E-commerce and the ready-made garment industries
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Abstract
Electronic commerce is the conducting of business over the web. It typically involves three broad steps. First, a person uses the web to collect information to decide which product or service to purchase. Second, the person transmits payment information (such as a credit card number) to the vendor over the web. Third, the vendor processes the payment information and delivers the product or service to the customer. It doesn't in any way mean that an exclusion of any one of the steps above excludes the transaction from being called an e-commerce transaction. A person could browse information and make a decision about the purchase over the web but could place the order over a different channel, say by visiting a store. Similarly a buyer could place an order over the Web and could confirm a mode of payment, which is not over the net. Both these instances qualify as e-commerce transactions - though they provide a challenge in being measured as one.
Another aspect that needs to be understood about e-commerce is the hype that surrounds it. The Internet is being seen as the most significant economic and social phenomenon of the latter half of the 1990s. The financial markets in the US have been replete with tales of investment killings made in a day, simply because a company appended .com to its business model. The best way to understand this is that managers and investors are schooled in the notion that the value of a company is related to its future profits. The Internet holds such promise that it is being seen as the medium that will facilitate most aspects of business in the future. This hype is getting transferred to India too, with infotech companies leading the browses at the stock exchange and every body talking about it. But what does e-commerce have in store for India. There are a lot of negatives to begin with, First, the low number of Internet users in India at this point of time, though the number is fast growing, secondly the lack of proper infrastructure to support the running of an e-commerce business.
Another aspect that needs to be understood about e-commerce is the hype that surrounds it. The Internet is being seen as the most significant economic and social phenomenon of the latter half of the 1990s. The financial markets in the US have been replete with tales of investment killings made in a day, simply because a company appended .com to its business model. The best way to understand this is that managers and investors are schooled in the notion that the value of a company is related to its future profits. The Internet holds such promise that it is being seen as the medium that will facilitate most aspects of business in the future. This hype is getting transferred to India too, with infotech companies leading the browses at the stock exchange and every body talking about it. But what does e-commerce have in store for India. There are a lot of negatives to begin with, First, the low number of Internet users in India at this point of time, though the number is fast growing, secondly the lack of proper infrastructure to support the running of an e-commerce business.
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