The in-depth meaning of e-commerce can be defined as the realization of products and the services through the form of telecommunication network. This digitalized information and the communication service that is purely internet-oriented is made use for performance of the online trading. This online business is comprised of 3 business formats in the names of e-commerce. These businesses format suits accordingly based on the business type. The business formats include business to business relationship, business to relation relationship and the business to governmental services. Going forward, business to a business relationship will gain dominance in the upcoming financial years. As a pre-step of the online business, both the sender and the receiver should have access to the internet. There are businesses trading with virtual currencies too. Going here is the trading options related to the crypto currency. The transactions over the internet for online business occur in 3 possible ways.
- A service whose transaction is completed from selection to the end state of purchase (includes sale, ads, production, and distribution) through the internet via a telecommunication network. This type of transaction can, in turn, be categorized into 3 types.
- The initial searching stage is assisted with the interaction of buyers (consumers) and sellers (producers).
- Once the transaction is done, the ordering and the payment step interact.
- The final delivery stage is being executed electronically over the internet.
- The distributional services are the transactions where a product (that can be a good or the service) is selected and purchased over the internet. But, in the end, the delivery is done by the normal and traditional way.
- The transactions that involve the telecommunication transport facility. This even includes the provision of internet services.
Thus in crisp the e-commerce reduces the distance between the buyer and the market and the seller and the market. Moreover it provides a wide range of information about market opportunities and availabilities. The trader and the seller physical relationship is not compulsorily necessary for a business plan to be continued. Everything can be monitored online,and distribution to the end-user can also be made directly. The advertising options available the internet help the budding business to grow to greater extent and reach abroad contacts too. This is of great help to developing nations in terms of finance. So, e-commerce paves way for the developing nation to grow and attain greater heights.