Things you need to know about e commerce

Article by Dennis Mugira

Did you that by embracing e-commerce practices in your business you can reach well over 1 billion consumers worldwide?

So what is e-commerce and how does a business adopt e-commerce?

E-commerce or e-business can be simply defined as carrying out business transactions using the internet. This ranges from the online stores where consumers shop for various items online using their credit cards to the online auctions and music and video downloads.The business transactions include purchase of goods and services, electronic data interchange, online data surveys and research.

Which business can apply e-commerce?

E-commerce can be applied by all sorts of businesses. All a business needs to do to be e-commerce compliant is to leverage the internet and internet technologies in its operations. These internet technologies include websites and related e-commerce features like shopping carts SSL certificatespayment gateways among othersCommon e-commerce requirementsImplementing e-commerce involves the use of internet and internet related technologies. These technologies include use of interface software to enable consumers to buy products, online security software to guard consumers against internet fraud and to secure your site and online banking services to facilitate payment for the goods and services. Some of the common e-commerce requirements include:Website: This is a must have for every business engaging in e-commerce. A website is a collection of electronic pages containing information about the business. This is the information potential clients see on the web. Therefore it can be said that is the most important marketing tool for your business. A good website should be well presented, easy to navigate and interactive.Shopping cart: Unlike the conventional shopping cart, and e-commerce shopping cart is a software which allows a buyer to pick things from an online store. An online shopper simply adds whatever they want on this virtue cart and pay for the items on their cart when they are through.Payment gateways: This is a service which facilitates the secure processing of credit cards.Security features: There are many internet security options to choose from based on the complexity of the business.Some security features, however, are mandatory to every e business, be it a large organization or a simple retail store. These include encrypting communications, authenticating users and making use of login details and passwords to control and manage access.What are the advantages of e-commerce?E-commerce provides a competitive edge in that a business is able to go global without spending much money on infrastructure and other business logistics.E-commerce is available 24/7. That means you are able to showcase your products and services to the whole world for 24 hours a day everyday. Also shoppers can buy from your online store anytime.E-commerce tools enable you to collect information relating to your business more quickly and efficiently. This can be done via online questionnaires or online surveys. This helps a business to make key strategic decision quickly to suit the consumer needs.By adopting e-commerce enjoys the benefits of streamlined operations. That means a business spends less in terms of time and money.

Dennis Mugira is a Freelance Financial Consultant with a wealth of Experience in the Financial Field. To read more of his articles Click Here

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