E-commerce is the use of electronic communication to do business, specifically the transfer of information (transactions), over the internet. E-commerce comes in several categories. For example when businesses sell products or services to individuals it is known as Business to Consumer e-commerce (B2C) and businesses selling products and services to other businesses is known as Business to Business(B2B) e-commerce, just to name a few.
E-commerce also includes functions such as marketing, manufacturing, finance, selling, and negotiations. The phrase can also refer to downloading software, accessing games, or downloading content such as journal articles and books. In order for online payment to take place three things are necessary:
A business account with a bank that allows for online transactions. This is where your online payments finally end up. It is not the same as a regular bank account. It is a special kind of bank account.
Allows for online display of your products and provides a method for the user to make selections of the products that he would like to purchase.
Connects the shopping cart with a processing network which checks for the necessary funds and either authorizes or denies payment.
Various payment methods are available to e-commerce. These include digital or electronic cash, electronic wallets, and micropayments. We ensure all transactions are encrypted to protect sensitive information such as credit card numbers.
Our e-commerce service offers buyers maximum convenience. They can quickly visit the web sites of multiple vendors twenty-four seven to compare prices and make purchases, without having to leave their homes or offices from around the globe and sellers a given access to a global customer base, E-commerce is also a quick process. In some cases, consumers can immediately obtain the product or service that they want such, such as an electronic book, a music file, or computer software, by downloading it over the Internet.
For sellers, e-commerce offers a way to cut costs and expand their markets. They do not need to build, staff, or maintain a physical store or print and distribute mail order catalogs. Automated order tracking and billing systems cut additional labor costs, and if the product or service can be downloaded then e-commerce firms have no distribution costs involved. Because the products can be sold sell over the global Internet, sellers have the potential to market their products or services globally and are not limited by the physical location of a store. Internet technologies also permit sellers to track the interests and preferences of their customers with the customer’s permission and then use this information to build an ongoing relationship with the customer by customizing products and services to meet the customer’s needs.