QUESTION IS, What is ‘Electronic Commerce – e-commerce’?
Electronic commerce (e-commerce) is a type of branch that enables a firm or individual to conduct business over internet. Electronic commerce functions in all four of the major market segments: business to business, business to consumer,consumer to consumer and consumer to business. Almost any product or service can be offered via e-commerce.We can buy clothes,books,household items and various other products online. Apart from these products services like online banking,Ticket booking.
Today E-commerce is a backbone of Indian society and it has become an necessary part of our daily life. The first e-commerce site in India was rediff.com. It was one of the most bussiest portals for both Indian and NRI’s. The past 2 years have seen a rise in the number of companies operating on e-commerce technologies and the internet in India.Step taken by Reliance JIO played significant role in making internet accessible to common man also.
The reknowned company (ALIBABA) of China is second largest in terms of revenue earning in Asia is a E-Commerce Company.
ADVANTAGES OF E-COMMERCE
- E-Commerce provides platform to carry out business without the barrier of time and distances.24*7 one can connect through internet for services.
- It is very cost efficient and reliable mode of business
- It is Eco-Friendly manner of doing business as it doesn’t involves lots of paper work.
- Global Access- Whole world’s market is under one roof, this integrates variety of product and services at one place.
- Real time quick response will be provided to consumers or business firms.
BARRIERS TO E-COMMERCE IN INDIA
- Internet access among customers is limited,
- Telecom infrastructure is poor for reliable connectivity.
- Differences in the current legal and regulatory framework.
- Privacy issues, customers are afraid of sharing personal information.
- Cyber crime is also creating barrier.
- People are not used to faceless / paperless / non-physical transactions.
FUTURE OF E-COMMERCE IN INDIA
The Future of E-Commerce is bright, India is developing at fast rate and if development is to be judged, how can we ignore the role of e commerce in it? E-commerce progress level of India, the seventh-largest by geographical area, the second-most populous country, and the most populous democracy in the world. Although this level of entry in the e-commerce market is good from a long term perspective, the challenge is that most entrepreneurs don’t have the resources or capital to wait for years before they can get profits. The past 3 years have seen a rise in the number of companies’ accepts e-commerce technologies and the Internet in India.In coming years government policies and strategies are also supporting E-Commerce for example Startup India,Make in India all the will encourage more business firms to enter in E-commerce Market.This will increase our market opportunity for employment etc all this results in increased GDP of country.