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These developments however sent the least developed rivals to the road of damnation and obsolesce in all industries. The online commerce sites such as e-Bay and Amazon are considered as one of the leading businesses. The recognition of e-business model has in fact enlightened the world about the fact that the online commerce activity is much better than the conventional one as it allows the companies to have lower costs and therefore they can make higher profits. Importantly according to various researchers the economies with higher literacy and computer literacy rate are ideally suited for the implementation of e-commerce because computer is an integral part of today’s business world. In developing nations the concept of e-trade is growing significantly but the development of full fledge electronic economy is a far cry at this time. The growth and strengthening of the e-commerce is closely linked with computer and traditional education. Literature Review E-commerce is defined as the practice of buying and selling in an electronic setting. The featured practice provides the basis for e-business that is the integration of information technology in each and every aspect of the corporate activity such as recruitment, accounting and even Human Resource Management is becoming online nowadays. In developing nations the concept of e-management is quite prevalent at this point in time. The recent research on the topic suggests that the application and understanding of the technology is the source of competitive advantage in the real sense. Moreover it is also very important to retain those employees who have the ability to keep the infrastructure running while the companies are also suggested to train the managerial staff in understanding the information so that they can base their business decisions on the information provided by the technology. The vast scale implementation of the internet in the business world has assisted the customers in counteracting and eliminating the role of middleman who is notorious for charging higher prices to the customers. The internet has therefore driven down the consumer prices in many industries. The companies however are enjoying the benefits of lower cost due to integration of technology that helped them in minimizing the storage costs of the products,. Role of Technology in Business to Business Trade The role of technology in terms of enhancing business to business trade is significant because it assisted the buyers and suppliers in interlinking the information systems. This development caused the integration of inventory management systems of the above mentioned parties that minimized the possibility of delayed orders and deliveries. It also has driven storage costs with the help of Just in Time inventory concept. The application of integrated ERP systems can be observed in Toyota’s production that flourishes on the idea of timely inventory delivery. In Japanese production facility of the company the vehicles are assembled while their parts keep on being delivered. The delivery of the parts and their fitting into the vehicles almost takes place simultaneously. Additionally the ERP systems permit the suppliers to see their clients current inventory levels so that they can make arrangements to supply components that are low in number. Main Aspects of Networked Economy Model Following are the major attributes of the Networked Economy Model 1. Free availability of Information: It is the responsibility of the government to ensure an adequate level of information about economic developments and
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There are essential characteristics of such infrastructure specifically useful for the modern day businesses. Ubiquity is the accessibility of E-commerce infrastructure from various locations such as home, work, beach, and club or anywhere else preferred by the individuals.
In such cases, information technology has to do with the operation of computers, as well as the use of computer software for processes such as converting data, protection, storage, and the retrieval of information. More than any other sector, the banking sector has implemented various functions of information technology to ease the process of providing services for customers in varied locations.
Though the concept of E-Commerce has been in continuous use for several years, it wasn't until the actual invention of internet, that the word "E-Commerce" became a familiar word (Web Transitions Inc, 2004). E-Commerce is assumed to grow at rapid rate in the next few years, when merchants design and operate their own E-Commerce enabled web portals, to distribute products and services to their consumers across the continents of the world.
It allows users to buy goods while sitting at the luxury of their home. It provides innumerable benefits to businesses; broadens the customer base, provides products a healthy brand equity, spreads the roots and reach of a company to name a few; which directly have a positive impact on the returns on investment of a company.
New business models inspired by the new technology break down traditional boundaries between business partners, in essence making all participants in a business transaction part of an expansive extranet. For many companies, a web site becomes one of the main tools which help to connect the organization with potential customers and suppliers.
As this quote suggests, Internet has been very popular within businesses. Increasing use of the Internet, as well as rapid development of associated technologies is leading to the growth of e-commerce as well. With the popularity of Internet the concept of e-commerce is used by more and more companies today.
E-Commerce and M-commerce operates on different technologies and modes of contacting the customer, for a normal user, both the terms sounds similar in terms of general Utility. Still while maintaining the similarity of utility, E-commerce and M-commerce are diversified and can be stated a competitive applications of technology trends.
Lightened changes in information technology, especially in previous one ten years, has given the new concept of marketing in which buyer and owner do not see one another personally nor see the goods physically. The whole transaction is carried out with the aid of online communication. The complete deal is carried out by usage of a computer.
E-commerce has reduced costs and time spent of supply chain activities.
Electronic commerce is the use of technology to perform business process activities that entail the exchange of information, products and
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