1Report on E-COMMERCE

E-COMMERCE
Semester End Project
Submitted to: Sir Danial Pirzada Submitted By: Marium Sarfraz Ammara Saleem Sundus Naseem Affan Aijaz

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Table of Contents
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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Executive Summary What is Commerce? What is E-Commerce & E-Business? Difference between E-Commerce & E-Business? Key Drivers of E-Commerce & E-Business Unique features of E- Commerce Technology Historical Development of E-Commerce Key Elements of E-Commerce Sites Types of E-Commerce E-commerce case studies leading the transformation BUILDING E-COMMERCE PROCESS OF E-COMMERCE: BENEFITS OF E- COMMERCE LIMITATIONS OF E-COMMERCE Success factor in E-Commerce Traditional E-Commerce E-Commerce Technologies Future of E-Commerce E-Commerce to M-Commerce Conclusion & References

Contents

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3-4 5-6 7-8 9-11 12-13 14 15 16 17-23 24-27 28-30 31-32 33-35 36-38 39-40 41 42-47 48-50 51-54 55-56

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Executive Summary
Internet has created a new world beyond the real worlda virtual network world or The sixth continent. E Commerce brought about by Internet is one of the most significant scientific accomplishments. In business, the prosperous e-commerce technology gives rise to a revolution in the circulation system. It breaks the boundary of time and space, alters the trade pattern, improves the circulation of merchandize, capital and information, and makes enterprises have an edge over others as well by reducing the cost of production effectively. In short, e-commerce has enabled the traditional business to achieve greater, faster, better and more economical results. The influence of the e-commerce goes beyond the business activity; it makes a profound impact on each aspect of human society, such as production and employment, government function, working talent, law systems and education etc. It is now infused in every profile: industries, logistics, finance, media, governments, enterprises, research organizations and even traditional agricultures. With the development of the e-commerce, it influence and impact to a larger extent every aspect of our society with each passing day. A new economic revolution on the basis of digitalization and Internet has set in. We can say without exaggeration that the electronic commerce is the most significant industrial revolution since Industrial Revolution, with deeper influence on mankind than the former two industrial revolutions, because it not only can raise greatly productivity, efficiency of economic operations, lower the economy operation cost, and make many originally impossible things possible, but also influence peoples life styles and every social aspect and therefore change their world outlook and methodology. E commerce is the core technology of knowledge economy. E Commerce is an excellent tool for a country through which it can enter into the world market, participate in and ultimately penetrate the global market. Before we can start developing e-commerce, we have to understand the background, the basic principle and the evolution and development history of e-commerce. This enables us to have a thoughtful understanding on this new technology, hence, helping to predict the trend of e-

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commerce in the near future. This report contains the chapters and topics which would help us in understanding this new concept of E Commerce which is heavily used now a day in order to become globalized and to exist in this era of globalization

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What is Commerce?
The word commerce has been defined differently by different experts of business organization. It involves the exchange of goods and services. It embraces all those processes which help to break the barriers between producers and consumers. It provides a good linkage between the producers and consumers. The process of buying and selling of goods and all other activities which facilitate trade like grading, packing, financing, transportation and insurance are termed as commerce. According to James Stephenson Commerce is defined as

"Commerce is an organized system for the exchange of goods between the members of the industrial world." Characteristics of Commerce:
The following are the characteristics of commerce:

It deals with economic activities. It involves exchange of goods and services. It is undertaken with the objective of earning profit. It is concerned with the creation of place and time utility of the products. It consists of a regular course of transactions.

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Uses of Commerce
The uses of commerce are mentioned in following points: It tries to satisfy increasing human wants It helps to increase the standard of living It links producers and consumers It generates employment opportunities It increases national income and wealth It encourages international trade

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What is E-Commerce?
It is defined as

E Commerce is enabling or achieving your business objectives by using information technology to enhance or transform your business processes.
E Commerce stands for electronic commerce and caters to trading in goods and services through the electronic medium such as internet, mobile or any other computer network. It involves the use of Information and Communication Technology (ICT) and Electronic Funds Transfer (EFT) in making commerce between consumers and organizations, organization and organization or consumer and consumer. With the growing use of internet worldwide, Electronic Data Interchange

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(EDI) has also increased in huge amounts and so has flourished e-commerce with the productive virtual internet bazaar inside the digital world which is righty termed as e-malls.

What is E-Business?
Electronic Business is defined as the utilization of Information and Communication Technology (ICT) in support of all the activities of business.

E-business is the conduct of business on the Internet, not only buying and selling but also servicing customers and collaborating with business partners.
E-business includes customer service (e-service) and intra-business tasks. E-business is the transformation of key business processes through the use of Internet technologies. Electronic business methods enable companies to link their internal and external data processing systems more efficiently and flexibly, to work more closely with suppliers and partners, and to better satisfy the needs and expectations of their customers. E-business involves business processes spanning the entire value chain: electronic purchasing and supply chain management, processing orders electronically, handling customer service, and cooperating with business partners. Special technical standards for e-business facilitate the exchange of data between companies. E-business software solutions allow the integration of intra and inter firm business processes. It can be conducted using the Internet, intranets, extranets, or some combination of these.

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Difference between E-Commerce & EBusiness

E -business and e-commerce are terms that are sometimes used interchangeably, and sometimes they're used to differentiate one vendor's product from another. But the terms are different, and that difference matters to today's companies. E-commerce covers outward-facing processes that touch customers, suppliers and external partners, including sales, marketing, order taking, delivery, customer service, purchasing of raw materials and supplies for production and procurement of indirect operating-expense items, such as office supplies. It involves new business models and the potential to gain new revenue or lose some existing revenue to new competitors. E business goes far beyond E-Commerce or buying and selling over the Internet, and deep into the processes and cultures of an enterprise. It is the powerful business environment that is created when you connect critical business systems directly to customers, employees, vendors, and business partners, using Intranets, Extranets, E-Commerce technologies, collaborative applications, and the Web. E-business includes e-commerce but also covers internal processes such as production, inventory management, product development, risk management, finance, knowledge management and human resources. E-business strategy is more complex, more focused on internal processes, and aimed at cost savings and improvements in efficiency, productivity and cost savings. The following diagram shows how E Business and E Commerce activities relate to one another.

