It carries out commercial transactions electronically on the Internet.

Fintech is a new financial industry that uses technology to improve financial activity.

If a company's work is hired to another company, it would be termed as out-sourcing.

E-Commerce can be described as the process of buying or selling products, services (or) information via computer networks.

A company can be called E-Business if and only if
(i) It has the ability to conduct business electronically over the Internet.
(ii) It manages payment transaction through the Internet.
(iii) It has a platform for selling products & services via the Internet.

(i) Physical product disputes are a major disadvantage in E-Commerce, E-Commerce purchases are often made on trust.
(ii) This is because, we do not have physical access to the product.
(iii) Though Internet is an effective channel for visual and auditory information it does not allow full scope for our senses.
(iv) We can see pictures of the perfumes, but cannot smell their fragrance; we can see pictures of a cloth, but not its quality.
(v) If we want to inspect something, we choose what we look at and how we look at it.
(vi) But in online shopping, we would see only the pictures the seller had chosen for us.
(vii) People are often much more comfortable in buying the generic goods (that they have seen or experienced before and in which there is little ambiguity) rather than unique or complex things via the Internet.

(i) In B2B E-Commerce, commercial transactions take place between different business organizations, through the Internet.
(ii) For example, a cycle company may buy tyres from another company for their cycles.
(iii) When compared to other models, the value per transaction in B2B transaction is high, because of bulk purchases.
(iv) The company also might get the advantage of discounts on bulk purchases.
(v) Out-sourcing and Off-shoring are generally associated with B2B E-Commerce.
(vi) If a company's work is hired to another company, it WOuld be termed as out-sourcing.
(vii) If the work is outsourced to a company, which is outside its own country, it is called off-shoring

(i) The growth of E-Commerce is also related to the socio-technological changes.
(ii) The more, the medium becomes deep rooted, the more, are the users drawn towards it. Increase of users, increases the markets.
(iii) As the markets expand, more business organizations are attracted. The more business accumulation creates competition.
(iv) The competition leads to innovation; Innovation in turn drives the development of technology; technology facilitates E-Commerce's growth.

The pros and cons of E-Commerce affect three major stakeholders: consumers business organisations, and society.
Advantages:
(i) E-Commerce system is operated on all days and all the day (24x7). People can interact with business at the time of their convenience.
(ii) Speed is a major advantage in E-Commerce. Advanced Electronic communications systems allow messages to reach across the world instantaneously.
(iii) The Internet is too easy to 'shop around' for products and services that may be more cheaper. It provides an opportunity to buy at reduced costs and also to identify original manufacturers.
(iv) The whole world becomes a shop for today's customers. They can have wide choice by comparing and evaluating the same product at different websites.
(v) Customers can shop from home or anywhere at their convenience. They can read the details regarding model numbers, prices, features etc., from websites and also the payments can be made through online.
Disadvantages:
(i) E-Commerce is often used to buy goods that are not available locally but from businesses all over the world. Physical goods needs to be transported, which takes time and costs money. Some E-Commerce companies handle this through shipments.
(ii) Unlike returning goods to a traditional shop returning goods through online is believed to be an area of difficulty.
(iii) Privacy issues are serious in E-Commerce. In E-Commerce generating consumer information is inevitable. Privacy concerns are true in order to make people get cold feet about online shopping.
(iv) Physical product disputes are a major disadvantage in E-Commerce. E-Commerce purchases are often made on trust since we don't have physical access to the product.
(v) Delivery ambiguity. Since supplying businesses can be conducted across the world, it can be uncertain whether they are indeed genuine businesses or just going to take our money.

(i) Auction website is a kind of website, that auctions items on the Internet and levies some commission from the sales.
e.g. https://www.ebay.com/
(ii) Banner advertisement website displays advertisements of other companies in its websites and thereby earns revenue.
(iii) Bulk-buying website collect a number of users together where every one wants to buy similar items - the site negotiates a discount with the supplier and takes commission. e.g. https://www.alibaba.com/
(iv) Digital publishing sites effectively host the e-books or magazines on the web. They make profits in anumber of wayssuch as advertising, selling etc., https://wordpress.org/
(v) Licensing sites allow other websites to make use of their software. For example, the search engines which allow a visitor of the site to search within the website more easily.
(vi) Name-your-own-price websites are just like normal retail sites. In contrast, the buyer negotiates with the retailer for a particular product or service. https://in.hotels.com/
(vii) Online Shopping mall website allows multi E-Commerce traders to assemble together on a single website. Often these sellers would be related to each other, for example they may all sell luxury goods. This site would take a percentage of their profit.






 

(i) The figure which shows the evolution of E-Commerce. Dotcom companies of first wave are mostly American companies.
(ii) The First Wave of Electronic Commerce 1995-2003: The Dotcom bubble had attracted huge investments to first wave companies.
(iii) Initially when web was 1.0 and network technology was in its starting stage, the band-width and network security was very low.
(iv) Only EDI and unstructured E-mail remained as a mode of information exchange between business.
(v) The Second Wave of Electronic Commerce 2004-2009: The second wave is the rebirth of E-Commerce after the dotcom burst.
(vi) The rapid development of network technologies and web 2.0 (interactive) offered the consumers more choices of buying. The increased web users nourished E-Commerce business (mostly B2C) during the second wave.
(vii) The second wave is the business wave globally considered wave in many countries with many languages. Language translation and currency conversion were focused here.
(viii) The Third Wave of Electronic Commerce 2010 - Present: This wave is brought on by the mobile technologies. It connects users via mobile devices for real-time and on-demand transactions.
(ix) Not only the information is filtered by time, but also the geographic coordinates are used to screen the specific location-tailored information properly.
(x) The term Web 3.0 summarize the various characteristics of the future Internet which include Artificial Intelligence, Semantic Web, Generic Database etc, ...