E-commerce in Business Companies of Bangladesh Essay Example

sold only 1000pcs in 1990, but it has now surpassed one lakh.

The potential for e-commerce growth in Bangladesh is significant, given the presence of over 60 ISPs and more than 200 thousand internet users. The internet has opened up opportunities for electronic commerce (e-commerce) that use sophisticated data transfer networks to connect suppliers and customers worldwide, regardless of their location. E-commerce platforms are useful for marketing, identification, payment processing, and product delivery.

Electronic commerce, known as e-commerce, encompasses the process of processing orders and securing Electronic Fund Transfer (EFT) payments on company websites. E-markets are online platforms that connect multiple buyers and suppliers to match supply and demand while reducing transaction costs and cycles, making them particularly beneficial for collaborative business activities. By utilizing an e-marketplace, goods and services suppliers can publish their catalogs for numerous buyers to access. These markets also offer value-added services such as automated documents for faster negotiations, decision-support information, company profiles, financial services for credit checks, online transaction processing, and efficient means of fulfillment. The "e" in e-commerce denotes internet use while "commerce" refers to conducting business activities through it.

The concept of e-commerce involves conducting business electronically, specifically through the Internet. The term can be broken down into two parts: "e," referring to online activities, and "business," which represents commerce. This includes automating transactions between businesses and consumers, as well as between businesses themselves, while utilizing secure and dependable connections.

E-commerce is the use of Web-based technologies to market, buy, sell, and support goods and services through electronic media. The definition now includes business conducted over the Internet, even between unknown parties. E-commerce covers the entire process of developing, marketing, selling, delivering,

servicing, and paying for products and services online. It serves global virtual communities of customers with a worldwide network of business partners using resources like the Internet and other computer networks. Bajaj and Nag5 define e-commerce as paperless exchange of business information using EDI (Electronic Data Interchange), Electronic mail, Electronic Bulletin Boards (EBBs), Electronic Funds Transfer (EFT) or other network-based technologies that automate manual processes and paper transactions while also helping organizations move towards a fully electronic environment.

The broad scope of e-commerce, or conducting business electronically, includes a variety of activities in both the business-to-business and business-to-consumer markets. These activities involve electronic trading of goods and services, online delivery of digital content, electronic fund transfers, share trading, auctions, collaborative design and engineering, sourcing online, public procurement, direct consumer marketing and after-sales service. E-commerce encompasses products including consumer goods as well as services.

The online business revolution is undoubtedly dominated by e-commerce, which embodies the passion and focus of a rapidly expanding market encompassing information services, financial services, and legal services.

The essence of this idea lies in conducting online business and is much deeper than a mere catchphrase or superficial political stance.