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The following Diagram illustrates the major differences in e-commerce and e-business, where ecommerce refer more to the macro-environment and e-business relates more to the micro-level of the firm.

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Key Drivers of E-Commerce & E-Business

Following are the key drivers of e-commerce that allow a comparison between different countries they highlight the stages of advancement of e-commerce in each of the respective countries. Technological factors The degree of advancement of the telecommunications infrastructure which provides access to the new technology for business and consumers.

Political factors including the role of government in creating government legislation,

initiatives and funding to support the use and development of e-commerce and information technology.

Social factors incorporating the level and advancement in IT education and training which will
enable both potential buyers and the workforce to understand and use the new technology.

Economic factors including the general wealth and commercial health of the nation and the
elements that contribute to it.

Since a distinction has been made between e-commerce and e-business for consistency, the key drivers of e-business are also identified. These are mainly at the level of the firm and are influenced by the macro-environment and ecommerce, which include:

Organizational culture attitudes to research and development (R&D); its willingness to

innovate and use technology to achieve objectives.

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Commercial benefits in terms of cost savings and improved efficiency that impact on the
financial performance of the firm.

Skilled and committed workforce that understands, is willing and able to implement new
technologies and processes.

Requirements of customers and suppliers in terms of product and service demand and
supply.

Competition ensuring the organization stays ahead of or at least keeps up with competitors and
industry leaders.

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Unique features of E- Commerce Technology

Following table shows the seven unique features of E-commerce technology. E-Commerce Technology Dimension UbiquityInternet/Web technology is available everywhere: at work, at home, and elsewhere via mobile devices, anytime. Business Significance The marketplace is extended beyond traditional boundaries and is removed from a temporal and geographic location. Market space is created; shopping can take place anywhere. Customer convenience is enhanced, and shopping costs are reduced. Global reachThe technology reaches Commerce is enabled across cultural and national across national boundaries, around the earth. boundaries seamlessly and without modification. Market space includes potentially billions of consumers and millions of businesses worldwide. Universal standardsThere is one set of There is one set of technical media standards across technology standards, namely Internet the globe. standards. RichnessVideo, audio, and text messages Video, audio, and text marketing messages are are possible integrated into a single marketing message and consuming experience. InteractivityThe technology works through Consumers are engaged in a dialog that dynamically interaction with the user. adjusts the experience to the individual, and makes the consumer a co-participant in the process of delivering goods to the market. Information densityThe technology reduces information costs and raises quality. Information processing, storage, and communication costs drop dramatically, while currency, accuracy, and timeliness improve greatly. Information becomes plentiful, cheap and accurate.

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Personalization/CustomizationThe technology allows personalized messages to be delivered to individuals as well as groups.

Personalization of marketing messages and customization of products and services are based on individual characteristics.

Historical Development of E-Commerce

The meaning of the term "electronic commerce" has changed over time. Originally, "electronic commerce" meant the facilitation of commercial transactions electronically, usually using technology like Electronic Data Interchange (EDI, introduced in the late 1970s) to send commercial documents like purchase orders or invoices electronically. Later it came to include activities more precisely termed "Web commerce" -- the purchase of goods and services over the World Wide Web via secure servers (note HTTPS, a special server protocol which encrypts confidential ordering data for customer protection) with e-shopping carts and with electronic pay services, like credit card payment authorizations. When the Web first became well-known among the general public in 1994, many journalists and pundits forecast that e-commerce would soon become a major economic sector. However, it took about four years for security protocols (like HTTPS) to become sufficiently developed and widely deployed (during the browser wars of this period). Subsequently, between 1998 and 2000, a substantial number of businesses in the United States and Western Europe developed rudimentary Web sites. Although a large number of "pure e-commerce" companies disappeared during the dot-com collapse in 2000 and 2001, many "brick-and-mortar" retailers recognized that such companies had identified valuable niche markets and began to add e-commerce capabilities to their Web sites

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The concept of E-commerce is well established in European countries; however it is still emerging slowly in some industrialized countries, and is practically nonexistent in many Third World countries. Electronic commerce has unlimited potential for both developed and developing nations, offering lucrative profits in a highly unregulated environment.

Key Elements of E-Commerce Sites

Following are the key elements of an E-Commerce site:

Value proposition -- how a company's product or service fulfills the needs of

customers. Typical e-commerce value propositions include personalization, customization, convenience, and reduction of product search and price delivery costs.

Revenue model -- how the company plans to make money from its operations. Major
e-commerce revenue models include the advertising model, subscription model, transaction fee model, sales model, and affiliate model.

Market opportunity -- the revenue potential within a company's intended market

space.

Competitive environment--the direct and indirect competitors doing business in the

same market space, including how many there are and how profitable they are.

Competitive advantage -- the factors that differentiate the business from its
competition, enabling it to provide a superior product at a lower cost.

Market strategy -- the plan a company develops that outlines how it will enter a
market and attract customers.

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Organizational development -- the process of defining all the functions within a

business and the skills necessary to perform each job, as well as the process of recruiting and hiring strong employees.

Management team -- the group of individuals retained to guide the company's growth
and expansion.

Types of E-Commerce
There are a variety of different types of e-commerce and many different ways to characterize these types. For the most part, we distinguish different types of e-commerce by the nature of the market relationship who is selling to whom. The exceptions are P2P and m-commerce, which are technology-based distinctions.

Business-to-Consumer (B2C) E-commerce

The most commonly discussed type of e-commerce is Business-to-Consumer (B2C) E-commerce, in which online businesses attempt to reach individual consumers. Even though B2C is comparatively small, it has grown exponentially since 1995, and is the type of e-commerce that most consumers are likely to encounter. Within the B2C category, there are many different types of business models. Business-to-Consumer (B2C) e-commerce online businesses selling to individual consumer sells: portals, online retailers, content providers, transaction brokers, market creators, service providers, and community providers.

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The advantage to B2C selling is you are targeting a vast and varied market. You might appeal to a large number of consumers or specialize in selling to a niche group. The disadvantage of B2C selling is the consumer base is large and segmented. You must determine who needs your product or service and get the attention of the consumer group that is most likely to be a prospective customer.

Example: Business-to-Consumer Amazon.com is general merchandise that sells consumer products to retail consumers. Take for example a bank institution facilitating a client to login and check out the balance in his/her account or possibly transfer some money. All these moves lead into the area of B2C marketing. Not convinced yet? Here are a few new illustrations of some of the most prevalent E-Commerce websites: Ebay, Amazon or Yahoo Stores - these are classic B2C websites.

