Information Technology Services

Online E-commerce commerce

Online E-commerce is the buying and selling of goods or services over the Internet and the transfer of money and data to make the sales. It is also known as e-commerce or internet commerce. Online sales have changed a lot since they started, and the evolution of e-commerce is fascinating and developing at an even faster pace.

Today, questions about e-commerce usually center around which channels are best for doing business online. The Bul Trast team is here to answer all your questions.

How does e-commerce work?

E-commerce or electronic commerce, is the exchange of goods and services or the transaction of funds or data over the Internet. This process of buying and selling goods and services online usually consists of exchanging data or currency to process a transaction involving more than one entity or individual. The customer places the order through the online store using a web browser; the order data is then transmitted to a central backend system – an e-commerce platform that facilitates or performs several tasks.

How does e-commerce really happen?

• Receiving the order
• Updating stocks or inventory levels and confirming if there is enough stock
• Payment processing for the order
• Confirmation that adequate funds have been received to fulfill the order
• Notifying the customer that the order has been processed successfully.
• Notifying the shipping department of the order to be shipped to the customer or to provide access to the service.

What are the most common types of e-commerce businesses?

• Business to Consumer (B2C)
• Business to Business (B2B)
• Direct-to-consumer (D2C): Direct-to-consumer e-commerce is the newest model of e-commerce and the trends in this category are constantly changing. D2C means that a brand sells directly to its end customer without going through a retailer, distributor, or wholesaler. Subscriptions are a popular D2C item, and social selling via platforms like Instagram, Pinterest, TikTok, Facebook, Snapchat, and others are popular direct-to-consumer selling platforms.
• Consumer-to-consumer (C2C): Sales between consumers take place on platforms such as eBay, Etsy, and Fivver.
• Consumer to Business (C2B): C2B includes influencers offering exposure, photographers, consultants, freelance writers, and more.
• Business to Government (B2G): Also known as Business to Government (B2A), Business to Government involves the sale of goods and services between the business sector as a supplier and a government entity as a customer.
• Consumer-to-Government (C2G): Also called consumer-to-administration (C2A), consumer-to-government allows consumers to provide feedback or request information about public agencies directly to government administration or bodies. Examples include paying an electricity bill or taxes through a government website.

Electronic banking services (E-Banking)

E-banking refers to a banking arrangement by which a customer can carry out various transactions over the Internet that are end-to-end encrypted, i.e., completely safe and secure. E-banking promotes paperless, cashless transactions. It comes with several rights, responsibilities, and fees. Bul Trast's IT specialists are at your service to complete your range of e-banking services.

The range of e-banking products:

• Internet Banking: A banking facility provided to customers through which customers can carry out a range of monetary and non-monetary transactions using the Internet through the bank's website or application.
• Mobile Banking: Almost all banks have developed their own mobile applications with which you can transact at your fingertips.
• ATM: ATM is one of the most common and initial services provided in electronic banking. It is not only a machine where you can withdraw cash as and when required but also allows you to check your account status, transfer funds, deposit funds, change your mobile number, and change the PIN on the debit card, i.e., your personal identification number.
• Debit Card: Debit cards are used in our daily lives to carry out a finite number of transactions. Debit cards are linked to the customer's bank account, so the customer only needs to swipe the card to make payment at a Point of Sale (POS), online shopping, or ATM withdrawal. In this way, the amount is deducted directly from the customer's account.
• Credit Card: Just like a debit card, a credit card is also a payment card that banks issue to customers at their request, after checking their credit score and history. It allows the cardholder to borrow funds up to the pre-approved limit and make a payment. The limit is provided by the banks that issue the card. The cardholder promises to repay the amount within the specified time, with some fees for using a credit card.
• Point of Sale (POS): The point of sale system refers to the point, in terms of date, time, and place (retail store), where the customer makes a payment using a plastic card for the purchase made or services received.
• Electronic Data Interchange (EDI): EDI is a new way of communicating information electronically between businesses using a standardized format that is usually paper-based.
• Electronic Funds Transfer (EFT): When money is transferred electronically from one bank to another, it is called an electronic funds transfer.

Advantages and features of electronic banking

• Enables digital payments, which promote transparency
• Allows 24/7 access to the bank account
• Sends notifications and alerts to keep updated with bank transactions and policy changes
• Reduce transaction costs for banks
• Convenient and easy, you don't have to visit the bank branch every time
• Check account balances and statements
• You can also initiate money transfers abroad
• Bill payments and recharges
• Order checkbooks and cards
• Open deposit accounts
• Apply for loans
• You make investments
• Security
• File tax returns