In this century, lifestyle has undergone a drastic change. People have everything except time. Using e-commerce they can buy and sell almost everything at your doorstep with the magic of e-commerce in the 21st century which will be known for information revolution. E-commerce has changed your lifestyles entirely because you don’t have to spend time and money in travelling to the market. You can do your e-payments with the help of e-commerce. There is no time barrier in selling the products. One can log on to the internet even at midnight and can sell the products at a single click of mouse. E-commerce reduces delivery time and labor cost. Thus it has been possible to save the time of both-the vendor and the consumer.
Its need is clear from its benefits given below:
1. Exploitation of New Business: Broadly speaking, electronic commerce emphasizes the generation and exploitation of new business opportunities and to use popular phrases: “generate business value” or “do more with less”
2. Enabling the Customers: Electronic Commerce is enabling the customer to have an increasing say in what products are made, how products are made and how services are delivered (movement from a slow order fulfillment process with little understanding of what is taking place inside the firm, to a faster and explore open process with customers having greater control.
3. Improvement of Business Transaction: Electronic Commerce endeavors to improve the execution of business transaction over various networks.
4. Effective Performance: It leads to more effective performance i.e., better quality, greater customer satisfaction and better corporate decision making.
5. Greater Economic Efficiency: We may achieve greater economic efficiency (lower cost) and more rapid exchange (high speed, accelerated, or real-time interaction) with the help of electronic commerce.
6. Execution of Information: It enables the execution of information laden transactions between two or more parties using interconnected networks. These networks can be a combination of ‘plain old telephone system’ (POTS), Cable TV, leased lines and wireless. Information based transactions are creating new ways of doing business and even new types of business.
7. Facilitating of Network Form: Electronic Commerce is also impacting business to business interactions. It facilitates the network form of organization where small flexible firms rely on other partner, companies for component supplies and product distribution to meet changing customer demand more effectively. Hence, an end to end relationship management solution is a desirable goal that is needed to manage the chain of networks linking customers, workers, suppliers, distributors and even competitors. The management of “online transactions” in the supply chain assumes a central roll.
