e-ISSN: 2582-5208 International Research Journal of Modernization in Engineering Technology and Science Volume:03/Issue:05/May-2021
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THE FUTURE OF E-COMMERCE IN INDIA Abhilash Chandra*1 *1Assistant Professor, Department of Commerce & Management Vidhyaashram First Grade College, Mysore 570012, India.
ABSTRACT The Vijayanagara and Mughal Empire rose high-flying in the world of Commerce. With an emerging competition, the ancient past signifies the spectrum view of trade and commerce that implies the present world likewise. From the failed method of Tughlaq, till the emergence of imperial rule, India has seen leaps and bounds in the field of commerce. This research will explain how commerce has currently advanced in the dawn of technology explaining the current state and challenges of systems, their architecture, modernization, and the innovation of cyber systems in eCommerce. With the usage of software in commerce at the core of every business today, the overlook of how Omnichannel transactions operate is awe with the 5th industrial revolution (5IR) and its societal impact. It further explicates the application of Omnichannel systems in communication through the fifth-generation network, in a transaction through blockchain, and in composition through the Social Internet. This study will definitely benefit all stakeholders in commerce from the public sector, private sector, internal-external trade, supply chain organizations, and consumers to understand the beginning of an era of Omnichannel systems in the 5th industrial revolution (5IR), its prospects, and their anticipated challenges. Keyword: The industrial revolution, Omnichannel, eCommerce, dropshipping business model, 5IR, Pandemic, Supply Chain.
I.
INTRODUCTION
ECommerce is that the process of shopping for and selling goods or services with the main motive to earn profit via the net, and therefore the transfer of cash and data to finish the sales. It’s also called electronic commerce or internet commerce. Today, questions on eCommerce usually focus on which are the simplest and reliable channels to execute business online. With the usage of software in commerce at the core of every business today we can see a bright future.
II. TYPES OF E-COMMERCE Commerce continues to evolve, so do the ways in which it’s conducted. Following are the foremost traditional kinds of eCommerce models: 1) Business to Consumer (B2C): B2C is eCommerce which is the most popular model among other eCommerce. Business to the consumer implies that the sale is taking place between a business and a consumer, like once you buy a shirt from a web retailer. 2) Business to Business (B2B): Business to business eCommerce isn’t consumer-facing, and typically involves products like raw materials, software, or products that are combined. Manufacturers also sell on to retailers via B2B eCommerce. B2B eCommerce refers to a business selling goods or services to a different business, for example, sort of a manufacturer and wholesaler, or a wholesaler and a retailer or the other way around. 3) Direct to Consumer (D2C): Direct-to-consumer eCommerce is that the newest model of eCommerce. D2C sells their end customer without enquiring about the retailer, distributor, or wholesaler. Subscriptions are a well-liked D2C item, and social selling via platforms like Instagram, Pinterest, Facebook, Snapchat, etc. are popular platforms for direct-to-consumer sales. 4) Consumer to Consumer (C2C): C2C eCommerce refers to selling goods or services to a different consumer. Consumer to consumer sales occurs on platforms likes OLX, eBay, Etsy, etc. 5) Consumer to Business (C2B): Consumer writes reviews or when a consumer gives a useful idea for brand spanking the new product then that consumer is creating value for the business if the business adopts the input. Consumer to business is when a consumer sells his product or services to a business.
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