Business-To-Business (B2B) E-Commerce

Business-to-Business (B2B) e-commerce, in which businesses focus on selling to other businesses, is the largest form of e-commerce, with over $1.5 trillion in transactions in the United States in 2005. It means that you market your business service or product to other businesses. There was an estimated $13 trillion in business-to-business exchanges of all kinds, online and offline, in 2002, suggesting that B2B e-commerce has significant growth potential. The ultimate size of B2B ecommerce could be huge. There are two primary business models used within the B2B arena: Net

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marketplaces, which include e-distributors, e procurement companies, exchanges and industry consortia, and private industrial networks, which include single firm networks and industry-wide networks. The advantage to B2B selling is that you are dealing with a target market that stays in need of products and services to keep the business moving. Some products are, by nature, more suitable for a business-to-business transaction. For instance, general consumers have little use for largescale business machines, raw materials or raw commodities. The disadvantage to B2B selling is that the market is smaller, compared to the general public. Example: Business-to-Business ChemConnect.com is a chemical industry exchange that creates an electronic market for chemical producers and users.

Business to Government B2G E-commerce

It is business to government e-commerce, commerce between companies and public sector, refers to the use of internet for public procurement, licensing procedure and other government related operations Example: Business pay taxes, files reports, sell goods and services to government agencies.

Consumer-to-Consumer (C2C) E-commerce

Consumer-to-Consumer (C2C) e-commerce provides a way for consumers to sell to each other, with the help of an online market maker such as the auction site eBay. Given that in 2005, eBay generated more than $44 billion in gross merchandise volume around the world, it is probably safe to estimate that the size of the global C2C market in 2006 will be over $50 billion (eBay, 2006). In C2C e-commerce, the consumer prepares the product for market, places the product for auction or sale, and relies on the market maker to provide catalog, search engine, and transaction-clearing capabilities so that products can be easily displayed, discovered, and paid for. Example: Consumer-to-Consumer eBay.com creates a market space where consumers can auction or sell goods directly to other consumers.

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Peer-to-Peer (P2P) E-commerce

Peer-to-peer technology enables Internet users to share files and computer resources directly without having to go through a central Web server. In peer-to-peers purest form, no intermediary is required, although in fact, most P2P networks make use of intermediary super servers to speed operations. Since 1999, entrepreneurs and venture capitalists have attempted to adapt various aspects of peer-to-peer technology into Peer-to-Peer (P2P) e-commerce. To date there have been very few successful Commercial applications of P2P e-commerce with the notable exception of illegal Downloading of copyrighted music. Example: Napster.com, which was established to aid Internet users in finding and sharing online music files, was the most well-known example of peer-to-peer e-commerce. Peer-to-Peer Gnutella is a software application that permits consumers to share music with one another directly, without the intervention of a market maker as in C2C e-commerce.

Major types of E-commerce Types B2CBusiness-to-Consumer B2BBusiness-to-Business Example Amazon.com is a general merchandise that sells Consumer products to retail consumers. ChemConnect.com is a chemical industry exchange that creates an electronic market for chemical producers and users eBay.com creates a market space where consumers can auction or sell goods directly to other consumers.

C2CConsumer-to-Consumer

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B2GBusiness-to-Governmment

Business pay taxes, files reports, sell goods and services to government agencies Wireless mobile devices such as PDAs (personal digital assistants) or cell phones can be used to conduct commercial transactions.

M-commerceMobile commerce

Common Technology Difference of B2C &B2B

B2C Manufactured goods driven Capitalize on the significance of the business deal Targets: huge market and customer base Very short transaction sequence Brand personality is created via replication Emotional purchasing decision is based on class, aspiration, or cost

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B2B Connection driven Makes best use of the significance of the relationship Targets: small, alert customer base Long transaction sequence Brand personality is based on individual connections simple and clear purchasing decision based on business importance

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There are important technology differences between the business to business and business to consumer E-Commerce models. For example the need to process payments via credit card securely has been a major driver for the development of the broad range of security technologies and payments systems. However this need is felt most acutely on the business to consumer sites because e-commerce merchants expect payment at the time an order is placed and consumer want to able to pay online to avoid the delay and inconvenience associated with having to mail check to the merchant. On business to business e-commerce sites this issue is not as pressing because the merchant typically is willing to invoice the buyer and collect the payment later and because business customers are used to ordering via a purchase order rather than paying immediately via credit card. For business transactions additional safeguard are built into the existing processes to protect the companies against possible fraud. In the business to business sector, EDI is getting replaced because of the advantage internet offers to conduct such transactions. In the business to consumer e-commerce market the anticipated benefits to the vendor vary according to the business model for becoming involved with e-commerce initially.

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In some cases merchants have taken the familiar business model such as catalog shopping and transported it to the web as a new medium using their web site instead of paper catalog to provide product information and use online ordering to replace calling an operator to place an order. Today these website not generate many incremental orders .merchants are investing in e-commerce to extend their presence on web so they will not become visible by their absence to give consumer an additional mechanism through which to do business with them; and to gain experience with web based e-commerce so that when or if become a larger part of their sales they are ready to take advantage of it. Gaining experience with web based e-commerce is particularly important so the company can avoid being outflanked by competitors who take advantage of the web more quickly and use it to gain market share. In the future as the usage of the web become more widespread and possibly begins replace existing channels; other business drivers may become important as well. For example expenses of the direct mail merchant (such as printing and postage) could be reduced dramatically if web based e-commerce replaces its traditional catalog sales.

E-commerce case studies leading the transformation

B2B comprises of about 80 to 90 percent of all e-commerce by value. In this section we will present three case studies that are leading this transformation in different areas. Intel is an existing company that started using internet as a distribution channel in the mid 1990s.it transformed itself into an e-commerce business. Amazon is a pure play Dotcom company that rediscovered itself, after initial emphasis of sales through website only in the physical world by incorporating a supply chain, warehousing and customer relationship to become portable business. EBay is yet another

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pure-play dotcom company that pioneered C2C E-Commerce & become a profitable company from the very beginning.

