Electronic commerce combined, electricity, telecommunications, integrated circuit, network, and internet launched a revolution in retail service delivery in a whole new way. With the use of the internet, the old business methods were transformed, where the main benefits were for the global economy, consumers, businesses, society, and civilization in general.
It has generally been studied that the electronic economy has four essential components: technological infrastructure, processes (how it is exercised), transactions (buying and selling), and global trade policies. First of all, use and communication through computer networks mark the main difference between electronic businesses and traditional businesses.
Technological infrastructure is the establishment of a complete economic infrastructure used to support electronic transaction processes and guide electronic commerce transactions. It includes hardware, software, electricity, telecommunications systems, support services, and human capital for commerce and electronics businesses. Examples of support infrastructure and e-commerce related systems are:
– telecommunication networks and channels and satellites;
– computers, networks, and other hardware;
– mobile phones, smartphones, and other electronic devices that are taken with them;
– systems and software applications
– support services, such as website development, Chat rooms, online payments; and encryption;
– security systems
– internal policies of electronic business
– Capital and Human Resources
The process is a network system used by government organizations and businesses to mediate computer communication. It includes transmission, supply channels, procurement, distribution, and management.
Transactions are any transfer of ownership or rights to use goods or services performed through a computer-mediated network and any supply management function.
Transactions occur within selected selection processes and are completed when an agreement is reached between buyers and sellers to transfer ownership or use rights to the goods and services. This includes market economic policies and regulations, specifically the internet economy imposed by the World Trade Organization (WTO) for the supervision of global trade. However, the international system for the internet economy has not existed for years, and only in recent years is it still under construction.
The main features of the electronic economy are technology, information, speed, accessibility, and globalization. These critical dimensions of e-commerce define how individuals, businesses, organizations, and governments interact with each other in this new digital age. So electronic economics is not a futuristic dream, but it is the reality and distinctive features of our time.