Internet was introduced in India in 1995 and the first wave of e-commerce started soon thereafter.
Poseidon, the father of accounting and book keeping was the first person to establish a work on double entry system of book keeping. According to Greek mythology, Poseidon is considered as “the father of commerce”. Commerce is referred as the business of buying and selling things. This is the exchange of goods and services especially on large scale. Technology came up with advancements in services to save time and labour in order to ease the method of exchange of goods. Then the internet services became, the helping hand in providing such services. E-commerce stands for Electronic Commerce, includes all the money transactions such as selling and purchasing or exchange of products online (through the internet). It also includes the exchange of bonds and stock transaction. E-commerce was brought in India by K. Vaitheeswaran in 1999 with his first e-commerce website Fabmart. Sites such as Flipkart, Myntra, Snapdeal, Amazon, eBay came afterward. E-commerce was founded by Jeff Bezos in 1994.
There is an immense history, right there on the internet. Thousands of names can be seen over there but there are lakhs of minds behind this evolution. Crores of hands & labour that took the evolution to such extent.
- Business-minded people make money like machines. Nowadays E-commerce business and sites are touching skies by its terms of facilities.
- 24 hours of availability, global reach, and efficient customer serve various offers and discounts.
- Earlier people don’t trust online shopping.
- Today, 71% of customers increased among Tier-1 and Tier-2 with over 30% of traffic on e-commerce sites arising from smartphones or tablets.
The Internet is everywhere, it has connected people from every corn of the world and helped them to communicate. People now don’t prefer going to malls, shops & spend time or in other words, waste their time, so they prefer ordering the stuffs online, by checking the size through the size chart & all the other stuffs also. Here are internet banking services also for people who prefer cashless transaction favoured through various platforms like Paytm, Gpay, Phonepay. Today we are at a point where people love shopping online. Also, the use of internet is a quotidian for applying & filling examination forms.
Online sites show that, in the year 2013, around 8 million people have been shopped online. In 2016, this score has risen to 100 million.
India has been the heart of e-commerce market in 2016 with the tremendous growth of 70%. key factors considered for the rise in the e-commerce scope is:
- Reduction in cost of internet facilities.
- Internet connectivity in remote areas.
- Encouraging more domain registrations.
There are different types of E-commerce vertices, that is B2B (business to business), B2C (business to consumer), C2C (consumer to consumer), C2B ( consumer to business).
Internet is mandatory or can be called foundation stone of e-commerce. However, in India, penetration is still done at 34.8% of the population.
In branding and marketing, to drive sales and traffic on e-commerce sites involve a heavy budget. This is a heavy cost and is significant and can be calculated as cost per acquisition or cost per scale.
By growing internet services, e-commerce scope is raising & touching skies. Its indeed a good step towards decreasing crowd in public places, markets, traffic jams and saving time. It gives people a facility in hand & feasibility for life in working.
Read – The Fugitive Economic Offenders Act, 2018 : An Interpretation