INTEL:
In the mid 1990s, Intel adopted e-commerce technologies to reach out to its customer and trading partners. Within a few years, Intel was handling over 3 million hits per day with online revenue of 2 billion per month. Intels website delivers online information and support to a complex network of customers, employees channel resellers, suppliers and OEMs. Over 6000 users in more than 50 locations around the world used the customized personalized and secure B2B functionality. Intel defined e-business in terms of what they called 100% e-corporation concept A corporate strategy to re-engineer and automate business processes, using business system and internet technology, aimed at significantly improving customer, employees and suppliers business interactions.

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AMAZON:
Amazon is a pure-play B2C dotcom website, opened as an online bookstore in July 1995.it mission was to use internet to transform book buying into fasted, easiest and more enjoyable shopping experience possible. Jeff Bezos CEO of amazon.com argued that retail store required lot of real estate in prime location to sell the product to customers, and the cost of real estate was always going up. The amazon.com main website offers millions of book,CDs,DVD,free electronicgreetingcards,onlineauction,games,videos,toys.tools,electronics,homefurnishing,apparels ,kitchenware,computer,health and beauty good, prescription drugs, gounet foods and services including film processing. Amazon also expanded in parallel into international market. Even a July 1995 it had from 45 countries, By the year 2000, 13.8 percent of its revenues came from over 150 countries. It opened distinct websites for its customers in British, Germany, France and Japan with content in local languages for customers. The company also becomes sensitive to local cultures. It also opened local office in these countries to serve customers.

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EBAY:
The eBay websites proclaims that eBay is the worlds online marketplace, enabling trade on the local, national and international basis. With a divers and passionate community of the individual and small business, eBay offers an online platform where millions of items are traded each day. EBay enable a visitor to the site to find, buy and pay for an item by bidding as if he were participating in an auction. For example in India eBay acquired a successful online auction site (baazee.com) Seller and buyer meet through the eBay marketplace and interact through it as also directly. They follow the auction or fixed price formats facilitated by the website. Payments are made by buyer and goods are received by them from sellers. Most items require small payments to be exchanged. Both buyer and seller fount it inconvenient to deal with the money order or cheques. Pay pal a micro-payment gateway for effecting such payments, became very popular with the trading community. It made C2C payments as easy ascending an email. The service was offered free to buyer, but sellers were required to pay a small fee to pay pal, that was comparable to credit card charge.

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There are other auction sites as yahoo Auctions, half.com and amazon.com. but eBay is the worlds largest auctions C2Cmarketplace just as amazon.com is the worlds biggest

BUILDING E-COMMERCE

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Step One: Purchasing of E-Commerce After purchasing your E-Commerce page, you'll need to think about your credit card processor. Currently E-Tapestry partners with two companies, Verus Card Services and IATS Ticketmaster. These two companies will seamlessly integrate with your created E-Commerce page and allow credit card transactions to be processed in real time. Make sure to tell our E-Commerce team on your form template about which processor you are going with. Hooking up your page to the correct credit card processor is essential to completing your page! Once youve chosen your processor, youll need to fill out the documentation for the account setup. If you are using IATS Ticketmaster: http://www.iats.ticketmaster.com/setupdocs/etap/etap.html If you are using Verus Card Services: Documents can be accessed by following the instructions below Visit the Website Services Website at http://www.etapestry.com/webservices Click on E-Commerce Integration Scroll to the Verus Card Services Documents Section Once youve completed the proper documentation for your processor, youll need to fax that information to the appropriate fax number. Once your merchant application has been submitted, your account details will arrive from your processor via fax or email. Those account details will instruct you how to add your new processor to your E-Tapestry database. If you have any questions on adding that account information to your database, contact the e E-Tapestry support team at support@etapestry.com. 888-739-3827 www.etapestry.com info@etapestry.com Step Two

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Filling out your E-Commerce Template Information After youve purchased E-Commerce e your organization will need to fill out your page template. To access the template, please visit the E-Commerce and Website Services website at: http://www.etapestry.com/webservices Click on E-Commerce Integration Click on Order a new E-Commerce page The first section of the template is the Contact Information section. This section asks for general information regarding your organization. Make sure to enter the contact name and email address of the primary contact for the E-Commerce project. The next section of the template will ask for your E-Tapestry Account Information (username and password). If you do not have an E-Tapestry database, please contact your area sales representative. Your E-Tapestry database will act as the storage unit for all information that is obtained via your ECommerce page(s). The Processor Information section is intended to give our E-Commerce team the credit card processor you intend to use. If you need help deciding on which processor, please read the ECommerce Provider Options document at: http://www.etapestry.com/files/productinfo/pi_ECommerce_provider_options.pdf The Email Confirmation section of the template is where you can define (if you wish) your donors/registrants to receive a confirmation email upon a successful transaction to the email address they provide on your page. You can also define which email address this confirmation email is generated from. For example, if you wish your donors to receive confirmation from your general email box (info@myorganization.org), make sure to specify that in the From email section. You also can determine if you wish to receive a confirmation of a successful or failed transaction at your organization. Multiple email accounts may be added, just make sure to separate them with a comma. The Form-Specific Section is where you fill out the details of your page. You will also find the options to rush your order. Please be aware there is an extra $150 fee for any page that is rushed. Step Three

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Once you have submitted your page information to the E-Tapestry team, you will be contacted by the developer who will be working with you. The developer will notify you once your page is ready and if any additional information is needed to complete the page. It is important to be as descriptive as possible when filling out the page template so that our design team can get as much of the upfront work done as possible before sending you the link. Once the page is complete, our E-Commerce team will ask that you perform a test transaction on the page. This test transaction should ensure the following:

Your financial transaction is correctly set up All fields are directed to the appropriate location within your database Your success, and confirmation emails are as requested.

