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It saves our money and time.
It allows us to sell or buy products and services at any time.
Disadvantages of E-commerce
E-commerce provides several advantages, but it also has some disadvantages which are as follows:
There is no assurance of the quality.
There are high possibilities of online fraud.
Modes of Payment
All the e-commerce websites provide various modes to make payment for the product or service
that you want to buy. Some of them are as follows:
Debit or Credit Card: E-commerce websites allow us to make payment by using our credit
or debit card. We make payment by using the debit card which will be debited from the
bank account. We must have a sufficient balance in the bank account to complete the
transaction. In the case of a credit card, we are provided with a credit limit by the bank
which we can use to purchase products. To avoid online fraud, each credit or debit card
has a three-digit unique secret Card Verification Value (CVV) number on the back side of it.
Now, the bank also sends a One-Time Password (OTP) to your registered mobile number to
verify your identity.
Net Banking: We can directly use the bank account to make payments online. Every bank
provides a unique Customer ID or Net Banking ID and a PIN to each customer of the bank.
With the help of the Customer ID and PIN, customers can make the payment while purchasing
products from e-commerce websites. Similar to a credit or debit card, an OTP is received on
the registered mobile number in the case of net banking.
E-Wallet: E-wallet or Electronic wallet refers to a digital wallet that is used to make payments
online. We need to add money from the bank account to the e-wallet before using it. Most
e-commerce websites provide their own e-wallet. Some banks also provide e-wallets to their
customers. Some third-party organisations also provide payment support to their customers.
GooglePay, Paytm, PayPal, Bhim, PhonePe, and Airtel Money are the most commonly used
Payment Service Providers (PSP).
Cash on Delivery (COD): Most e-commerce websites allow us to make the payment by cash
while receiving the product at your residence.
Online Shopping
The process of purchasing products online is called online shopping. You can purchase almost
everything online. We must have registered with the e-commerce website from which we want
to buy products. We have learned about e-commerce websites and payment modes till now.
Now, let us learn how to purchase products from an e-commerce website.
To purchase products from an e-commerce website, follow these steps:
Step 1 Open a web browser such as Microsoft Edge.
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