Our time is as the epoch of science and technology. In other words, this is the era of the Internet. Internet has made all our needs and possibilities easy, affordable, accessible and trustworthy. The spread and accessibility of education, health, employment and business has reduced the world to a palm and on finger. E-commerce has become a factor of global marketing. Because of this, we now have the ability to source of goods and services from anywhere in the world.
According to an Indian American educator and tenth dean of Harvard Business School, Nitin Nohria “E-commerce allows you to reach and engage with customers globally, making the world your marketplace.” It elaborates all about e-commerce.
The world has become very narrow due to the use of Science and Technology. Trade and Traders are trading as face to face using internet and IT. Global trading is being practiced day by day in the world. Now trading has become very widely commenced to sell and purchase and provide service in every part of the world from any part of the world. Base of the global trading/business is E-commerce. E-commerce is being used from local level to worldwide. And in one sentence it is everywhere now a days.
What is E-Commerce?
E-commerce is the acronym of Electronic Commerce, it is a kind of business where the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet. It was started with exchanging of business documents in the past. Whereas e-business refers to all aspects of operating an online business, ecommerce refers specifically to the transaction of goods and services. In a simple word trading via internet is called E-commerce. E-commerce or electronic commerce, also regarded as e-business, refers to the transaction of goods and services through electronic communications. (Over internet). Or simply we can say web-based business/commerce is E-commerce.
Now we are forced to practice in this and such business. E-commerce has become our shop, service provider and service receiver in the world. Now internet and e-commerce have become complementary to each other. It’s the part of digital economy. Digital economy is based on digital technologies such as computer, software, and digital networks. In most cases, digital economy is the same as e-commerce.
Electronic commerce is a now very common topic which was adopted by every sector in the world private as well as public and government too. It is a part of the business and widely used now a day. From the pandemic (Covid-19), it has spread its sectors and use too. Although the general public has become familiar with e-commerce only in the last decade or so, e-commerce has actually been around for over 30-40 years. Online shopping(daraz.com), food delivery service (Foodmandu), online transportation service (pathao, inrider, ola, cab etc), service delivery (merojob.com, booking.com), payment gateway (e-sewa, khalti, imepay etc) are the example of e-commerce in Nepal.
Types of E-Commerce
- Business to Business (B2B):-In this business, Business sells goods and service to other business group, i.e. software company to any business company, company to distributor. Whole sale or retail business over internet between business to business.
- Business to Consumer (B2C):- In this model business sells its products/goods/service to an individual customers/client (non business person or group) i.e. buying a shirt from Daraz.com.np for personal use. If a customer buys/sells anything over internet from/to business group is B2C e-commerce.
- Consumer to Consumer (C2C):- Consumer sells goods/service to another consumer, i.e. you sold your cell phone to another person via any online plat from. With out any agent if a customer sells/buy some thing from other customer is C2C e-commerce.
- Consumer to Business (C2B):- It’s a business model where consumer sells/buy goods or service to any business. This is the opposite of the traditional commerce model of B2C. i.e. photographs, any license of any product, job link etc.
- Business to Administration (B2A):- In this model, it takes place between companies, public administration, or government agencies. In this e-commerce business model, there are dealings between companies and public administration using the internet. i.e. Any weapon company sells it’s product to the government or security of the nations via online. One side is business and another is administration for trading is B2A model of e-commerce.
- Consumer to Administration (C2A) :- It’s a very useful e-commerce now a days in this model, consumer’s dealing with public administration or government bodies, i.e. tax filling, service charge to public organization, passport, driving license service etc.
E-commerce in Nepal
It has been used in developed countries since a long time ago, and its influence and use are also being used in Nepal. Nepal is also connected to e-commerce, which has become an integral part of the Internet and electronic economy. Nepal is the 87th largest market for e-commerce with a predict of huge amount of revenue by 2023. We have now made provision for all service delivery to the interested customers to take the service at home. For example, various types of business registration, tax and fee payment, form filling, revenue submission, etc. In addition, Nepal has slowly progressed in e-commerce by procuring goods from commercial organizations operating in the global market, selling our domestically and locally produced materials in the global market, and providing our services in the global labor market. Rather than the government, private and institutional business organizations have taken full advantage of it. Daraz.com.np, is popular in Nepal, and is also a good example of e-commerce, which sells, buys and provides services for many types of households and textile, electrical goods. Pandemic of Covid-19 time its use and practices in Nepal are increased hugely before then. After the Covid-19 almost business model has been transferred as on e-commerce model. We are practicing an act to regulate the e-commerce and other related issues as Electronic Transaction Act, 2063 B.S. And the E-commerce bill is under process, halted on the parliament to short out addressing some imperative issues. It must be passed as per advanced development in growing E-commerce. Lacking of e-commerce law, regulations and specific governing act and bylaw, it is very difficult to come in practice and compete with the world class business in our country.
Although there are many advantages and some disadvantages, its use has become inevitable. Due to the ease, reliability, cheapness, variety of choices, quality challenges, fast etc., its need and use has become essential and is becoming more and more essential for customers and service providers. Due to the use of information technology and the Internet, this business has become a very good and reliable business because it competes in the global market and provides services to people all over the world. Although there are some complications and problems due to the different laws, policies and regulations of the customs and labor laws of different countries, these things can be improved and the currency of each country can be used in e-commerce or the condition of using the currency can be trusted and reliable. It is an absolute technique and it’s the part of the economy. Hope to be corrected and passed e-commerce bill from the parliament, to set out in new era of e-commerce in Nepal with the world.