PRINCIPLES OF E-COMMERCE

Tim O’Reilly introduced the concept of Web 2.0

Electronic Commerce is one of the most important aspects of the Internet to emerge. This ecommerce is generally used for online trading. To be more specific ecommerce helps in buying and selling of goods and services and transfer of funds through digital communications. There are six principles, which are followed for online trading of business. These six principles are as follows:

• Sell Everywhere:

  Over the past years the consumption of goods by the consumer has increased drastically.Therefore the ecommerce plays an important role in this way as the consumer can browse through the internet for the particular product and can also compare these product price with other online shopping websites.

• The Long Tail:

  Capturing the market with the new trends and methods.so as to retain the costumer for longer time.

• Decentralized Content Generation:

  By decentralizing the buyers can search the product, go through the reviews of the product , can determine the advantages and disadvantages of the product .This technique has enhanced the buyers to make valuable decisions before buying or selling. the product.

• Personalized Shopping:

  with the increasing demand of purchasing the goods the consumer can be happy and satisfied with online shopping as they need not waste quality time.with this principle the consumer feels more comfortable by shopping online rather than going to the shop and purchasing them.

• Integrationandcollabration:

  The eCommerce environment is built upon many interrelated systems and processes that require information to be exchanged dynamically.This helps in exchanging the information when ever the transanctions are carried .This makes the buyer happier and retain for longer time.

• Collection of Data:

  eCommerce is about collecting and managing data from all online websties to enable better business decisions.Maintaing data is more important for a good business as this helps in enhancing more quality for further transactions.

Further eCommerce allows people to carry out business or transactions without taking into considerations of time and distance .one can purchase a particular product with just a mouse click. ecommerce has many advantages like cutting the labor cost, documentation, etc. These helps in making decisions easier while purchasing and even search for alternative products also. Sometimes online shopping is cheaper than the traditional purchase. All the data is maintained in a secure way so that no transactions goes wrong.