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E-commerce in Business Companies of Bangladesh.

Extracts from this document...

Introduction

1. Purpose: The main purpose of the assignment is to investigate the use of E-commerce in Business Companies of Bangladesh. 2. Abstract: The Internet has opened up a new horizon for trade and commerce, namely electronic commerce (e-commerce). E-commerce entails the use of the Internet in the marketing, identification, payment and delivery of goods and services. This paper highlights the implementation strategy, implementation scope and implementation constraints in e-commerce of Bangladesh. Also the challenges in implementing them are discussed. Major legal, regulatory and institutional constraints to e-commerce are identified. The paper also lists specific policy changes aimed at bringing improvements to the legal and regulatory environment affecting e-commerce. 3. Introduction : a. Overview: Technology is evolving faster than people's ability to absorb it. The dramatic rise of the Internet has transformed the way business has traditionally been run. Thanks to the Internet, no longer is business restricted to limited geographical regions. Satellite communication and the Internet have made it possible for people to communicate almost instantly across continents accurately, efficiently and speedily. Today's industrial economy is evolving into a new business, environment in which money, goods, services and information are exchanged electronically. The Internet has thus thrown up unprecedented opportunities for even the smallest of businesses to compete with global conglomerates, while giving the bigger companies the possibility of reaching out further to its customers. Internet's greatest strength is its standard protocol; which enables communication from anywhere to anywhere, from any computer to any computer, completely transparent to those who are sending and receiving messages. It is the aspect of the Internet that allows companies to link their suppliers, buyers, reduce cycle time of time to market; thus enabling them to give competitive prices and operate profitably what seemed impossible has now become more than possible. Today, companies are discovering that using the Internet for e-commerce has immense benefit. Today, several business applications are being developed on/for the Internet. ...read more.

Middle

For a reasonable fee, a great deal of information can be found from the Net Asian Sources Media Group (ASM) website. With improvements in infrastructural facilities (e.g. cheaper and better access to Internet service), and greater application of the computer in management and finance by individual firms, export oriented sectors (such as frozen food, sea food, leather) as well as importers would appreciate the ease and benefits of the Internet in promoting their products. e. E-commerce in the Oil and Gas Sector International Oil Companies (IOCs) are the dominant players in the exploration and production of the oil and gas industry. IOCs use the vendors' web pages extensively in order to obtain product information. This exercise is also limited to the international vendors as the Bangladeshi business community has yet to become sufficiently cyber-centric. The IOCs make all the payments to the international vendors through Telegraphic Transfer. This is one good example of making cross border payments without following the complex mechanism of the Letter of Credit (L/C). The local vendors, however, receive their payments by check. IOCs have to abide by the Production Sharing Contract (PSC), signed with Petrobangla, the state oil company. Petrobangla shares the cost of exploration and production with the IOCs after the successful discovery of an oil or gas field. The IOCs are required to justify the procurement of every product and service pertaining to the exploration and production of each well to Petrobangla. If Petrobangla is convinced with the justification, only then does it share the cost with the IOCs. In view of the above scenario, the implementation of ecommerce in the energy sector is yet to kick-off in Bangladesh. Because, the financial discipline of Petrobangla is still being governed by the conventional parameters of Audit and Accounts of the Government of Bangladesh. Therefore, despite having all the logistical capabilities and human resources, the IOCs have yet to use e-commerce. ...read more.

Conclusion

A) It should oppose international regulation. Self-regulation is probably the best way. In other words, beyond a basic legal framework establishing the authenticity of electronic signatures, contracts and so on. Let the market generate the credit rating and security measures in the form of private firms. These themselves will be forms of e-commerce which Indian companies can profit from. B) There are two types of e-commerce. One is the business of intangible services and products. These should be declared tariff and tax-free. This would encourage such business and remove a major government headache on how to regulate this. The other type of e-commerce will result in the movement of a tangible product or good from one hand to another. India should consider at least introducing a tax and tariff holiday in such services for a few years, if not a total ban altogether. Taxes could perhaps be shifted to consumption rather than transaction based means. C) India should reassure other third world countries about the importance of e-commerce and the fact all countries will benefit greatly from allowing free trade in cyberspace. However, to take advantage of this new technology, a new mindset is necessary. First, it would be necessary to realise that the industry grew precisely because the state failed to realise the potential of software and therefore, did not place the kind of obstacles that other sectors of the economy had to go through. But now the state is planning to step in. While it talks of promoting the IT sector, it now seeks to impose a 49% ceiling on foreign investment in e-commerce ventures. Clearly the state has failed to understand that e-commerce operates in a borderless world. A cap on foreign investment will severely handicap the Indian operations right at the dawn of this new era. E-commerce is a very good example of brain drain in the other direction. Foreign companies setting up in India a range of e-services, data communication, backroom activity, ticketing, data processing, call services, has the potential for a lot of employment, and income. Let us not close this window of opportunity on ourselves. 15. ...read more.

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