888-739-3827 www.etapestry.com info@etapestry.com Step Four Once your page is ready and you have run a test transaction, its time to link your page to your website. Our design team will provide your organization with the link needed to get your page displayed to your donors! It is up to your organization to link the page to your website. Your webmaster must use the link provided by E-Tapestry to access your E-Commerce page. The ECommerce pages that E-Tapestry creates are housed on our secure servers and should only be linked to your website, not uploaded to the server where your website is hosted. Step Five: Link your page to your website via a hyperlink and begin taking accepting transactions online! If you would like changes made to your E-Commerce pageTo request a change to your ECommerce page. Click on E-Commerce Integration Click on the Request an edit to your E-Commerce page

PROCESS OF E-COMMERCE:

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E-commerce process involve vie a three logical entities the storefront, the payment mechanism and supply. The storefront is nothing but a series of HTML webpages that display the products. The development of the same is quite simple and easy with thousands of software available in the market. The third is more of a physical world operation which we were all familiar with, like supply chain, logistics etc. however the second part the payment mechanism is very crucial and the entire e-commerce depends on this. Payment mechanism: The elements goes into payment mechanism are as follows: Card holders Merchants Issuing banks Acquiring banks Card association Payment banks Authorization process Settlement process

There are two type of process that are utilized by the payment mechanism

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E-COMMERCE PROCESS CYCLE:

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BENEFITS OF E- COMMERCE
The benefits of e-commerce can be seen to affect three major stakeholders: organizations, consumers and society. Benefits of E-Commerce to Organizations: International marketplace: What used to be a single physical marketplace located in a geographical area has now become a borderless marketplace including national and international markets. By becoming e-commerce enabled, businesses now have access to people all around the world. In effect all e-commerce businesses have become virtual multinational corporations. Operational cost savings: The cost of creating, processing, distributing storing and retrieving paperbased information has decreased. Mass customization: E-commerce has revolutionized the way consumers buy goods and services. The pull-type processing allows for products and services to be customized to the customers requirements. In the past when Ford first started making motor cars, customers could have any color so long as it was black. Now customers can configure a car according to their specifications within minutes on-line via the www.ford.com website. Enables reduced inventories: and overheads by facilitating pull-type supply chain management this is based on collecting the customer order and then delivering through JIT (just-in-time) manufacturing. This is particularly beneficial for companies in the high technology sector, where stocks of components held could quickly become obsolete within months. For example, companies like Motorola (mobile phones), and Dell (computers) gather customer orders for a product, transmit them electronically to the manufacturing plant where they are manufactured according to the customers specifications (like colour and features) and then sent to the customer within a few days. Lower telecommunications cost: The Internet is much cheaper than value added networks (VANs)

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which were based on leasing telephone lines for the sole use of the organization and its authorized partners. It is also cheaper to send a fax or e-mail via the Internet than direct dialing. Digitization of products and processes: Particularly in the case of software and music/video products, which can be downloaded or e-mailed directly to customers via the Internet in digital or electronic format? No more 24-hour-time constraints: Businesses can be contacted by or contact customers or suppliers at any time. Benefits of e-commerce to consumers: 24/7 access: Enables customers to shop or conduct other transactions 24 hours a day, all year round from almost any location. For example, checking balances, making payments, obtaining travel and other information. In one case a pop star set up web cameras in every room in his house, so that he could check the status of his home by logging onto the Internet when he was away from home on tour. More choices: Customers not only have a whole range of products that they can choose from and customize, but also an international selection of suppliers. Price comparisons: Customers can shop around the world and conduct comparisons either directly by visiting different sites, or by visiting a single site where prices are aggregated from a number of providers and compared(for example www.moneyextra.co.uk for financial products and services). Improved delivery processes: This can range from the immediate delivery of digitized or electronic goods such as software or audio-visual files by downloading via the Internet, to the on-line tracking of the progress of packages being delivered by mail or courier.

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An environment of competition: where substantial discounts can be found or value added, as different retailers vie for customers. It also allows many individual customers to aggregate their orders together into a single order presented to wholesalers or manufacturers and obtain a more competitive price (aggregate buying), for example www.letsbuyit.com. Benefits of e-commerce to society: Enables more exible working practices: which enhances the quality of life for a whole host of people in society, enabling them to work from home. Not only is this more convenient and provides happier and less stressful working environments, it also potentially reduces environmental pollution as fewer people have to travel to work regularly. Connects people: Enables people in developing countries and rural areas to enjoy and access products, services, information and other people which otherwise would not be so easily available to them. Facilitates delivery of public services: For example, health services available over the Internet (online consultation with doctors or nurses), and filing taxes over the Internet through the Inland Revenue website.

LIMITATIONS OF E-COMMERCE

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There was much hype surrounding the Internet and e-commerce over the last few years of the twentieth century. Much of it promoted the Internet and e-commerce as the panacea for all ills, which raises the question, are there any limitations of e-commerce and the Internet? Isaac Newtons 3rd Law of Motion, For every action there is an equal and opposite reaction suggests that for all the benefits there are limitations to e-commerce. These again will be dealt with according to the three major stakeholders organizations, consumers and society. Limitations of e-commerce to organizations: Lack of sufficient system security, reliability, standards and communication protocols: There are numerous reports of websites and databases being hacked into, and security holes in software. For example, Microsoft has over the years issued many security notices and patches for their software. Several banking and other business websites, including Barclays Bank, Powergen and even the Consumers Association in the UK, have experienced breaches in security where a technical oversight or a fault in its systems led to confidential client information becoming available to all. Rapidly evolving and changing technology: so there is always a feeling of trying to catch up and not be left behind. Under pressure to innovate: and develop business models to exploit the new opportunities which sometimes lead to strategies detrimental to the organization. The ease with which business models can be copied and emulated over the Internet increases that pressure and curtails longer-term competitive advantage. Facing increased competition: from both national and international competitors often leads to price wars and subsequent unsustainable losses for the organization. Problems with compatibility of older and newer technology: There are problems where older

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business systems cannot communicate with web- based and Internet infrastructures, leading to some organizations running almost two independent systems where data cannot be shared. This often leads to having to invest in new systems or an infrastructure, which bridges the different systems. In both cases this is both financially costly as well as disruptive to the efficient running of organizations. Limitations of e-commerce to consumers Computing equipment: is needed for individuals to participate in the new digital economy, which means an initial capital cost to customers. A basic technical knowledge: is required of both computing equipment and navigation of the Internet and the World Wide Web. Cost of access to the Internet: whether dial-up or broadband tariffs. Cost of computing equipment: Not just the initial cost of buying equipment but making sure that the technology is updated regularly to be compatible with the changing requirement of the Internet, websites and applications. Lack of security and privacy of personal data: There is no real control of data that is collected over the Web or Internet. Data protection laws are not universal and so websites hosted in different countries may or may not have laws which protect privacy of personal data. Physical contact and relationships are replaced by electronic processes: customers are unable to touch and feel goods being sold on-line or gauge voices and reactions of human beings. A lack of trust because they are interacting with faceless computers or medium.

