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understanding E-commerce categories and trade cycles.

Electronic Markets

An electornic market can be describewd as the use of information and communication technology to present a range of offerings available in a particular market segment. This helps the purchaser to compare prices abd other attributes such as discount ,quality and take actions.

e.g.     Railway booking , bookmyshow etc..


Electronic Data Interchange :Electronic data interchange implies a standard system that can be used for coding trade transactions and communicating direclty from one computer to the other.  In such system there is no need of paper work such as bills/invocies and thus eliminates many human errors.

The major sector where EDI is being used is Large super market chains


E-Commerce

Buying and selling goods online is the prime model of e-commerce. E-commerce can be applied to different phases of trade cycle.  This trade cycle will depend on  factors like

1. Nature of organisations (or individuals) who are involved in e-commerce.
2. The frequency of trade between partners who are doing the exchange.
3.  The nature of product that is being transacted.

Such trade cycles support  activities like finding goods or services that are appropriate to the requirement and agrees to the terms and condition of trade.,placing orders online ,taking delivery and making payments. It also includes after sale activites such as warrantees,sevices etc..

According to David Whitley (Author of book "E-commerce Strategies,Technologies and Applications") the three type of trade cycles are:

Repeat Trade cycle: Repeated series fo trasaction between the partners
Credit transactions: irregular series of transactions between the commercial trading partners where execution and settlement are seprated.
Cash Transaction: Irregular transactions where execution and settlement are typically combined together.




Terminology

1. E-commerce : Electronic commerce
2. IS :Information Systems
3. EPOS:Electronic point of sales


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