The 21st century witnessed some of the greatest advancements in the fields of science and technology. We have started implementing all these technologies in our daily lives to make all the daily tasks easier.
One such field where we have implemented the use of the internet is in the commercial world.
Let us define the term E-Commerce.
E-commerce is the electronic medium of carrying out all sorts of business ventures and transactions. It is the online way of managing a business and related processes like sharing of the business information, management of the different business relationships, proper maintaining of the business transactions. In simpler terms, E-commerce is the electronic way of selling and buying of goods without any hassle of paperwork.
Let us now discuss the prime applications of E-Commerce.
E-commerce is one of the best ways to keep track of all the customer’s needs, their buying pattern, their preferences and the changing trends in the market. Using the data collected, several business activities like price fixation, enhancement of the product details, negotiations, management of the company-customer relationships, becomes easier.
Another application of E-Commerce is managing various Finance related procedures. The customers can create their accounts and can check their balances, transfer money and apply for a loan. The customers can use e-finance to pay their bills easily without the need for carrying around a lot of cash.
Another great benefit of e-commerce is in online stock trading.
Recently, we have made many advancements in the field of digital publishing which includes online publishing of books, magazines, and any such documents.
Online Booking of tickets
Another field of e-commerce is in the Internet Booking Engine, which allows a user to reserve a seat in the bus, train, airplane, reserve any hotel for accommodation or any such services over the web.
E-commerce is used in the online auctions of various goods and services, which also involves online bidding for a specific product or service.
E-commerce is used to control the various supply chain operations associated with a company. It involves online buying and selling of goods, sharing information about various business-related processes, etc. This boosts up the productivity which in turn increases the overall revenue of the company.
The company officials can keep track of all such business-related procedures over the internet, which makes control and regulation processes easier.
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