E-commerce & Security

 

ELECTRONIC COMMERCE

Electronic commerce, commonly known as e-commerce or e-comm, is the buying and selling of products or services over electronic systems such as the Internet and other computer networks. Electronic commerce draws on such technologies as 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 (www) at least at one point in the transaction’s life-cycle, although it may encompass a wider range of technologies such as e-mail, mobile devices and telephones as well.

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 institutional level, big corporations and financial institutions use the internet to exchange financial data to facilitate domestic and international business. Data integrity and security are very hot and pressing issues for electronic commerce.

E-commerce can be divided into:

  • · E-tailing or “virtual storefronts” on Web sites with online catalogs, sometimes gathered into a “virtual mall”.
  • · The gathering and use of demographic data through Web contacts.
  • · Electronic Data Interchange (EDI), the business-to-business exchange of data.
  • · E-mail and fax and their use as media for reaching prospects and established customers (for example, with newsletters).
  • · Business-to-business buying and selling.
  • · The security of business transactions.

 

E-commerce in India

India has an internet user base of over 100 million users. The penetration of ecommerce is low compared to markets like the United States and the United Kingdom but is growing at a much faster rate with a large number of new entrants. The industry consensus is that growth is at an inflection point with key drivers being:

  • · Increasing broadband Internet and 3Gpenetration.
  • · Rising standards of living and a burgeoning, upwardly mobile middle class with high disposable incomes.
  • · Availability of much wider product range compared to what is available at brick and mortar retailers.
  • · Busy lifestyles, urban traffic congestion and lack of time for offline shopping.
  • · Lower prices compared to brick and mortar retail driven by disintermediation and reduced inventory and real estate costs.
  • · Increased usage of online classified sites, with more consumers buying and selling second-hand goods.
  • · Evolution of the online marketplace model with sites like ebay, Infibeam, and Tradus.

 

The India retail market is estimated at $470 Bn in 2011 and is expected to grow to $675 Bn by 2016 and $850 Bn by 2020, – estimated CAGR of 7%. According to Forrester, the e-commerce market in India is set to grow the

 

 

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