What is eCommerce
According to Wikipedia, “eCommerce attracts on technologies like mobile commerce (M-commerce), electronic funds transfer (EFT), offer chain management (SCM), net promoting, on-line group action process (Payment gateway), electronic knowledge interchange (EDI), inventory management systems (IMS), and automatic knowledge assortment systems (ADCS).”
Types of eCommerce businesses
There area unit four broad classes of eCommerce:
- B2B (Business to Business)
- B2C (Business to Consumer)
- C2B (Consumer to Business)
- C2C (Consumer to Consumer)
5 eCommerce technologies that area unit redefining online business
#1. M-Commerce or Mobile Commerce Technology
Smartphones area unit nothing however a retail search in your palm or pocket. The impacts of lockdowns, social distancing, and self-quarantine have semiconductor diode our society to rely a lot of on m-commerce than ever.
In a sense, we've got accelerated the expansion of mobile commerce among some months.
According to Wikipedia on m-commerce, new technologies like WiMax have considerably improved mobile usage among totally different services and for varied product.
For instance, mobile cash transfer, mobile ticketing, mobile vouchers, coupons and loyalty cards, content purchase and delivery, location-based services, info services, mobile banking, mobile brokerage, auctions, mobile browsing, mobile investment, in-application movable payments, mobile promoting, and advertising.
Mobile games and diversion programs have additionally relieved our lives throughout the amount of social isolation and imprisonment.
#2. Electronic Funds Transfer (EFT) Technology
Today EFT technology has improved heaps, and encryption-like technologies have increased the protection aspects of it. newt has reduced our reliance on physical banks.
For instance, direct debit or deposit for payments or withdrawals, credit and debit cards, e-bill payments, and instant payments area unit a bouquet of e-payment choices, that verify our coinciding money activities.
The annual report by the banking company of Asian nation supports the visible growth of newt technology within the economy and obvious positive impacts on eCommerce.
#3. Offer Chain Management (SCM) Technology
The role of offer chain management technology has become a lot of evident within the field of eCommerce and born to numerous on-line portals for B2B, B2C, C2B, and C2C like-business models. SCM covers each phases, pre-production, and post-production to ease the flow on the one hand and potency on the opposite hand.
SCM passes through a historical development right from producing to economic process. nowadays we have a tendency to reside in a very specialization era wherever SCM is additionally accessible as a service besides outsourcing.
Complete medical care of eCommerce has created SCM straightforward for merchants and end-customers chop-chop. Moreover, additive producing and blockchain technologies have emerged as revolutionary technologies in SCM for eCommerce.
#4. Online group action process (OLTP) or Payment entry Technology
According to Wikipedia on OLTP, it facilitates and manages transaction-oriented applications. Today, we've got the newest and most secure on-line group action process technologies to form payment gateways and supply a myriad of cash transfer strategies to spice up eCommerce.
Digital wallets area unit one amongst the most effective and extremely used samples of the advancement of OLTP technologies. it's as a result of our net isn't restricted to the wired network. we've got Wi-Fi and Bluetooth wireless network choices to explore. Mobile networks area unit an alternative choice within the market. Digital wallets have created payment fast, simple, and secure for everybody.
#5. Electronic knowledge Interchange (EDI) or Order Management Technology
Electronic knowledge interchange technology helps eCommerce to accomplish human activity info that a business will on-paper in ancient ways that. for example, eCommerce merchants and shoppers each fancy mechanically putting orders, making invoices, and following the complete cargo method through varied integrations of different systems or package.
Highly advanced standards for EDI have created the order-making method and receiving product through on-line searching stress-free. Now, eCommerce shoppers place orders, get invoices, and receive product in automatic and hassle-free manners.
