RAPID advances in Telecom domain in tandem with the immense leap in computing power enables us to retrieve information and communicate anywhere in the world at incredible pace. Access to information is vital for development and prosperity.

Information itself is now the raw material and resource. And Information Technology has emerged as the leading commercial activity in the world. It is expected that electronic commerce will touch $220 billion this year and the collection of web users worldwide would total 250-300 million.

One of the incontestable effects of the explosion of IT and global link has been the emergence of E-Com. Shopping has become a click far now. But it is now particularly restricted to small-scale buying of books, pen or computer. Heavy machinery and cars are yet to find their place in web transactions. Faster connectivity could boost up the sales, which in turn prompts to go for enhanced performance speeds.

With the emergence of E-Com the entire world is treated as one big marketplace. A virtual mall without much actual physical presence can attain huge volumes of sales. Companies could exist only in cyberspace.

Computers have re-modeled the global market place by creating a new horizon at world level, dismantling the barriers erected by national boundaries. This is the most happening business opportunity for the new millenium. It is now categorized as B2B, B2C, B2C, C2C etc..

E-Commerce is catapulting the modern society to a zone where the contemporary paper currency flounders to accomplish the needs of the user. Digital money comes into play here.

The e-com companies could secure orders and receive payments through the Internet by effective utilization of Credit Card/Smart Card or Internet Banking Facilities. The extensive distribution network delivers the product at the customer’s doorstep. It is feasible for small and medium companies to carry on business through the web in an affordable and efficient way competing with the big bullies in the real world which otherwise they would not be able to do so.

Conventional practices in trade are being rewritten by this paperless business practice. Using the Internet shopping facility one could enter a virtual mall and scan every item that is exhibited and pick things to their contentment without ever stepping out from their domicile.

Virtual Malls can offer products much below the price quoted at the marketplace. This is feasible by eliminating the stake on real estate, erection of buildings, its upkeep and the costs involved in salary etc. The tariff advantage would entice the consumer to patronize the digital domain. The customer could also eliminate the expenditure of transportation to the business center. Moreover products are available 24 hours a day, year round.

Now U.S is the world leader in e-commerce transactions. But analysts predict that in 3 to 4 years time, half of the entire e-com transactions carried in the world would be outside U.S. According to research firm, Garner Group, Asian e-commerce is predicted to reach $340 million by 2003.

The proportion of transactions carried over the Internet is anticipated to swell up to $1.3 trillion by 2003. India has conducted business worth 12.3 crores in 1998. It is estimated that Internet users in India will number 1.5 million in year 2000.

Rediff and Fabmart are the pioneers of e-retailing in India. Now multitudes of Dotcom companies are crowding the digital domain to gather a segment of Internet commerce in India. Huge commercials proclaim their advent everyday. And the recent adoption of Cyber Bill goes a long way in making Indian e-commerce scenario keep pace with the changing permutations in world e-com scene.

The Electronic Commerce Act of 1998 aims to facilitate the development of a secure regulatory environment for electronic commerce by providing a legal infrastructure governing electronic contracting, security and integrity of electronic transactions and other issues related to electronic commerce.

Industry sources estimate that Internet trade in India would be valued $160 million by 2001.What hinders India from launching full-scale e-com transactions are the lack of penetration of credit cards and the security issues related to that, apart from the lack of penetration of Personal Computers.

PC concentration in India is still one of the lowest in the world. The infrastructures needed to launch full-fledged Internet Commerce are still on its early stage. Moreover it is too expensive and complicated for the common people to comprehend.

The advantage India enjoys is that it has about 22 million cable TV connections, which is equal to the total number of telephone connections that is available today. Effective utilization of the cable resources for connectivity could resolve the problem of not having the required resources for enhanced connectivity.

In 1998, a complete computer system was priced above RS. 75,000 and now it has come down to less than one third of that. And if the demand increases the price would climb down enabling increased PC penetration.

Even at a time when e-com mantra is gradually catching up, the progression in technology have thrown open new avenues to satisfy the broadening need to transact. Mobile commerce called M-commerce, using the wireless technology ((WLL)-Wireless Local Loop) has equipped the mobile phone into an object for financial transactions.