E-Commerce: A Conceptual Understanding

Abstract

The present paper attempts to discuss the salient features of present day e-Commerce that has revolutionized and changed the rules of traditional business processes. Due to the reduced cost of access to the internet and many developments in the World Wide Web & other relevant technology, e-commerce is fast replacing the traditional business systems. It provides an easily accessible single point electronic assistance for all aspects of business including advertisements, sales transactions, streamlining business processes & capturing the market through business intelligence. In many cases, e-business has resulted in increased sales & improved services. In addition to on-line buying & selling opportunities, e-companies are providing consolidated and useful business information as e-services replacing the intermediaries in traditional business system. However, various issues in e-Commerce hold many challenges. The easy and open accessibility to information miserably conflicts with the requirements of security, privacy & confidentiality of information. Though in the traditional system there are security problems such as forged signatures, bouncing of Cheques, pick pocketing etc., in the electronic system, problems of reliability confidentiality, availability, authorization, etc. are more pronounced. The growth of real world e-Commerce will, therefore, largely depend up on the successful implementation of the Cyber Laws, Payment Gateways & Certifying Authorities in order to over come the legal and security problems.