E-Commerce: The Changing Definition Of Market

Posted on August 22, 2011 in Business and Economy

By Ritika Chawla:

It’s a universal fact that the advent of internet has completely changed the course of our lives making it simpler and yet so complicated. We live in the age of technological transformation where every activity that used to be conducted personally has taken a virtual twist. And so is the case with our traditional buying and selling of goods, which has not remained untouched by this phenomenon.

Looked at broadly, e-commerce refers to buying and selling of goods using World Wide Web. However e-commerce has more to it than meets the eye. The term may refer to the entire process of developing, marketing, selling, delivering, servicing and paying for products and services. With people becoming more and more involved with internet, there has been huge shift of transactions from real world to that conducted over the net. Maybe in India this has to take a complete shape, but countries like US and UK have experienced the transformation with major transactions taking place over the net.

This mode of transaction has proved to be beneficial to both buyers and sellers. Buyers have benefitted from huge varieties, amazingly low prices, doorstep delivery and various paying options, making them king of the market in true sense. The sellers on the other hand have benefitted from lower costs due to lesser paper work, wider reach and better and more ways of understanding customers. Thus so far this has been a win-win situation for both.

It has changed the way companies’ sell, the way we purchase. Just a click and the product is delivered at your doorstep within few days or even hours of placing order. The cash on delivery option made popular by Flipkart in India has online shopping easier than ever. Myntra.com too has joined the league. Today every big retail house has an online shopping option.

E commerce has given market a new shape and a new definition, one which is complementary to the generation of technological transformation.