What is a Credit Card?

The plastic credit card with a magnetic strip many people carry in their wallets or purses is the end result of a complex banking process. Holders of a valid credit card have the authorization to purchase goods and services up to a predetermined amount, called a credit limit. The vendor receives essential credit card information from the cardholder, the bank issuing the card actually reimburses the vendor, and eventually the cardholder repays the bank through regular monthly payments. If the entire balance is not paid in full, the credit card issuer can legally charge interest fees on the unpaid portion.

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What Is The Meaning of E-Commerce?

Meaning of E-Commerce

Electronic commerce, or e-commerce, refers to economic activity that occurs online. E-commerce includes all types of business activity, such as retail shopping, banking, investing and rentals. Even small businesses that provide personal services, such as hair and nail salons, can benefit from e-commerce by providing a website for the sale of related health and beauty products that normally are available only to their local customers.

Easy for Businesses

Although e-commerce once required an expensive interface and personal security certificate, this is no longer the case. Virtual storefronts are offered by a variety of hosting services and large Internet presences that offer simple solutions to vendors who have little or no online experience. Tools for running successful e-commerce websites are built into the hosting servers, eliminating the need for the individual merchant to redesign the wheel. These tools include benefits such as virtual shopping carts, inventory and sales logs and the ability to accept a variety of payment options, including secure credit card transactions.

Security Improvements

Early e-commerce was stunted by security fears, but improved technology has made millions of people worldwide feel comfortable buying online. Seeing the vast potential in online commerce, most credit card companies helped allay fears by guaranteeing that cardholders would not be held responsible for fraudulent charges as a result of online shopping. All of these factors have helped e-commerce become a booming industry.

Convenient for Shoppers

The popularity of online commerce is understandable, considering the time and hassle involved in running from store to store, searching for an item. It not only takes valuable time and energy, but using transportation usually costs money. Shopping online whenever the mood strikes — even in the middle of the night — has many advantages. Not only is it convenient to shop at a myriad of vendors from the comfort of a computer chair, it’s also a snap to find the best deal by allowing certain shopping sites to sift through all of the sellers.

Prices Often Lower

E-commerce also has other advantages. Employee overhead is virtually nonexistent, and the cost of operating a website usually is nominal, especially when compared with the cost of storefront property. To top it off, most transactions are handled by software processes, never requiring a real person until the item is ready to be packed and shipped. This translates into real savings to the customer. As a result, physical businesses often cannot compete with their online counterparts, although consumers do have to watch for inflated shipping fees that might negate the savings of buying online.

What Is Types of Electronic Commerce ?

Types of Electronic Commerce

Ecommerce mainly consists of distribution, purchase, sale, marketing and provision for supplementary information of products or services via the Internet. E-commerce also includes the transfer of information between enterprises. In late 70s, Ecommerce started as a process of sending and receiving electronic documents such as invoices. As the process evolved, it included activities such as purchase of goods and services via Internet by using different types of purchase cards i.e credit and debit cards. Today, Ecommerce is spearheading a all new way of buying and selling online. Ecommerce activities fall into identifiable categories and can be classified as business to business (B2B), business to customer (B2C) and many more. This article is aimed at discussing these categories in detail

1. Business to Consumer (B2C): It is the direct trade between companies and end consumers. This is the direct selling via the Internet. For example: selling goods direct to customer and anyone can buy any products from the supplier’s website. In this mode is intended to benefit the consumer and can say business to consumer (B2C) Ecommerce works as retail store over internet.
2. Business to Business (B2B): Business to business Ecommerce existed in marketing from the very beginning. It is the trade that takes place between companies. Terms like offshoring and outsourcing are generally associated with B2B Ecommerce. For example: If I give my company’s payroll work to another accounting firm, it would be deemed as outsourcing. The term offshoring decides the outsourcing term further. If the work is outsourced to a company, which is outside the geographical boundary of the country in which the outsourcing company resides, it is termed as offshoring.
3. Consumer to Business (C2B): In today’s Ecommerce arena, it is growing trend wherein consumers demand specific products or services from respective businesses. For example: I contact a tour and travel operator via their website for purchasing a holiday package.
   Consumer to business Ecommerce is growing at a rapid pace and the trend is set to continue in the future.
4. Consumer to Consumer (C2C): Usually, this type of Ecommerce works as Consumer to Business to Consumer (C2B2C). It essentially means that a consumer would contact a business in search for a suitable customer. Most of the auction websites (like eBay) and matrimonial websites are working on this methodology.

What Is The Meaning Of Commerce ?

Meaning Of Commerce

Commerce is the exchange of items of value between persons or companies. Any exchange of money for a product, service, or information is considered a deal of commerce. Commerce has been a constant part of history.

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