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Justify the following statement. Online transaction is done with the help of the internet. - Organisation of Commerce and Management

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Answer in Brief

Justify the following statement.

Online transaction is done with the help of the internet.

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Solution

  1. Online transactions take place when a process of buying and selling is completed through the internet. For online transactions, registration is required. The consumer needs to login to a particular website to buy a particular article or service. The customer's email ID, name, address, and other details are saved and safe with the website for further contact.
  2. When a customer likes a product or service, he/she selects pickups and drops the items or things in the shopping cart. The shopping cart keeps a systematic and detailed record of what items have been picked up while browsing the online store.
  3. The buyer then proceeds to the payment option after selecting all the products. Payment can be made by accepting cash on delivery mode of payment, after receiving the physical delivery of goods. The customer may pay in cash or by debit or credit card. The buyer also sends a cheque to the seller and the seller sends the products after the realization of the cheque.
  4. If the payment is transferred by the buyer from his account to the seller's account electronically, then after the payment is received by the seller, he sends the goods to the buyer. The credit card or debit card is also used by the cardholder for making payment of purchases. The amount gets immediately transferred to the vendor's bank account. After the successful transfer of funds, goods are delivered by the vendor to the buyer. Thus, all aspects of online transactions are completed with the help of the internet.
Concept: Online Transaction
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