Limitations of e-commerce to society:

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Breakdown in human interaction: As people become more used to interacting electronically there could be an erosion of personal and social skills which might eventually be detrimental to the world we live in where people are more comfortable interacting with a screen than face to face. Social division: There is a potential danger that there will be an increase in the social divide between technical haves and have-nots so people who do not have technical skills become unable to secure better-paid jobs and could form an underclass with potentially dangerous implications for social stability. Reliance on telecommunications infrastructure, power and IT skills: which in developing countries nullifies the benefits when power, advanced telecommunications infrastructures and IT skills are unavailable or scarce or underdeveloped. Wasted resources: As new technology dates quickly how do you dispose of all the old computers, keyboards, monitors, speakers and other hardware or software? Facilitates Just-In-Time manufacturing: This could potentially cripple an economy in times of crisis as stocks are kept to a minimum and delivery patterns are based on pre-set levels of stock which last for days rather than weeks.

SUCCESS FACTORS IN E-COMMERCE

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1. Providing value to customers. Vendors can achieve this by offering a product or productline that attracts potential customers at a competitive price, as in non-electronic commerce. 2. Providing service and performance. Offering a responsive, user-friendly purchasing experience, just like a flesh-and-blood retailer, may go some way to achieving these goals.
3. Providing an attractive website. The tasteful use of color, graphics, animation,

photographs, fonts, and white-space percentage may aid success in this respect. 4. Providing an incentive for customers to buy and to return. Sales promotions to this end can involve coupons, special offers, and discounts. Cross-linked websites and advertising affiliate programs can also help. 5. Providing personal attention. Personalized web sites, purchase suggestions, and personalized special offers may go some of the way to substituting for the face-to-face human interaction found at a traditional point of sale. 6. Providing a sense of community. Chat rooms, discussion boards, soliciting customer input, loyalty schemes and affinity programs can help in this respect. 7. Providing reliability and security. Parallel servers, hardware redundancy, fail-safe technology, information encryption, and firewalls can enhance this requirement. 8. Providing a 360-degree view of the customer relationship, defined as ensuring that all employees, suppliers, and partners have a complete view, and the same view, of the customer. However, customers may not appreciate the big brother experience.
9. Owning the customer's total experience. E-retailers foster this by treating any contacts with

a customer as part of a total experience, an experience that becomes synonymous with the brand. 10. Streamlining business processes, possibly through re-engineering and information technologies. 11. Letting customers help themselves. Provision of a self-serve site, easy to use without assistance, can help in this respect.
12. Helping customers do their job of consuming. E-retailers can provide such help through

ample comparative information and good search facilities. Provision of component

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information and safety-and-health comments may assist e-retailers to define the customers' job.
13. Constructing a commercially sound business model. If this key success factor had appeared

in textbooks in 2000, many of the dotcoms might not have gone bust. 14. Engineering an electronic value chain in which one focuses on a "limited" number of core competencies -- the opposite of a one-stop shop. (Electronic stores can appear either specialist or generalist if properly programmed.) 15. Operating on or near the cutting edge of technology and staying there as technology changes (but remembering that the fundamentals of commerce remain indifferent to technology). 16. Setting up an organization of sufficient alertness and agility to respond quickly to any changes in the economic, social and physical environment.

Traditional E-Commerce
Traditional e-commerce, where products or services are physical, the process

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of the transaction is physical and the delivery agent is physical. For example a corner shop stocks newspapers that are bought with cash over the counter and are taken away by the customer out of the shop. However, in reality in todays world, it is very rare that a business is truly traditional because of the use of EPOS systems for payment (electronic point of sale systems).

E-Commerce Technologies
Some of the e-commerce technologies are discussed as below:

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Electronic Data Interchange

Electronic data interchange (EDI) is the structured transmission of data between organizations by electronic means. It is used to transfer electronic documents or business data from one computer system to another computer system, i.e. from one trading partner to another trading partner without human intervention. It is more than mere e-mail; for instance, organizations might replace bills of lading and even cheque with appropriate EDI messages. It also refers specifically to a family of standard.

EDI via VAN

Value Added Networks, VANs, are private networks where EDI related information can be exchanged between companies securely. Trading partners will typically require an account with an EDI VAN provider which simply acts as an electronic mail box to both send and receive electronic documents. The sender connects with the VAN and sends its EDI transactions to the recipient's mailbox where they are stored. The sender then disconnects from the service. Then, at some point that is convenient, the recipient can connect to the network and receive those transactions from their mailbox. Most VANs offer an alerting service which informs the sender when messages have been sent successfully and informs the recipients when a new EDI message has arrived in their mailbox. In addition to looking after the transmission and receiving of EDI messages, VAN providers offer a number of other value added services including, managing outsourced EDI, community or trading partner enablement and other services which allow companies to integrate back office systems seamlessly. VANs have traditionally been favored for EDI transmission because of their security and their additional features such as Offer a mailbox service; trading partners dial into a VAN via a network access point and use a file transfer protocol to send EDI messages to the VAN. The VAN automatically routes the message to the receiving partner's mailbox and the trading partner dials into the VAN and retrieves the message

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Act as trusted third parties by inspecting and authenticating the EDI messages and verifying the identity of trading partners depositing and accessing them

Take responsibility for providing an audit trail of all EDI transactions and for tracking / recording the trail of a message

Send email notifications to partners that EDI messages have been deposited in their mailboxes

Offer an extensive range of other services, for example, data backup, recovery, document mapping and other outsourced services.

Electronic Fund Transfer:

Electronic Funds Transfer (EFT) is a system of transferring money from one bank account directly to another without any paper money changing hands. One of the most widely-used EFT programs

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is Direct Deposit, in which payroll is deposited straight into an employee's bank account, although EFT refers to any transfer of funds initiated through an electronic terminal, including credit card, ATM, Fedwire and point-of-sale (POS) transactions. It is used for both credit transfers, such as payroll payments, and for debit transfers, such as mortgage payments.

