E-commerce is just the process of buying and selling produce by electronic means such as by mobile applications and the Internet. Ecommerce refers to both online retail as well as electronic transactions.While most people think of ecommerce as business to consumer (B2C), there are many other types of ecommerce. These include online auction sites, internet banking, online ticketing and reservations, and business to business (B2B) transactions. Recently, the growth of ecommerce has expanded to sales using mobile devices, which is commonly known as ‘m-commerce' and is simply a subset of ecommerce.Why has ecommerce seen explosive growth over the past decade? As the internet becomes ingrained in our daily lives, acceptance of ecommerce continues to grow, and businesses are taking advantage of this. In the early 2000’s many people were skeptical about handing over their card details to an online retailer. Whereas, ecommerce transactions are now second nature.
Digital commerce solution leverages the power of digital money to unlock new revenue streams, extend distribution reach and foster customer loyalty for financial institutions, telecom service providers and retailers. The solution powers revenue growth by enabling service providers to facilitate payments and money transfer facilities such as funds transfer, bill and merchant payments, peer to peer (P2P) payments including cash-in and cash-out facility through remote and contactless (NFC driven) modes. Its ability to onboard and manage agents using digital channels provides a cost effective way to reach out to remote customer segments. Additionally, it fosters customer loyalty by delivering cashless convenience to consumers through digital wallets supported across multiple channels such as mobile, Internet, ATM, and kiosk.