacture a subsystem was posted on the Internet. Second, electronic commerce allows reduced inventories and overhead by facilitating “pull”-type supply chain management. In a pull-type system, the process starts from customer orders and uses just-in-time manufacturing. The pull-type processing enables expensive customization of products and services, which provides competitive advantage to its implementers. Other benefits of e-commerce include improved image, improved customer service, new-found business partners, simplified processes, compressed cycle and delivery time, increased productivity, eliminating paperwork, expediting access to information, reduced transportation costs, and increased flexibility.

Since the Internet is not owned by anyone and its regulatory authority is still debated, it is considered by many to be the only medium that is still truly free. Therefore, not the same costs exist, compared to the mediums of radio, television, or publications. Thus, it is possible that EC can act not only as a selling system that management needs to view the advent of a sales opportunity, but also as the medium with which purchases are made. Telecommunication companies can use the Web in order to directly communicate with resellers and provide them with the needed information about the products that have been purchased; which saves both time and expense in terms of the way that enquirers are made and orders placed. At the same time, EC can increase employees’ productivity by 100%. Since less time would be spent for filling-in paperwork, employers will spend the extra time to find new customers, increasing their personal sales volume and direct their efforts in better servicing the already existing customers thus increasing the level of satisfaction and reduce the switching effect.

Electronic Commerce and Its Effective Way to Earn Cash

The word e-commerce is derived from electronic commerce. It is a new way to earning and creating your own business. In technical aspects, the business of e-commerce is basically the same as that of a regular traditional business that uses the modes of buying and selling as their mainframe transactions. Doing business online is considered by making as the most convenient way to earning huge profits and income.

Convenience is the general idea of e-commerce. Just imagine doing some online window shopping just to find the right goods and products that you want to buy. The factor that makes traditional businesses a tedious task is the act of finding a good working location, designing the work site and ensuring that the construction process is finished at the defined period. This act requires a lot of time and effort on your part.

With an online e-commerce business, you can now do the task and complete the project in the comfort of an air-conditioned room and in the comfort of your home. You no longer have to deal with the issues of presenting the goods and products to the potential buyer in an appealing location. With the online website, all you have to do is to capture a great image of the goods and products that are being sold and have the option to post it at your website. This decreases the workload and saves you the time in creating that good location where to sell your products and services.

This e-commerce website is also beneficial to the consumer. Your prospect consumer no longer has to go out on the field and find the store that carries their needed goods and products. All they have to do is sit down in front of the computer and search for the brand and model that they want to purchase. Thus, you can have that wider base of products and goods to choose form.

E-commerce businesses help you save additional expenses in terms of overhead costs. You no longer have to pay that extra electricity and water bill just to sell your products and goods. If you base your projects at home, your usually costly overhead is now part of your monthly house expenses and bills. The great thing about online businesses is you get to save from the huge costs of construction and building set-ups.

Most online merchants do not stock the merchandise that they are selling. Some merchants pay a certain fee to have these goods and products safe kept at a warehouse and store. The merchants do not necessarily stock any goods in their homes or offices. They use a warehouse to keep these goods and products.

Automated systems also make the e-commerce business to be more appealing to the online market. Most online businesses use software to create the necessary sales and promotions of their goods and products. The e-commerce business also opens the doors for newer and wider market base. The Internet is a broad spectrum and only those that are willing to work their best will be rewarded proportionally.