Study of E-Commerce and Impact of Machine Learning in E-Commerce

Study of E-Commerce and Impact of Machine Learning in E-Commerce

Mukta Sharma, Vinita Sharma, Ritika Kapoor
Copyright: © 2022 |Pages: 22
DOI: 10.4018/978-1-6684-4969-1.ch001
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Abstract

Technological advancement is evident especially after the internet has come into the market; it has revolutionized the way we do business. Electronic commerce has been largely benefitted by the technology. The chapter commenced with the introduction to commerce, a brief comparison between the business and commerce. Later the chapter will shed light on electronic commerce, its types, advantages, and drawbacks of e-commerce, followed by a few revenue-generation models. In this chapter, the authors will discuss the technological impact on e-commerce in supply chain management, value chain, customer relationship management, and many such propositions. The authors will also explore machine learning and the role of artificial intelligence in e-commerce. Later a few use cases/some live cases will be discussed at length for better clarity.
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1. Business

Business is a broad phrase that can be divided into two categories, as seen in the diagram below: industry/trade and commerce. A business is an economic activity in which commodities and services are manufactured and distributed. A business includes planning, advertising, selling, buying, marketing, accounting, manufacturing, and other operations. Business is a subset of commerce (Koshal, 2011) that focuses mostly on purchasing and selling. Business interactions involving the exchange of services and goods are referred to as “commerce.” In a word, e-commerce is the way of selling and distributing goods and services online.

Figure 1.

Business vs. Commerce (Koshal, 2011)

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3. Features Of E-Commerce

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    Debit and credit card payments: E-commerce allows users to pay in a variety of ways other than cash. Some examples include debit cards, credit cards, smart cards, electronic funds transfer with a bank's website, and various digital payment methods (Imtiaz, M. A., November 2018; Multidev technologies, 2015; Zobrist, T., 2019).

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    24*7: E-commerce allows the users to access 24*7 and they can order anytime, anywhere. Services are provided through e-commerce, which may be accessed at any time and from anywhere 24*7.

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    Advertising/Marketing: E-commerce expands the company's product and service marketing choices. It makes product/service marketing administration easier.

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    Increased Sales: Customers can order things as per their convenience at any time, sitting at any location, without the requirement for any human intervention. Due to this there has been a significant increase in sales.

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    Support: To serve customers in a better manner, pre-sales and post-sales support is provided by the e-commerce.

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    Inventory Management: E-commerce automates inventory management. When reports are required, they have generated right away. Product inventory management becomes a lot easier and more efficient.

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    E-commerce allows customers and partners to connect more quickly, efficiently, and reliably.

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