Simply put, e-commerce is the "buying and selling of goods and services online." Usually it is done through a specific website. In recent years, e-commerce activity has exponential growth, overtaking traditional business methods. Latest trends show that online shopping continues to grow and e-commerce in the first few years of the 21st century is projected to have ranged between billions to trillions of dollars.
E-commerce will agreeably be a major part of the 21st century world economy.
So why is it important to me?
The Internet industry is going vast. Today, telephone, cable and satellite TV companies battle over supremacy for providing Internet connectivity to America's homes. AT & T would not have invested billions to get TV companies and access high-speed wires leading to homes, if they did not see big benefits in return. What benefits are we talking about?
The rapid expansion of the internet industry brings with it the onslaught of millions of internet users. Different sources contend that there will soon be over 100 million people using the World Wide Web. About 25% of them are Internet shoppers. To the businessman, the internet is obviously a critical place for potential customers. Not only can it cater to more customers, it can also expand to areas not within immediate reach of the business.
Moreover, e-commerce is a quick and a more cost-effective way of shipping goods. Payments online are faster too. So, if you are in the public marketing business, e-commerce is a vital part of your future.
For the consumer on the other hand, e-commerce also plays a vital role for purchasing goods. Searching via the internet is much more convenient and faster than real shopping. Products sold online has also grown due to easier advertisement. Customers can also easily verify information on the goods being sold. Payment also proves to be faster although there are risks of sham. Nonetheless, e-commerce is also important for the consumer.
If you want to be a successful online merchant:
With its prominence, it would certainly do good for a business to start expanding market via the internet. However, e-commerce can do as much good as bad. Skills for online business transactions are also needed for it to be a success.
Some of these skills include Web design, graphic arts, HTML, CGI programming, e-commerce software installation and maintenance, website maintenance, search engine registration, web-based promotion, Java or Javascript literacy, database, security protocols and many more.
For a successful online business, determine if you possess these different computer and internet skills. These skills are important for advertisement purposes, marketing strategies and for easier online transactions. If you do not have all of these, you can hire people to do different jobs for the online store. For example, one might hire people to be in charge of installing and maintaining the e-commerce software, and a different team to maintain the website. You may also hire a consultant to help you see the different operations. Keep in mind though that e-commerce, just like the traditional business, still needs a lot of hard work. Just over the internet.
