Body:
-What Is E-commerce And How Does It Augments Global Sourcing
E-commerce or electronic commerce, as it is popular, allows domestic as well as international trade over the Internet. The advent of E-commerce is boon for global sourcing and import and export. The boost to global sourcing and import/export through E-commerce is because of its to conduct online marketing, monitoring supply chain and monetary & data transaction in a dependable manner.
-Evolution of E-commerce with Global Sourcing
It is hard to tell whether import/export volume has swelled because of E-commerce but sure it made global sourcing easier to monitor with its evolutionary phases. Three decades ago, it facilitated fund transfers- albeit electronically besides facilitating exchange of POs and invoices in international trade. Electronic teller machines are the recent manifestations now overtaken by internet creditcard processing and endorsement of unsigned invoices even in international trade.
-Why is E-commerce Popular in International Trade and Import/Export
Looked at from both import and export traders' perspective, international trade is easier conducted electronically. Here are the points why present international trade depends much on E-commerce.
1. Quick and ease of setting up E-commerce storefronts for both global sourcing as well as import/export
2. Automatic running off of an import and export outfit without having to recruit many staff
3. Global sourcing agents/companies can evaluate/list import/export vendors online
4. Software assisted documentation for each global sourcing and import export transaction
5. Ability to handle multiple, quick and secure data and money transaction crucial to international trade, simultaneously
-Security Concerns in E-commerce Assisted Global Sourcing
E-commerce is not without security concerns, loss/misuse of encrypted data which are still being seriously being viewed by import/export operators before engaging in international trade electronically. The truth is E-commerce providers employ SSL (Secure Sockets Layer) to encrypt data/money (remember banks) transfer from your desktop to your clients'. You can say, E-commerce is secure for both import/export operators as well as global sourcing agents alike.
E-commerce has arrived on the global sourcing scene as both import and export and international trade partners are accepting it. Despite its growing stature and popularity E-commerce is still thriving in retail sector domestically and the international trade needs to cover a long distance before it catches up. Another reason for import/export operators' leaning towards E-commerce is the growing costs of delays in processing POs and invoices through traditional methods which render global sourcing useless.
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