E-commerce or electronic commerce refers to buying and selling of products or services over electronic systems such as Internet and other computer network. E-commerce includes
- Online business to business transactions
- Online business to consumer transactions
- Digital delivery of products and services
- Online merchandising
- Automated telephone transactions. E.g: Phone banking
Examples Of E-Commerce
There are 5 examples of e-commerce, that is:
- Online Shopping - Buying and selling goods on the internet. Sellers promotes their goods and buyers browse and purchase products with mouse clicks.
- Electronic Payments - Pay for goods through the internet..Reduce the inefficiency associated with writing and mailing checks.
- Online Auctions - Auction which is held over the internet. The Internet made auctions accessible to a large number of buyers and sellers and also efficient mechanism for price discovery.
- Internet Banking - Banking operations through the without visiting physical bank branch.
- Online Ticketing - Any kind of tickets such as air ticket, movie tickets, train tickets can be booked online without need to queue up at ticket counters.
- Business to Business (B2B)
- Business to Consumer (B2C)
- Consumer to Consumer (C2C)
Disadvantages Of E-Commerce
What Is Online Banking?
Online banking (or Internet banking or E-banking) allows customers of a financial institution to conduct financial transactions on a secure website operated by the institution, which can be a retail or virtual bank, credit union or building society. To access it from the Internet, the customer must have personal Internet access, means that they have to register with the institution for the service, and set up some password (under various names) for customer verification before they can access to various features such as:
- Viewing account balances
- Viewing recent transactions
- viewing images of paid cheque
- Ordering cheque books
- Paying third parties, including bills
SECURITY (ONLINE TRANSACTION)
What Is Online Transactions?
Online transaction is exchanging sensitive information without the appropriate encryption technology or security measures can make a computer user or identity particularly vulnerable. It take place at record speed, oftentimes faster than a standard credit card transaction or check processing. Online transactions also can be monitored, recorded, and key logged by a variety of hackers and third parties without the knowledge or consent of the user.
How To Ensure Safe Transactions On The Internet?
There are several tips to help ensure safe transactions on the Internet such as: