Ecommerce or Electronic commerce refers to the buying and selling of goods and services and most importantly in making an environment of commerce via electronic channels, primarily the Internet. It is a term for any type of business, or commercial transaction that involves the transfer of information across the Internet.
Ecommerce allows consumers to electronically exchange goods and services with no barriers of time or distance. Online retail is decidedly convenient due to its 24-hour availability, global reach and generally efficient customer service.
Small and Medium Enterprises (SMEs) are widely regarded as the powerhouse of the world’s economy. Electronic commerce is potentially the most immediate advanced communications services because it offers SMEs the opportunity to cut the costs of transactions and trade globally rather than locally.
Why SMEs should adopt ecommerce:
- the ability to disseminate product information easily and quickly
- cost savings and a quick turnaround for orders and purchases
- increase sales and gaining global business access
- Improve productivity
- Simply eager to explore what the internet can offer
- Showcase company’s products
- Gain global reach of customers / suppliers
- Improve image & reputation