Regulating e-commerce using XML

Abstract

E-commerce, which is short for ‘Electronic Commerce’, is simply the idea of replacing physical business transactions with electronic business transactions using the Internet. E-commerce cuts through boundaries such as time and geography to put business owners and customers into virtual contact with one another. A key idea behind E-commerce is the ability to take orders and receive payments through an electronic storefront. Philosophically, E-commerce is about openness, connectivity, and integration between businesses and customers. From the business owner’s perspective, E-commerce provides a way to instantly satisfy demand for products, services, and information of each customer individually. From the customer’s perspective E-commerce offers convenience, variety, cost savings, and anonymity. Ultimately, E-commerce shifts the power from the merchant to the consumer. E-commerce also provides a way for the business to connect its customers, vendors, suppliers and employees all over the world. The business, as such, is now capable of reaching an infinite number of customers over the Web, seeking out potential markets that were once outside its traditional business boundaries.