E-commerce(B2G)(B2B)(B2C)Enterprise

Online Business or e-business is any kind of business or commercial transaction that includes sharing information across the internet. Commerce constitutes the exchange of products and services between businesses, groups and individuals and can be seen as one of the essential activities of any business. Electronic commerce focuses on the use of ICT to enable the external activities and relationships of the business with individuals, groups and other businesses, while e-business refers to business with help of the internet.

E-commerce (short for "electronic commerce") is trading in products or services using computer networks, such as the Internet. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply in chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection. Modern electronic commerce typically uses the World Wide Web for at least one part of the transaction's life cycle, although it may also use other technologies such as e-mail.

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Security

E-business systems naturally have greater security risks than traditional business systems, therefore it is important for e-business systems to be fully protected against these risks. A far greater number of people have access to e-businesses through the internet than would have access to a traditional business. Customers, suppliers, employees, and numerous other people use any particular e-business system daily and expect their confidential information to stay secure. Hackers are one of the great threats to the security of e-businesses. Some common security concerns for e-Businesses include keeping business and customer information private and confidential, authenticity of data, and data integrity. Some of the methods of protecting e-business security and keeping information secure include physical security measures as well as data storage, data transmission, anti-virus softwarefirewalls, and encryption to list a few.

Privacy and confidentiality
Data integrity
Non-repudiation
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Access control

When certain electronic resources and information is limited to only a few authorized individuals, a business and its customers must have the assurance that no one else can access the systems or information. There are a variety of techniques to address this concern including firewalls, access privileges, user identification and authentication techniques (such as passwords and digital certificates), Virtual Private Networks (VPN), and much more.

Availability
Cost
Security solutions
Access and data integrity
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Encryption

Encryption, which is actually a part of cryptography, involves transforming texts or messages into a code which is unreadable. These messages have to be decrypted in order to be understandable or usable for someone. There is a key that identifies the data to a certain person or company. With public key encryption, there are actually two keys used. One is public and one is private. The public one is used for encryption, and the private for decryption. The level of the actual encryption can be adjusted and should be based on the information. The key can be just a simple slide of letters or a completely random mix-up of letters. This is relatively easy to implement because there is software that a company can purchase. A company needs to be sure that their keys are registered with a certificate authority.

Digital certificates

The point of a digital certificate is to identify the owner of a document. This way the receiver knows that it is an authentic document. Companies can use these certificates in several different ways. They can be used as a replacement for user names and passwords. Each employee can be given these to access the documents that they need from wherever they are. These certificates also use encryption. They are a little more complicated than normal encryption however. They actually used important information within the code. They do this in order to assure authenticity of the documents as well as confidentiality and data integrity which always accompany encryption. Digital certificates are not commonly used because they are confusing for people to implement. There can be complications when using different browsers, which means they need to use multiple certificates. The process is being adjusted so that it is easier to use.

Digital signatures

A final way to secure information online would be to use a digital signature. If a document has a digital signature on it, no one else is able to edit the information without being detected. That way if it is edited, it may be adjusted for reliability after the fact. In order to use a digital signature, one must use a combination of cryptography and a message digest. A message digest is used to give the document a unique value. That value is then encrypted with the sender's private key.

CONCLUSION

E-commerce is a rapidly growing market and new trends constantly arise. To be able to run a successful e-commerce business an online seller should be ready to adapt to them. The main features of modern e-commerce which can’t be ignored:

  • New generations of young consumers are entering the market, their shopping requirements, fears, and desires are significantly different from those that older shoppers have. They are more familiar with tech innovations and have more trust in online shopping. But they are less patient and have higher expectations regarding the service quality.
  • In order to satisfy the growing needs of modern online shoppers, new methods and tools are spreading in the e-commerce sector. It’s obvious that most e-commerce businesses try to propose the most flexible return policy, diversify delivery options and payment methods to increase their conversion rate. But really a revolutionary trend is using Artificial Intelligence (AI) that helps to complete tasks by computer instead of human involvement. It can not only improve customer service but even forecast future customer’s needs. AI tools include personalization, machine learning, and data mining. And such a tool like a chatbot has already become an essential feature of the majority of online stores.
  • To grow your e-commerce business as an online merchant, you need to make yourself available across all of the channels that your shoppers use The importance of selling through different channels like social media and marketplaces (multi-channel e-commerce) are growing.
  • Shopping via mobile devices is becoming a prominent part of the market. This trend can’t be ignored that’s why almost all e-commerce businesses develop mobile-friendly sites or mobile apps to satisfy potential customers.
  • While choosing what product or service to sell you should consider how saturated the is market and if there is a space for further expanding. Statistics show that some categories of tech products, fashion, beauty & self-care goods, second-hand items, and books are top categories selling online. Another prominent trend in this area is the rising of subscription box e-commerce.

The contemporary e-commerce trend recommends companies to shift the traditional business model where focus on "standardized products, homogeneous market and long product life cycle" to the new business model where focus on "varied and customized products". E-commerce requires the company to have the ability to satisfy multiple needs of different customers and provide them with wider range of products.

With more choices of products, the information of products for customers to select and meet their needs become crucial. In order to address the mass customization principle to the company, the use of recommender system is suggested. This system helps recommend the proper products to the customers and helps customers make the decision during the purchasing process. The recommender system could be operated through the top sellers on the website, the demographics of customers or the consumers' buying behavior. However, there are 3 main ways of recommendations: recommending products to customers directly, providing detailed products' information and showing other buyers' opinions or critiques. It is benefit for consumer experience without physical shopping. In general, recommender system is used to contact customers online and assist finding the right products they want effectively and directly.

Today, more and more sellers want to reach their customers online. It’s expected that e-commerce businesses will anticipate a 265% growth rate — from $1.3 trillion in 2014 to $4.9 trillion in 2021.

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