Examples of EFT System:

Banking and Financial Payments: Large scale payment (Bank to Bank transactions) Small payment or retailer payments ( ATM Transaction) Home Banking ( Bill Payment)

Retailing payments: Credit Card e-g (Visa or Master Card) Private Label credit/Debit Cards

Online E-commerce Payment: Token based payment system electronic cash; DigiCash, Electronic Cheque ( Net Cheque) Smart Card or debit cards

Credit Card Based System: Encrypted credit card e.g SSL, Cyber Cash ort SET encryption Third party authorization number e.g First Virtual

Debit Card:
A debit card (also known as a bank card or check card) is a plastic card with a magnetic strip and embossed identification number that provides the cardholder electronic access to his or her bank account at a financial institution. Some cards have a stored value with which a payment is made,

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while most relay a message to the cardholder's bank to withdraw funds from a designated account in favor of the payee's designated bank account. The card can be used as an alternative payment method to cash when making purchases. In some cases, the primary account number is assigned exclusively for use on the Internet and there is no physical card. In many countries the use of debit cards has become so widespread that their volume has overtaken or entirely replaced checks and, in some instances, cash transactions. The development of debit cards, unlike credit cards, has generally been country specific resulting in a number of different systems around the world, which were often incompatible. Since the mid-2000s, a number of initiatives have allowed debit cards issued in one country to be used in other countries and allowed their use for internet and phone purchases. However, unlike credit cards, the funds paid using a debit card are transferred from the bearer's bank account, instead of having the bearer pay back the money at a later date. Debit cards usually also allow for instant withdrawal of cash, acting as the ATM card for withdrawing cash. Merchants may also offer cash back facilities to customers, where a customer can withdraw cash along with their purchase.

Smart Cards:
A smart card is a plastic card about the size of a credit card, with an embedded microchip that can be loaded with data, used for telephone calling, electronic cash payments, and other applications, and then periodically refreshed for additional use. Currently or soon, you may be able to use a smart card to: Dial a connection on a mobile telephone and be charged on a per-call basis Establish your identity when logging on to an Internet access provider or to an online bank Pay for parking at parking meters or to get on subways, trains, or buses Give hospitals or doctors personal data without filling out a form Make small purchases at electronic stores on the Web (a kind of cybercash)

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Buy gasoline at a gasoline station

Email:
Electronic mail, commonly known as email or e-mail, is a method of exchanging digital messages from an author to one or more recipients. Modern email operates across the Internet or other computer networks. Some early email systems required that the author and the recipient both be online at the same time, in common with instant messaging. Today's email systems are based on a store-and-forward model. Email servers accept, forward, deliver and store messages. Neither the users nor their computers are required to be online simultaneously; they need connect only briefly, typically to an email server, for as long as it takes to send or receive messages.

Bulletin Board System (BBS):

A Bulletin Board System, or BBS, is an online service based on microcomputers running appropriate software. Once logged in, users can upload and download software and data, read news and bulletins, and exchange messages with other users either through email or in public message boards. Many BBSes also offer on-line games, in which users can compete with each other, and BBSes with multiple phone lines often provide chat rooms, allowing users to interact with each other more instantaneously.

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Facsimile (Fax):
Fax (short for facsimile), sometimes called telecopying, is the telephonic transmission of scanned printed material (both text and images), normally to a telephone number connected to a printer or other output device. The original document is scanned with a fax machine (or a telecopier), which processes the contents (text or images) as a single fixed graphic image, converting it into a bitmap, the information is then transmitted as electrical signals through the telephone system. The receiving fax machine reconverts the coded image, printing a paper copy. Before digital technology became widespread, for many decades, the scanned data was transmitted as analog.

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Future of E-Commerce
The current trends show that the use of the Internet, smart phones and the confidence of the people in using their credit cards online is growing exponentially. Hence, E-Commerce is here to stay, and we have to adapt ourselves to become smarter online buyers and sellers and web entrepreneurs because all the basic principles of the real world business apply to E-Commerce also. The e-commerce spending and online buyers and penetration of e-commerce will surely grow but the growth will vary from country to country and affect the online market at various time periods, but eventually when all the continent markets mature, the global market will shrink the geographic boundaries further giving rise to further impetus for a favorable online scenario. According to e-marketer, the e-commerce scene in the coming years in various geographic zones will be as follows:

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It has been noted that the sale of mobile phones has also increased recently. According to a blog post on smartphones sales between July and September in 2010 amounted to 4.7 million units, which is a plus of 270% when compared to the same between April and June in 2010. Hence, the next shift from E-Commerce to M-Commerce is inevitable. Mobile commerce is still an emerging channel, however, with less than four in 10, UK consumers having tried it in September 2009, according to ATG. This dimension of e transactions for any business offers global opportunities and challenges. With the sophistication in the softwares and CMS used to develop online stores and integrate secure mode of payments developing an E-Commerce site is becoming simpler day by day and cost effective.

But, like any real time business, e-business also needs the attention, focus and hard work to establish goodwill, reputation and profitability, the online business also needs the same energies, strategies and focus to become a success on the WWW. The business challenges of competition, marketing, offering online customer support, attending to potential customers, settling payments, refunds, executing orders, integrating accounts, etc. are applicable to any online business too. Of course, once all these are put in place your business has a global platform with a faster and wider reach and the potential of running your business tapping the local and global market even when you are in your deepest slumber.

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This increase in the online E-Commerce market is sure to generate new job and business opportunities for people having the skills to market online, co-ordinate online with the potential customers and offer customer support and for people who can help in the trouble shooting of such infra-structures. Hence, the search engines PPC programs, SEO Services, social media coordination, secure online payments, handling the integration of online accounts are some of the services which surely are in demand to support this e-commerce trend in the coming years. E-Commerce makes us shop using our computers , M-commerce makes us shop using our smartphones but apart from that the gap between e-commerce and m-commerce is going on decreasing as the convergence of technologies take place and online buyers become more smart and net-savvy proving that online business is here to stay and grow. Hence, now its not about having just a website but about having and operating your business online. The boom in the online travel industry- online reservations for hotels and airlines and online buying of books has already proved this and soon to follow is the retail industry as with the change in user behavior of the online buyer the trend of buying clothes, shoes, toys, etc. online is on the rising trend.

