Trading or business is the recognized commercial activity all over the world. The traditional buying and selling of goods or products is done in markets or through shops. People use to purchase products from the shops or sellers. Later home deliveries of products were introduced by some super stores in metro cities and towns. At the time of delivery of ordered products at home the purchaser can pay the cash. With the advent of latest technologies the nature of conventional commerce and trade also had different strategies. The E- commerce or online trading is the latest form of trading that has got a great response from people all over the world.
Electronic commerce is simply defined as he trading of products done through electronic devices. The buying and selling of the product is done through internet or other applications in electronic devices including mobile phones. The online purchase and sale is done through several websites in the internet. The widely used modern E-commerce is through World Wide Web through e-mail, social networking media, multilevel marketing systems, mobiles and telephones. E-commerce basically has the transaction pattern of exchanging data of the prospective products or services for payment modes including cash transactions and credit or debit card payments.
The E-commerce was invented by Michael Aldrich in the year 1979 as the first online shopping. There was not any positive response to online shopping soon after its introduction in 1979. The first comprehensive or detailed electronic commercial service was introduced in the year 1984 by Compu Service as the electronic mall in USA and Canada. In the same year California enacted Electronic commerce Act defining the basic and mandatory consumer rights. The right of the online purchaser was elaborately defined in this act. In the same year Tesco earlier to the expanded online service of the Compu service introduced on line shopping and Mrs. Snowball became the first online shopper. In 1990 the first Web Browser using NeXT computer was created by Tim Berners Lee. The E-commerce trading system became popular during the 1990’s as a hidden impact of globalization. Products and services of different countries were available through many websites and the purchase of the products being at home was an easy and convenient option for the purchaser. In 1996 India Mart B2B was introduced in India. With the Dot com bust in the 2000 made the e- commerce more acceptable by people all over the world. Several e- commerce sites like Alibaba.Com, Amazon. Com, eBay.com, DH gate.com, Business.com and Zappos.com were introduced during the period between 2000 and 2011.
Several business applications are adopted in the e- commerce sites. Domestic and international payment systems and options, group buying, automated content management, instant messaging, teleconferencing, on line shopping, document automation in supply chain and logistics, shopping cart software and electronic tickets are the most widely used applications by different websites in the E-commerce trading. Based on these applications E-commerce are widely divided in to Virtual store fronts provide with online brochures connected to virtual mail, electronic data exchange, news letters through e-mail and fax , business to business buying and selling and the security if business transactions. The channels used for E-commerce is divided into pure click and brick and click channel systems. In pure click system websites are launched by companies that do not have any previous history as a firm or company. Bricks and Clicks are the existing companies that offer E- commerce as their additional service.
The E-commerce system is often being criticized by the economists that the growth of E-commerce system to a certain extent has affected the conventional trading system. But at the same time the profit accumulation of E-commerce cannot be ignored according to the trade analysis across the world.
Above these disputes it is an undoubted fact that the world economy has a great growth through E-commerce where people from any part of the world can purchase and sell goods being comfortable in their home pr private ambiance.