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Electronic business
This refers to the process of buying and services electronically involving transactions using
the Internet, networks and other digital technologies. Electronic business also encompasses
activities supporting those market transactions such as advertising, marketing, customer
support, delivery and payment.
(i) Smart cards
These are credit-card-sized cards that store digital information that can be used for electronic
payments in place of cash. Contact smart cards need a special card reading device to facilitate
a transaction. Internet users must attach a smart card reader to use the card. To pay for a web
purchase, the user swipes the card through the card reader.
Smart cards facilitate the quick and convenient transfer of funds to online and offline
merchants.
(ii) Electronic Data Interchange (EDI) systems
Electronic data interchange is the direct computer-to-computer exchange between two
organizations of standard business transaction documents.
Electronic data interchange facilitates the quick exchange of business documents such as
purchase orders, payments, shipping notices, price updates and invoices.
(iii) World Wide Web (WWW)
It‘s a system with universally accepted standards for storing, retrieving, formatting, and
displaying information in a networked environment.
The web facilitates multimedia (text, graphics and sound) hence it‘s an effective advertising
resource.
The web also bridges the gap between sellers and buyers since it makes it easy to link
resources that are half-a-world apart. The linking is through hyperlinks that enable web
pages stored on the same or different machines to be linked. On-line customers thus access
an e-commerce website that is hosted on a distant server at the click of a button.
The World Wide Web also facilitates secure transactions through various web protocols
aimed at guaranteeing security of information being transmitted over the Internet.
(iv) Automated Teller Machines (ATMs)
An ATM is a specialized data input device that is used for transaction processing mainly in
the banking industry.
ATMs in addition to facilitating ordinary business transactions (e.g. withdrawing money,
requesting for statements, getting mini-statements, getting account balances, etc) also
enable customers of a bank to pay their utilities e.g. electricity bills, phone bills, water bills,
etc
gregorymasila answered the question on November 18, 2017 at 17:19
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