Electronic commerce or e-commerce refers to business
doing electronically. In this, we can sell or buy things through computers via
internet. E-Commerce is by no means a new concept, even though with the
internet, the use of e-commerce has increased dramatically. E-commerce has been
implemented in different sectors of business like in banking sector; we can
transfer the funds electronically. This means that all the transactions are
paperless and by use of electronic means such as EDI (electronic data
interchange), electronic mail, bulletin boards, fax transmissions, electronic
fund transfers and the internet.
Benefits:
- Lower product costs
- Higher profit margins
- Better customer service
- Teamwork
- Productivity gains
- Information sharing, convenience and control
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