A Study On Growth Prospects Of Online Retailers And E-commerce In India

Introduction

What Is E-commerce?

E-commerce stands for electronic commerce. ‘E-commerce’ and ‘online shopping’ are often used interchangeably. Still, Ecommerce is much broader than online shopping – it includes a broad concept for doing business online, incorporating many different products and services e.g. Money Transactions, Online lectures Making appointments, etc.

E-commerce deals in goods and services with the help of the internet and electronic media. The growth of Ecommerce in India is due to It being customer-friendly and improved comfort with the help of internet the online retailers sell products or services and goods directly to the customer from the online marketplace using a digital cart and allows payment through Debit/Credit Card, wallets, UPI, Net banking. The benefits of Ecommerce include its 24×7 Availability, easy access, extensive availability of products and services for the customer, and Across world reach.

History Of E-commerce

History of e-commerce dates back to the invention of the very old notion of “sell and buy”, electricity, cables, computers, modems, and the Internet. E-commerce became possible in 1991 when the Internet was opened to commercial use. Since that date, thousands of businesses have taken up residence on websites.

At first, the term e-commerce meant the process of execution of commercial transactions electronically with the help of leading technologies such as Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT) which gave an opportunity for users to exchange business information and do electronic transactions. The ability to use these technologies appeared in the late 1970s and allowed business companies and organizations to send commercial documentation electronically.

Although the Internet began gaining popularity among the general public in 1994, it took approximately four years to develop the security protocols (for example, HTTP) and DSL which allowed rapid access and a persistent connection to the Internet. In 2000 a significant number of business companies in the United States and Western Europe represented their services on the World Wide Web. At this time the meaning of the word ecommerce was changed. People began to define e-commerce as the process of purchasing available goods and services over the Internet using secure connections and electronic payment services.

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