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The New Age Digital Money

By Author: Kelvin-S
Total Articles: 1

The basic requirement of business in this bulging economy is e-Commerce and e-business. These factors are the backbone and prove to be the driving force for a strong economic development. E-commerce or e-business is the combination and digitisation of communication and information. Both integrated together form e-commerce and e-business, this can be termed as the integration of information and communications technology. This kind of business has increased the productivity, moved in on customer involvement and reduced the cost to company by a huge margin.

The development of internet and its web based technology have set a very high benchmark in the e-world. Traditional markets have gone down as people can surf the net and get the required products or services at anytime and anywhere. The most important thing is to determine the positioning, opportunities and skills to come up with an e-business idea that is simple to understand, that is workable, and delivers performance in the e-commerce arena.

The concept of e-commerce integrated with the right ideas can be a very important tool to fuel small, medium and large scale entities. It is nothing new that developed countries are doing very well but as e-commerce gives a boost to small scale and medium scale industries as well, they can come up and compete with the best in the market. The movement of products has already started in the form of buying and selling in these countries as well. Ecommerce requires technical expertise, infrastructure, and many other parameters that have to be taken into consideration.

E-commerce is often defined for a wide range of online businesses in the form of services and products; e-commerce can also be termed as digital money or transactions happening electronically and not in the form of physical interactions. The common interpretation of e-commerce is buying and selling over the internet or trading over the internet, online marketing, after sales support, etc; but the definition has changed in these years and it has become something different, it has become a means of communications and information to create relationships between organisation and individuals. But this interaction is completely electronic or digital and not at all physical. People always get confused between e-commerce and e-business and take them in the same meaning but they are thoroughly different and distinct. E-commerce is a platform where information and communication is used in business to business or business to consumer, whereas e-business is the process of educating people about business and enhancing their business.

There are many types of e-commerce modes like Business to Business (B2B), Business to Consumer (B2C), Business to Government (B2G), Consumer to Consumer (C2C) and mobile commerce. There are countries that have claimed authority over this kind of business like USA and UK as they more technological advancement in terms of infrastructure and technology, the role of the government to provide the necessary support to ecommerce solutions, the necessary training given to both, the consumer and company, as this kind of business depends on the people, the location must have the wealth to contribute to this business.

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