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E-Commerce to M-Commerce
As the technology era is growing very fast so that is why all technologies are shifting into new technology like the cellular phones are now going into the era of nano technology. People said that when ICs were launched late in 1940s the whole world transforms a new change. Now again scientist are working on new technologies like the Nano Technology which will again shift the technological world into new era. Same is the case with E-commerce now the new concept in this field is introduced with the name of M-Commerce. M-Commerce Mobile Commerce, also known as M-Commerce or M-Commerce, is the ability to conduct commerce using a mobile device, such as a mobile phone, a Personal Digital Assistant (PDA), a smartphone, or other emerging mobile equipment such as dash top mobile devices. Mobile Commerce has been defined as follows "Mobile Commerce is any transaction, involving the transfer of ownership or rights to use goods and services, which is initiated and/or completed by using mobile access to computermediated networks with the help of an electronic device." Products and services available Mobile ticketing

Tickets can be sent to mobile phones using a variety of technologies. Users are then able to use their tickets immediately, by presenting their phones at the venue. Tickets can be booked and cancelled on the mobile device with the help of simple application downloads, or by accessing the WAP portals of various travel agents or direct service providers

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Mobile vouchers, coupons and loyalty cards

Mobile ticketing technology can also be used for the distribution of vouchers, coupons, and loyalty cards. These items are represented by a virtual token that is sent to the mobile phone. A customer presenting a mobile phone with one of these tokens at the point of sale receives the same benefits as if they had the traditional token. Stores may send coupons to customers using location-based services to determine when the customer is nearby. Content purchase and delivery

Currently, mobile content purchase and delivery mainly consists of the sale of ring-tones, wallpapers, and games for mobile phones. The convergence of mobile phones, portable audio players, and video players into a single device is increasing the purchase and delivery of fulllength music tracks and video. The download speeds available with 4G networks make it possible to buy a movie on a mobile device in a couple of seconds. Location-based services

The location of the mobile phone user is an important piece of information used during mobile commerce or m-commerce transactions. Knowing the location of the user allows for locationbased services such as: Local discount offers Local weather Tracking and monitoring of people

Information services

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A wide variety of information services can be delivered to mobile phone users in much the same way as it is delivered to PCs. These services include: News Stock quotes Sports scores Financial records Traffic reporting

Customized traffic information, based on a user's actual travel patterns, can be sent to a mobile device. This customized data is more useful than a generic traffic-report broadcast, but was impractical before the invention of modern mobile devices due to the bandwidth requirements. Mobile banking

Banks and other financial institutions use mobile commerce to allow their customers to access account information and make transactions, such as purchasing stocks, remitting money. This service is often referred to as Mobile Banking, or M-Banking.

Mobile Store Front

The reinvention of the mobile phone as a touch sensitive handheld computer has for the first time made mobile commerce practically feasible. 'According to ABI Research, mobile is going to get a lot bigger in the E-Commerce market. The research firm is predicting that in 2015, $119bn worth of goods and services will be purchased via a mobile phone. Mobile brokerage

Stock market services offered via mobile devices have also become more popular and are known as Mobile Brokerage. They allow the subscriber to react to market developments in a timely fashion and irrespective of their physical location.

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Auctions

Over the past three years mobile reverse auction solutions have grown in popularity. Unlike traditional auctions, the reverse auction (or low-bid auction) bills the consumer's phone each time they place a bid. Many mobile SMS commerce solutions rely on a one-time purchase or one-time subscription; however, reverse auctions offer a high return for the mobile vendor as they require the consumer to make multiple transactions over a long period of time.

Mobile Browsing

Using a mobile browser, a World Wide Web browser on a mobile device customer can shop online without having to be at their personal computer.

Mobile Purchase

Catalog merchants can accept orders from customers electronically, via the customer's mobile device. In some cases, the merchant may even deliver the catalog electronically, rather than mailing a paper catalog to the customer. Some merchants provide mobile websites that are customized for the smaller screen and limited user interface of a mobile device. Mobile marketing and advertising

In the context of mobile commerce, mobile marketing refers to marketing sent to mobile devices. Companies have reported that they see better response from mobile marketing campaigns than from traditional campaigns. Mobile campaigns must be based on the global Content Generation or what is called Generation C and four other 'C's: Creativity, Casual Collapse, Control, and Celebrity. A brief introduction... Creativity: let's face it, we're all creative, if not artists! (Notice we didn't mean talented artists. And as creativity normally leads to content, the link with GENERATION C is obvious. Which then brings us to Casual Collapse: the ongoing demise of many beliefs, rituals, formal requirements and laws modern societies have held dear, which

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continue to 'collapse' without causing the apocalyptic aftermath often predicted by conservative minds. From women's rights to gay marriage to not wearing a tie to work if you don't feel like it. Research demonstrates that consumers of mobile and wire line markets represent two distinct groups who are driven by different values and behaviors, and who exhibit dissimilar psychographic and demographic profiles.[5] As a result, successful mobile commerce requires the development of marketing campaigns targeted to this particular market segment.

Conclusion
Finally the conclusion from this report came to a point that now day by day the e-commerce is getting successful. Today many companies have adapted the e-commerce. Because e-commerce has become the buzzword for successful businesses across the world, as also in Pakistan. So, it will be concluding that in the future e-commerce has growing faster. That means in the future ecommerce is one most important key factor to success of any company. Countries like China, India, and Malaysia are working very hard to get their economy backed by this e-commerce. An Indian economist said that the Indian Economy is expected to even overtake the US economy by 2045 & E-Commerce, I am sure, will play a major part in that.

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References
http://www.edibasics.co.uk/types-of-edi/edi-via-van.htm http://searchwinit.techtarget.com/definition/Electronic-Funds-Transfer http://en.wikipedia.org/wiki/Debit_card http://www.publishyourarticles.org/knowledge-hub/business-studies/what-do-you-mean-bycommerce.html http://www.engineersgarage.com/articles/what-is-e-commerce

Reference from a Research paper: introduction to E Commerce by ZHENG QIN 2009 Tsinghua University Press, Beijing and Springer-Verlag GmbH Berlin Heidelberg Co-published by Tsinghua University Press, Beijing and Springer-Verlag GmbH Berlin Heidelberg Reference from Book: Introduction to E-Commerce by Jeffery f.rayport, Bernard j. jaworski (TATA McGraw Hill 2nd Edition)

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Reference from Book: Chapter 10 E-commerce Management Information System 12th edition Global by Laurdan and Laurdan