In these days, modern technology deals with the INFORMATION retrieval, storage,
process and Technology. This board term encompasses computer science and
technology as well as communication systems such as computer networks, internet
and etc. The changes/improvements in various fields of science and technology
had a profound impact on our lives in almost every sphere of our activity,
whether it is health, communication, transport, agriculture, defense and etc.
The days, when one could depend on agricultural produces, on low value
textiles, leather, etc. for economic growth are long gone. The world is today
simply divided by a “technology boundary” which separates the technologically
advanced countries from the technologically back ward countries. The former
have been able to use their scientists and engineers for rapid economic growth
while the so called developing countries and one almost totally dependent on
the advanced countries for most of their needs, as chemicals, pharmaceuticals,
engineering goods, transportation, defense equipment and etc. In this day and
age, the name of the game to achieve rapid economic progress is Information
Technology. It must be thought of as an important national investment and not
as expenditure. This investment is far more important than building of roads,
bridges, power houses or motorways.
Whether it is a government/private sector company, usage of vibrant
integration systems based on flow of computer based information data and images
has given the user an edge over its rivals. The computer based applications
have led to great awareness, higher opportunity levels, better productivity and
loss cost.
The Americans and Japanese have capitalized the most of this knowledge
called Information Technology (IT) and communication economy, which has a
market worth of over US$4 Trillion. These two countries have led the way in
developing hardware, software and enabled communication technologies for system
integration. The IT industry has a growth rate of over 18% annually and has
grown four times to its present size of US$4 Trillion since 1980. At present,
the IT industry has more than 8,00,000 jobs world which are yet to be
filled-up. The success in the IT industry is rated as the largest single factor
in America today, which is the world is top economic power as IT and communication
contribute over 40% to its total revenue earnings.
The newly industrialised countries have been quick to jump on the IT success
bandwagon. The IT products and services contribute over 25% of the GDP in
Singapore, 15% in South Korea and over 14% in Malaysia. India has revitaliased
its economy around the IT only US$281 Million in 1985-86 to its IT industry
grew form billion reflecting an increase of over 1500%. Due to the tremendous
development in the field of IT, the world has become a global village. After
achieving significant growth levels through computer usage in the last 20
years, the world economic leaders have opened up a New World, the Internet, in
which everybody has a right to publicise an ideology, a product or a service.
The 2.3 billion pages on the Internet have Information and Technology for
all segments of society. Students in far off lands can link up with the best of
the universities in USA/other First World Countries through Internet bases
distance learning programmes/consultation on the most fatal disease can be done
on the Internet. Growth rate in other industries is 3-4%, while in IT it’s
15-20% on average. The combination of telephone, mobile phones, computers and
Internet is going to dominate the world scene in next 5-10 years as the single
largest medium/communication.
The electronic commerce activities on the Internet are estimated at about
US$45 Billion are likely to cross US$ 1.5 Trillion market in the next three
years. Thus future will be dominated by Internet revolution particularly in the
field of E-Commerce.
E-Commerce: Electric commerce deals with the commercial exchange of goods,
services, information of ideas between two or more parties enabled by
interactive digital networks. It has two branches B2B (Business to Business)
and B2C (Business to consumer). The B2B does not directly involve consumer
while the B2C is the process of conducting business on internet with the
consumer by skipping the traditional middleman.
The B2B transactions are generally conducted between suppliers and
manufactures, manufacturers and distributors and between manufacturers and
retailers directly. The buyer and seller have authorized access to each other’s
information systems and orders are placed of services, which are provided
either through Internet or through a virtual private network. The physical
transaction is conducted between the two parties directly while the financial
aspect or the transaction is conducted between the two parties directly while
the financial aspect of the transaction is facilitated by on intermediary which
in most cases will be a bank.
Business, organisations and even governments are switching to E-Commerce to
generate higher profits, cut costs and build intangible assets such as customer
loyalty, brand equity and public convenience. Some of the most successful
adopters of Electric Commerce are achieving all the benefits. Electric Commerce
generates revenues through advertising, subscriptions an d the scale of
products and services, which heavily depends on contents and technology.
In these days of E-Commerce, most firms and governments are on the web. Web
based databases and directories are becoming exceedingly popular and useful.
The leading web-based directly service providers are becoming exceedingly
popular and useful. The advertising is likely to yield much of the revenues on
web pages. Most of the governments are convinced that E-Commerce is quickly
penetrating the small and medium business markets. Industry players have
changed their focus, so, now they have staged building joint ventures,
partnerships with different players.
As for every business for E-Commerce, one needs to establish first as to
what is to be sold, who are the target customers, how to market, what means of
promotions to be used for publicising products and services, financial cost and
benefits analysis and so on. Those who failed to assign the top most reason for
failure to inadequate business planning and lack of proper marketing.
It should be kept in mind that customers on the web have greater access to
choice moving from one shop to another may be a matter of minutes or hours; but
on the net, it is matter a of seconds. While products are being sold on the net
offer lower prices than the traditional market outlet, customers buy from
website; Web-shops, which render better services. From the customer side the
rejection of web shopping sited induced reasons of poor customer service
followed by no credit card acceptance, non-acceptance of payment through bank
account, inadequate goods return policy and so on. Thus to be successful in
sphere of E-Commerce, every company has to be very competitive in terms of
costs as well as in provision of customised service.
NOTE:
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