E-COMMERCE: The current Milieu

Concept Note

The birth and growth of e-commerce has been met with a myriad of views ranging from the limited impact on existing traditional set-up of commerce to the extreme view that it will eventually lead to total demolition of the existing brick-and-mortar business system. Simultaneous with the growth and penetration of e-commerce, the industry has seen spectacular hypes, as well as failures. However despite all these inconsistencies in views and trends, it is certain that the arrival of e-commerce has brought about major changes in the methods and means of conducting business and further radical changes are much more likely than not.
E-commerce in essence is conducting business transactions using telecommunication networks. Thus it is not just restricted to buying or selling of good and service via electronic means but covers the whole business process and encompassing Business-to-Customer (B2C), Customer-to-Customer (C2C), Business-to-Business (B2B), other Inter-organizational dealings, and intra-organization processes. In the current market scenario e-commerce encompasses one or more of the following:
•EDI (Electronic Data Inter-change)
•EDI on the Internet
•E-mail on the Internet
•Shopping on the World Wide Web
•Product sales and services on the Web
•Electronic banking or funds transfer
•Outsourced customer and employee care operations
Typically e-commerce automates the conduct of business among enterprises, it s customers and partners, creating interdependency and changing the market dynamics. With the onset of the internet, e-commerce boomed across industries, from fewer than 40 million users connected to the internet in 1996, the number of internet users in 2014 was almost 3 Billion, a steep growth trajectory that has wide implications for all aspects of human society including commerce and business. Internet based e-commerce has shrunk the boundaries between industries making it possible to amass an assorted variety of product in one site, as successfully implemented by be e-commerce retail giants (e-tailers) like amazon.com and e-bay.com etc. The growth in e-commerce is unlikely to relent soon, traditional retailers are expected to play catch-up by assimilating technology and in the immediate future the subset m-commerce (mobile commerce) is anticipated to explode into the scene,
E-commerce has undoubtedly brought immense benefit for customers and businesses alike. To buyers it has afforded convenience, flexibility, elimination of search cost and switching cost, and unrestricted information access. Major benefits accrued to business include economies of scale, efficient inventory and supply chain management, enhanced proximity with customers, specialization, superior scope for relationship building and customer care etc. While e-commerce has proved to be robust and versatile, it also suffers from various shortcomings and does not have a well defined path for the future, presenting it with intriguing challenges. Academia, industry and well as regulatory institutions thus have ongoing interest and important stakes in e-commerce. Major areas of interest in e-commerce, especially in the context of India include:
·         Identifying the drivers of growth in e-commerce
·         Challenges to adapt, survive, and grow for traditional retailers
·         Tackling consumer concerns for privacy and information security
·      Developing and enacting laws to govern the continuously evolving, fluid, and often  boundaryless e-commerce industry
·         Addressing the problem of information cluttering on the virtual marketplace.
·         Defining ethical practices for conducting business online

·         Challenges of cybercrimes.