Three Stages
in online transactions:
·
Pre-purchase/sale....Purchase/sale....Delivery
stage
Pre-purchase/sale:
-It is based upon advertising and information about
the product.
Purchase/sale:
-It includes price of the product, price negotiation,
actual purchase or sale and payment.
Delivery stage: -After
completing sale-purchase stage, this is the final stage.
Steps involved
in On-line transactions: -
1.
Registration:
-Registration is required for online transactions. The person who wants online
transaction needs to register with the online vendor by filling up a
registration form. Among various details to be filled in is a 'password'
relating to the registered 'account' and 'shopping cart.' For security reasons
'Account' and 'Shopping Cart' are password protected.
2.
Placing
an order: -The online shopper can pick and drop
the things in the shopping cart. The shopping cart maintains the record of what
items have been picked up while browsing the online store. After making sure
about the items to be purchased, the shopper can choose a payment option.
3.
Payments:
-Payments can be done in a number of ways like:
a.
Cash
on delivery (CoD): -After physical delivery of
goods, payments for the online goods ordered is made.
b.
Cheque:
-The Vendor collects the cheque from the customer and after realization of the
cheque, the goods are delivered.
c.
Net
banking Transfer: -
d. Credit or
Debit Cards: -
e.
Digital
Cash: -It is a form of electronic currency
that exists only in cyberspace. It has no real physical properties, but offers
the ability to use real currency in an electronic format.
In all the transactions information plays a very
important role. Information is exchanged in both traditional as well as on line
(internet) business. But as compared to traditional business internet
transactions are easier. In traditional business, time is required to travel,
to negotiate (to talk), to convince, presence of both the parties for face to
face interaction. In this process lot of time wasted. So online transactions
are easier and result oriented than traditional business.