What is E commerce meaning

E-commerce means trade and commerce conducted through electronic means. The denotation of electronic commerce has changed over the last 30 years. Originally, electronic commerce meant the facilitation of commercial transactions electronically, using technology such as Electronic Data Interchange and Electronic Funds Transfer (EFT). These were both introduced in the late 1970s, allowing businesses to send commercial documents like purchase orders or invoices electronically. The growth and acceptance of credit cards, automated teller machines (ATM) and telephone banking in the 1980s were also forms of electronic commerce. Another form of e-commerce was the airline reservation system typified by Sabre in the USA and Travicom in the UK.

Online shopping: Online shopping, an important component of electronic commerce, was invented by Michael Aldrich in the UK in 1979. The world's first recorded B2B was Thompson Holidays in 1981. The first recorded B2C was Gateshead SIS/Tesco in 1984. The world's first recorded online shopper was Mrs Jane Snowball of Gateshead, England. During the 1980s, online shopping was also used extensively in the UK by auto manufacturers such as Ford, Peugeot-Talbot, General Motors and Nissan. All these organizations and others used the Aldrich systems. The systems used the switched public telephone network in dial-up and leased line modes. There was no broadband capability.

Enterprise resource planning system: From the 1990s onwards. electronic commerce would additionally include enterprise resource planning systems (ERP). data mining and data warehousing. The amount of trade conducted electronically has grown extraordinarily with widespread Internet usage. The use of commerce Is conducted in this way. spurring and drawing on innovations in electronic funds transfer, supply chain management, Internet marketing. online transaction processing, electronic data interchange (EDI). Inventory management systems, and automated data collection systems. Modern electronic commerce typically uses the World Wide Web at least at some point in the transaction's lifecycle, although it can pass a wider range of technologies such as e-mail as well.

E-commerce A great many virtual items: A large percentage of electronic commerce is conducted entirely electronically for virtual items such as access to premium content on a website, but most electronic commerce involves the transportation of physical items in some way. Online retailers are sometimes known as c-tailors and online retail is sometimes known as e-tall, Almost all big retailers have an electronic commerce presence on the World Wide Web. Electronic commerce that is conducted between business is referred to as business to business or B2B. B2B can be open to all interested parties (e.g commodity exchange) or limited to specific, pre-qualified participants (private electronic market). Electronic commerce that is conducted between businesses and consumers, on the other hand, is referred to as business-to-consumer or B2C. This is the type of electronic commerce conducted by companies such as Amazon.com.

E-commerce Business to business: Electronic commerce is generally considered to be the sales aspect of e-business. It also consists of the exchange of data to facilitate the financing and payment aspects of the business transactions.

The Internet and commerce: In 1990 Tim Berners-lee invented the World Wide Web and transformed an academic telecommunication network into a worldwide everyman everyday communication system called the internet/www. Commercial enterprise on the Internet was strictly prohibited until 1995. Although the Internet became popular worldwide around 1994 when the first internet online shopping started, it took about five years to introduce security protocols and DSL allowing continual connection to the Internet. By the end of 2000. many European and American business companies offered their services through the World Wide Web. Since then people began to associate the word "e-commerce" with the ability to purchase various goods through the Internet using secured protocols and electronic payment services.

Contemporary E-commerce: Contemporary electronic commerce involves everything from ordering digital content for immediate online consumption to ordering conventional goods and services, to "meta-services to facilitate other types of electronic commerce. On the consumer level, electronic commerce is mostly conducted on the World Wide Web. An individual can go online to purchase anything from books or groceries to expensive items like real estate. Another example would be online banking, i.e. online bill payments, buying stocks, transferring funds from one account to another, and initiating wire payment to another country. All of these activities can be done with a few strokes of the keyboard. On the institutional level corporations and facilitate domestic and international business.

Bangladesh and E-commerce: Many Bangladeshi companies currently distribute their images through the Internet to clients all over the world. but the monetary transactions take place through conventional means. Some companies put messages on bulletin board, on the internet yellow pages' with email links, and sometimes web pages, but they're never is a place to submit a credit card. This is because currently, the government does not permit credit card charges over the internet. However, the ISPS in Bangladesh do have the technology for e-commerce and are anticipating governmental approval within the next 10 years.

Information and communication services in Asia: Asia is the fastest-growing regional market in the world for information and communications services. The first GIIC Regional Meeting brought together senior government officials from 20 Asian economies, including Bangladesh private sector business leaders, regional organizations, academics and technical experts to share experiences, and review best practices to help develop an information infrastructure to promote economic and social development in the region. The conference focused on the use of telecom and IT in health care and telemedicine, education and human resources development and the management of government services.

Bangladesh has accepted the obligations of Article VIII of IMF Articles of Agreement which means removal of all restrictions on making payments and transfers for current international transactions. By accepting these obligations, Bangladesh has given a clear signal to the international community that it would pursue sound economic policies. and thereby create a congenial climate for investment. Because of this potential influx of investment, one can only conclude that electronic payment systems are only a short breath away from becoming part of the Bangladeshi way.