Applications of e-commerce
The development in e-commerce industry has fuelled growth in many other industries as well in parallel.
· E-banking – E-banking or internet banking is a sophisticated form of banking which facilitates consumers to make monetary transactions online using their existing bank accounts, credit cards, debit cards, ATM cards or stored-value cards. One can view his/her account details, transfer funds, make payments, and take mini statements for account history. The Electronic Payment System (EPS) via e-banking completes the loop of e-commerce by making payment thereby assuring sellers of the buyers and vice versa. It facilitates a secure and swift payment gateway for any online transaction. The huge input and public response for e-commerce has prompted almost every public and private bank to be visibly active in the online market also.
· Shipping industry – If there is one industry which stands to gain with the growing spirit of electronic commerce, its shipping and courier industry for sure. E-commerce had instigated the establishment and growth of international and national shipping firms. FedEx (FDS) and United Parcel Service (UPS) are two of the major shipping companies responsible for shipping a large sector of online purchase.
· Electronic Media – Visibly present as newspapers and news channels round the globe since years, the print media has steadily but beautifully occupied the digital world with the growth of internet users and internet economy hence, in recent times. In comparison to the on-paper news, electronic newspaper can give latest/current news readily available at a click.
· Electronic Auctions – The brick and mortar trading stores have witnessed an innovative approach for making goods available at a market-negotiated price; called auction. The internet has added a new dimension to this area as in E-Auction where buyers and sellers can bid online and trade in a wide range of products. eBay.com, Olx, and AuctionIndia.com are some of the popular e-auction websites.
Latest Trends and Future Scope
1. The social media buzz, needless to mention is a seraphic area for maximizing e-commerce. More and more businesses are available on SN sites to build as well as promote their brand names on the e-bazaar. Integrating the facebook applications such as ‘like’ and ‘share’ is the favorite customization for e-commerce websites these days.
2. Search engine optimization for e-commerce website.
3. With the rising use of internet on mobile handsets, development of mobile specific websites is a god idea to promote m-commerce.
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