International Journal of Management and Commerce Innovations ISSN 2348-7585 (Online) Vol. 7, Issue 2, pp: (602-604), Month: October 2019 - March 2020, Available at: www.researchpublish.com
Change in marketplace “the virtual world” Anubhav Kaistha Author Email Id: roonyamity@gmail.com
Abstract: E-commerce is one of the most important facets of internet to have emerged in recent times. With the technology boom and “online shopping” companies popping up literally every week, one has to look into the various aspects of this new form of market. Do we still prefer the experience of shopping or are we looking for time-saving options in this ever running life of ours. This paper deals with the concept of e-commerce and looks to cover the actual buyers in shopping online Keywords: E-commerce, online shopping, actual buyers, market.
1. INTRODUCTION E-commerce is a modern business methodology that addresses the needs of merchants, organizations and consumers, it cuts the costs while improving the quality of goods and services and increasing the speed of service delivery. It can also reduce the cost of managing orders and interacting with a wide range of suppliers and trading partners, areas that typically add significant overheads to the cost of products and services [Rajiv Rastogi]. Businesses are increasingly using the Internet for commercial activities. The ubiquitous nature of the Internet and its wide global access has made it an extremely effective mode of communication between businesses and customers [Rowley (2001)]. The introduction of ecommerce has seen a drastic impact on the traditional ways of doing business. It has brought both ends of the market closer (i.e. the producer and the consumer) the long supply chain has been axed. With the number of internet users growing at a rapid pace (6,498.6 % growth from yr 2000 to 2014, source internet world stats) and maximum being in Asia (45.7 % ), but e-commerce is not related to the internet alone. Electronic transactions such as business calls over your cell phone, sending a fax, money withdrawal from the ATM machine, paying for your shopping’s using a credit card are different examples of e-commerce India's e-commerce market was worth about $3.8 billion in 2009, it went up to $12.6 billion in 2013. Although the market penetration rate is slow but with the current growth rate India is set to lead the world market in terms of e-commerce. With this growth comes the responsibility of providing a secure platform for e-commerce. Recently Target corporation suffered a cyber attack that has put it under litigation threat in multiple jurisdictions. E-Commerce demand highly secure, stable and protected hosting. Cyber security issues of e-commerce business in India would be required to be managed by Indian e-commerce stakeholders in the near future. In fact, Indian government is planning to introduce cyber security breach disclosure norms in India very soon, but only time will tell how secure can this online market e made.
2. EVOLUTION OF E-COMMERCE E-Commerce has evolved over the centuries. Prior to the evolution of money, it was a simple “barter process” where things could be exchanged, say milk for grains. The evolution of money brought with it, the concept of a “marketplace”. In a marketplace, Commerce is function of 4 P’s – Product, Price, Place and Promotions. All these four components play a vital role in a transaction to take place. Different combinations of 4Ps determine different forms of Commerce. Once the marketplace came into existence, a few pioneers realised that people would be ready to pay extra if they could deliver products to customer’s doorsteps. A slight modification on Price and Place led to the convenience of getting products at their homes. This concept delighted the customers and thus, the concept of “Street Vendors” was born. When the Postal System came into being the sellers decided to cash in on the new opportunity and started using mailers giving description of their products. It led to the networks was inevitable with the development of media vehicles. The latest generation of commerce is one that can be done over the internet. Internet provides a virtual platform where sellers and buyers can come in contact for sale and purchase of goods and services. They can be thousands of miles apart, may belong to different parts of the world, might speak different languages, “E-Commerce” emerged as the boundary-less trade medium in the era of globalization.
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