Introduction to E Commerce
Carry ‘the globe’ in your shopping bag!! It’s not exaggerating the fact if I say: the world is now coalesced to a click on our computers. Since long ago, all alluring materials around have taken an exodus to the world of internet. No often do we now think of taking a stroll through the market before buying a mobile handset, but a healthy online research which in some cases is consequently followed by an online purchase. The scenario is not limited to mobiles alone. It covers a wide range of products like home appliances, consumer electronic goods, books, apparels, travelling packages etc and even the electronic content itself.
What is E Commerce?
E Commerce stands for electronic commerce and caters to trading in goods and services through the electronic medium such as internet, mobile or any other computer network. It involves the use of Information and Communication Technology (ICT) and Electronic Funds Transfer (EFT) in making commerce between consumers and organizations, organization and organization or consumer and consumer. With the growing use of internet worldwide, Electronic Data Interchange (EDI) has also increased in humungous amounts and so has flourished e-commerce with the prolific virtual internet bazaar inside the digital world which is righty termed as e-malls.
We now have access to almost every knick-knack of our daily lives at competitive prices on the internet. No matter one is educated or illiterate, an urbane or a countryman, in India or in U.K; all you need is an internet connection and a green bank account. With e-commerce then, you can buy almost anything you wish for without actually touching the product physically and inquiring the salesman n number of times before placing the final order. Here is a beautiful picture depicting how has human life evolved to adapt to the digital world and hence trading over the internet. As seen, from pizza and potted plant to pair of shoes, we have everything on sale on the internet available in tempting offers..!! Snapdeal.com, Amazon, eBay, Naaptol, Myntra, etc are some of the most popular e-commerce websites.
The Breakthrough Beginners
Tracing some steps back, it’s been recorded that some institutes of the western world started exchanging information and data electronically by the late 1970s. But the concept of online trading of goods was first witnessed much later with the dawn of 1990. In 1994, Jeff Bezos; an American businessman started his e-commerce website Cadabra.com, now popularly known as Amazon.com. Amazon was the first online firm to execute secured online transactions. At the onset, Amazon was known as an online bookstore, but with the whelming customer-response it expanded to trading in books, music, apparels, CDs/DVDs, electronics, MP3s, videogames and many more. Running successfully, round-the-clock since 1994, surprisingly Amazon recorded its first profit in the year 2003 only. Although, Amazon proved to be a successful business model by late 2003, it’s no less than a fact stating its tremendous popularity. The ‘enriched library’, online review system and a user friendly website are still the starred assets of this e-commerce company.
Dell Inc emerged as the first company ever to record sales in millions of dollars in 1997. It was also the first company to sell large number of assembled computers online. It is popularly known for its successful business model and in the year 2007, it was listed as the 34th largest company in the Fortune500 list.