What is E-commerce?

Over the past few decades international trade and e-commerce have grown at a phenomenal rate combined with rising import/export and global sourcing policies. International trade also took place long time back even when there were not advanced telecommunications or other networks and goods were exchanged in import/export in those days. With the advancement of technology the impetus given to import/export of trade and global sourcing was tremendous and one of the latest tools in the armour is that of e-commerce. Basically e-commerce refers to the carrying out of trade by use of electronic media mainly the internet for doing international trade, import/export and global sourcing. Obviously the advantages of this are many and will be discussed separately in a different article but it should be sufficient to know at this stage that various activities related to import/export, global sourcing, international trade and procurement and sales of goods and services comes under the purview of e-commerce mainly because of the ease of communication and the wide and extensive reach it provides, combined with huge savings both in terms of time as well as money, which together constitute one of the biggest factors in the life of any business or organisation.

The range of businesses which are involved in active utilisation of e-commerce is quite broad and includes those of e-banking, e-logistics, offshore manufacturing to name a few. It can be noticed that the common factor amongst most of these is the 'e' which stands as an acronym for the word 'electronic'. Nevertheless it must be kept in mind that more often than not, the word electronic refers to the medium of internet and other networks, when the current times of e-commerce, import/export, global sourcing and international trade are considered. In fact the term has become so popular now that even small scale individual entrepreneurs are utilising the technology of e-commerce to carry out international trade, import/export and global sourcing targets.

Last but not least it can be concluded that e-commerce has made the world a global village where tasks like import/export, global sourcing and international trade which were hitherto quite tedious, costly and time consuming to carry out, are not done within the flick of an eye at relatively much lower costs. It is hoped that in the times to come the technology of e-commerce will prosper even more and will contribute much more to the carrying out of international trade between various nations, global sourcing to find out the best suited commodity or service at the most reasonable price and import/export of goods and services freely across the border making the earth a single unit at least commercially speaking if not politically.