Electronic Commerce

ELECTRONIC COMMERCE



Electronic commerce, also known as e-commerce, is the buying and selling of goods over the Internet. Have you ever bought anything over the Internet? If you have not, there is a very good chance that you will within the next year or two. Shop ping on the Internet is growing rapidly and there seems to be no end in sight.

The underlying reason for the rapid growth in e-commerce is that it provides incentives for both buyers and sellers. From the buyer's perspective, goods and services can be purchased at any time of day or night. Traditional commerce is typically limited to standard business hours when the seller is open. Additionally, buyers no longer have to physically travel to the seller's location. For example, busy parents with small children do not need to coordinate their separate sched ules or to arrange for a baby sitter whenever they want to visit the mall. From the seller's perspective, the costs associated with owning and operating a retail outlet can be eliminated. For example, a music store can operate entirely on the Web without an actual physical store and without a large sales staff. Another advan tage is reduced inventory. Traditional stores maintain an inventory of goods in their stores and periodically replenish this inventory from warehouses. With e-commerce, there is no in-store inventory and products are shipped directly from warehouses.

While there are numerous advantages to e-commerce, there are disadvantages as well. Some of these disadvantages include the inability to provide immediate delivery of goods, the inability to "try on" prospective purchases, and questions relating to the security of online payments. Although these issues are being addressed, very few observers suggest that e-commerce will replace bricks-and mortar businesses entirely. It is clear that both will coexist and that e-commerce will continue to grow.

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