Overview of The Electronic Commerce: Evolution, Functions, Classification

Electronic commerce, mainly known as E-commerce is a platform for exchanging goods and services among the customers. It is expecting a huge growth over the years and in coming years. Ecommerce which is breaking down the old shopping phenomenon and implementing the new trends. and also a way to inspire people to transact. Here, in online platform a customer can not only just buy goods and products but also has services in travelling, entertainment, clothing, groceries, gadgets, and other professional services. Ecommerce has varieties of characteristics from low to high pricing, shipping, delivery, quality and so on. Ecommerce is thought to be late in India but it is booming rapidly in recent times now.

Introduction

An activity of buying or selling of goods and services or products online over the internet is called E-commerce. Electronic commerce, mainly known as E-commerce is used in various technologies such as mobile, electronic fund transfers, internet marketing, online transaction process, inventory management system, electronic data interchange, automated data collection systems. Modern technology uses WWW i. e. World Wide Web in the life cycle transaction.

It also involves in transferring information within the Internet. Internet covers a wide range of different types of business from consumer to retailers. This is widely emerging in all over the world, as it is getting popular because of its numerous benefits. Electronically exchanging products is done within no time because of which it is growing rapidly within a low span of time.

Evolution of Commerce

Commerce has evolved so much in centuries. Before commerce means simply "barter system" where things were exchanged, like exchanging food items with clothes or exchanging foods items with food like grains for milk. Slowly, the evolution of money started which was called the "marketplace" where items were exchanged only with money. Then started the functions of 4P's which is Product, Price, Place and Promotions. And for the convenient of people door to door commerce started evolving which was called doorstep. There was also a modification on Price to Place. Since there was a huge change in commerce within the centuries. Likewise, postal system also came in the evolution which leads in "Mail Order Catalouge". Later, on with the increasing infrastructure in communication and transportation the "Tele shopping" leaded the market. Thus the latest trend in the ecommerce is one that can be done over the internet. Internet is getting popular day by day as there is huge platform for the buyers and sellers to buy and purchase goods and services. "E-commerce" is emerging all over the world because of its so many benefits and one of the easiest medium through which thousands and thousands consumer rely on and is the boundary-less trade medium in the era of globalization.

Functions of ecommerce in different industries

Online travelling: Buying of tickets, hotel and tour packages can be done through online travelling websites. Also the railways, airlines or buses services are provided to buy or sell any tickets. Makemytrip, yatra, cleartrip and so on falls in this category.

Retail Market: Online shopping like buying clothes, mobile phones, electronic appliances, home and kitchen decor can be done through any websites. Booking of movie tickets can also be done. For buying any products, sites like amazon, myntra, flipkart are used and Bookmyshow is one of the online platforms for booking movies or any concerts.

Classifields: Classifiels is a platform for connecting buyers and sellers to buy and sell their products online by uploading the stuffs they want to sell or buy. Websites like OLX, Sulekha and so on fall in this category.

Financial: The selling of insurance, mutul funds or loans transaction fall in financial industry where websites like SBI or paytm are used.

Classification of ecommerce according to the business involved

1. Business to consumer (B2C) - The transaction between business and consumer is called B2C. In this business, products and services are sold to the end users directly that is to the consumer. For example: Walmarts, shopping malls etc.
2. Business to business (B2B) - In this type of business the transaction is made between one business to other business. For example: A payroll processing company, online accounting software etc.
3. Consumer to business (C2B) - This is a type of business in which the consumer contributes monetary value to a business. For example: a company that sells water filters i. e RO which is engaged in selling its products to consumer.
4. Consumer to consumer (C2C) - This is a type of business in which the products and services are sold and also bought between two consumers. This takes place in the online market.
5. Government to business (G2B) - In this business the transaction happens when a company pays for government by utilizing facilities provided by government. For example: paying tax for the government by using the Internet service.
6. Business to government (B2G) - This includes paying to government for registration of vehicles and property used by the people of the country.
7. Consumer to government (C2G) - Business involved in the renewal of car registration and traffic tickets includes the consumer to government.

Advantages of Online Shopping

1. Time Saver: Online Shopping saves the time of the consumer as they do not need to go to the shop to buy their stuffs which saves a huge amount of time.
2. Cost Effective: In online shopping there are huge amount of discounts going on in most of the product which makes the cost of the product efficient for buyers to purchase on discounts. This method is popular to attract more consumers.
3. Worldwide shopping: One of the most exciting part of online shopping is to shop from any corner of the world.
4. Shipping gifts directly: When we purchase any online products, we can also send gifts directly to the person which means avoiding long waits in postal office. This is also the way to transfer delivery faster.
5. Open service 24/7: In online shopping the shops or the websites are always available when needed 24 hours and 7 days a week. 6. Unique items: It is the easiest way to purchase products. As we can find a different products from different countries.