Topic > E-commerce in the era of globalization

IntroductionGlobalization and advances in information and communication technologies are two main characteristics of a growing economy. Electronic commerce or eCommerce has shown tremendous growth in the business world with the help of globalization. Information and communication technologies (ICT) are one of the main factors in generating wealth and sustainable economic growth because by applying new technologies, businesses become more competent, can access new markets and more job opportunities are created. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original EssayAsia is an example of such an emerging power, as it accounted for nearly 40% of the world's gross domestic product in 2003. becoming a leading destination with around 60% of foreign direct investment going to developing countries in Asia. Online retail sales in India grew from US$3.8 billion to US$38 billion over a ten-year period from 2009 to 2016. eCommerce sales via retail is expected to grow to US$52,301 million US dollars and the total number of digital shoppers in India is expected to reach 329 million. Factors such as companies' innovative business models, variety of payment and shipping options available to customers, technological advancements, and consumer adoption of new enabling technologies may contribute to the continued strong growth of eCommerce. The Indian consumer's trend towards privacy, flexibility and convenience for online shopping has further propelled the growth of e-commerce. Benefits include reduced costs, greater accessibility for consumers, efficient business processes and improved supplier management. India boasts of a huge workforce with around five plus hundred million employees working in unorganized enterprises and acquiring traditional knowledge on the job. As businesses adopt new technologies, improving workforce productivity and efficiency is a major challenge. SMEs have played a crucial role in creating employment, innovation and export earnings for the economy with the help of successive policies and planned economy since 1951 by Government of India to SMEs not only to promote domestic market led growth , but also to strengthen the country's infrastructure. In this competitive economic environment, SMEs need to be informed about new and innovative e-marketing strategies to maintain an advantage over other businesses. E-Commerce plays an important role in small and medium-sized businesses. With the development of e-Commerce, consumers no longer need to be physically present to complete the transaction, but can do so from the comfort of their own home. But the idea of ​​e-commerce is still new for SMEs. (Paul Jones et al., 2013) Despite all the benefits, only 27% of online SMEs use e-Commerce (KPMG, 2015) Some of the common barriers faced by MSMEs in becoming e-Commerce ready are costs (hardware items), lack of awareness about the benefits of technology, inadequate physical infrastructure, lack of skilled manpower, privacy and security issues, poor accessibility to finance, misperception issues (technical complexities, e-Commerce a privilege for industries on a large scale). advantages Developing countries have failed to reap the benefits of new information and communication technologies. There have been some business models that have successfully embraced eCommerce, butyet little attention has been paid to seriously focus on strategies to successfully incorporate eCommerce into SME business models. (Kshetri, 2007, p. 443) Developed countries such as the United States, United Kingdom, Australia, Canada and other European countries are the major beneficiaries of eCommerce business models. Although Indian companies use information and communication technologies in the same way as other countries, growth is limited to very few cities and mostly to multinational companies. The inadequate legal regime for eCommerce is one of the main challenges that SMEs need to overcome before successfully adopting such a model in their business. MSMEs reported 27% higher annual revenues when they adopted a higher level of digital engagement. SMEs using e-commerce see up to a 60% reduction in marketing and distribution costs. Despite the benefits of e-commerce in creating sustainable economic growth for all businesses, only a few SMEs are adopting it, especially in India. This article tries to take a closer look at some of the companies that have entered the e-commerce sector and their experience and advice for other companies that want to establish themselves in this space. All the companies studied in the paper are based in India and represent different industrial sectors, from manufacturing to services. DiscussionElectronic commerce or eCommerce is a subsection of eBusiness that involves business-to-business (B2B) and business-to-consumer (B2C) service exchange relationships. By electronic commerce we mean the initiation, organization and execution of electronic commercial processes; in other words, exchanging services with the help of public or private communication networks, including the Internet, in order to obtain added value. Electronic Funds Transfer (EFTI) in the 1970s is one of the first e-commerce applications where money was transferred electronically between financial institutions. Then came Electronic Data Interchange (EDI) which was not just limited to financial transactions but could be used for other types of transactions followed from train reservation systems to online stock trading. In the 1990s, with the emergence of the World Wide Web, the term electronic commerce or eCommerce was introduced. -learning and m-commerce. In 2009, eCommerce began to emphasize social commerce channels like Facebook and Twitter. The Internet is not the only important factor for analyzing eCommerce, but econometric methods of data analysis are suitable for studying eCommerce. Most of the data to be collected tends to be economic data such as prices, quantities, consumer willingness to pay, competitive dynamics between businesses and market performance. (Kauffman and A. Walden, 2001) eCommerce can have the following four perspectives: Keep in mind: This is just one example. Get a customized paper from our expert writers now. Get a Custom Essay A communication perspective: the provision of information, products or services, or payments by electronic means. A business process perspective: The application of technology toward automating business transactions and workflows. A service perspective: enables cost reduction and at the same time increases the speed and quality of service provision. An Online Perspective: Buying and Selling Products and Information Online Although B2B is the primary type of e-commerce today (measured in terms of monetary volume), there are several other important types of eCommerce: Collaborative commerce (c-commerce) . In this type of eCommerce, business partners collaborate electronically. Such collaboration.