E-commerce and its Importance in Business Table of Contents Introduction 3 Background of E-Commerce 4 Literature Review 5 Research Question and Objectives 6 Research Methodology 6 References 8 Appendix 10 Introduction The dissertation will be about the detailed study of importance of e-commerce in the present business environment…
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The study is therefore significant as it will uncover the pros and cons of e-commerce. Hence the primary aim of this dissertation is provide answer to the question does e-commerce really changed the system of doing business towards betterment or it was just a routine change. The next sections of the project will clearly describe the literature to be reviewed and the research methodology to be adopted for the purpose of accomplishing the task. At the end of the entire study and based on the conclusion, few recommendations will be also provided to further improve the process or how organizations as well as consumers can make effective use of it. Background of E-Commerce With rapid development of networking technologies during the early 1990’s human being witnessed the commercialization of internet services (Kalakota and Whinston, 1996, p.147). From that era organizations across the globe started to incorporate internet into their system of operations in order to gain competitive advantage and to create a core competency for themselves (Reynolds, 2004, p.5). At the same time that is in the early 1990s the concept of e-commerce was also introduced (Kurth, 2011, p.6). Earlier E-commerce was considered to be a core competency for the organizations, however at present it has become a necessity to survive in the market place (Ardisana, 2000). Electronic commerce or what is commonly known as e-commerce is an application which facilitates online selling and buying of goods and services (Zhou, 2004, p.56). It offers facilities such as online fund transfer, electronic data exchange (EDI), and online marketing among others. The major advantages of using e-commerce are maximization of speed in the context of service delivery, reduction in the overall cost and also quicker response to the customers (Rajaraman, 2010, p.12). Electronic commerce also plays crucial role in the online payment process. Online payment method refers to the process of directly transferring funds to the seller’s bank account (Radu, 2003, p.2). The biggest advantage of an online payment option is that it instantly completes the entire process of payment. The electronic payment options which are accepted in e-commerce include credit cards, debit cards, cash cards and internet banking (Oecd, 2006). Furthermore in order to conduct international money transfers there are several online platforms such as Pay pal, alert pay and Google checkout among other which assists in the process of transferring money (Tilborg and Jajodia, 2011, p.788). Literature Review E-commerce is simply a tool which enables companies and individuals to sell or buy their goods or services with the help of internet or some other electronic network (Korper and Ellis, 2000, p.12-13). It includes the entire process of marketing, order taking and selling the products or services. However according to Bhusry (2005) E-commence is an emerging area of networking technology that facilitates online buying and selling process. The process is accomplished by the help of computer network and telecommunication services. The author also emphasized on the fact that such type of technologies will support large number of companies in their operational fields. Some of the organizations that are getting highly benefitted by this technology are amazon.com, ebay.com, FedEx and Microsoft among others. On the other hand Goel (2007) highlighted that e-commerce is a
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