Elaborate the steps involved in on-line trading.
Answers
1. Registration- Before online shopping, one has to register with the online vendor by filling up a registration form.
2. Placing an order- You can pick and drop items in the shopping cart. After being sure of what you want to buy, you can 'checkout' and choose your payment options.
3. Payment mechanism- Payment for the purchases through online shopping may be done in number of ways:
☆ Cash on delivery (COD)
☆ Cheque
☆ Net banking transfer
☆ Credit cards
☆ Debit cards
4. Digital cash- Digital cash is a type of electronic currency which is found only in cyberspace. It has no physical real properties but still can be used as a real currency in electronic format.
The following steps are involved in online trading:
1. Registration: For doing online trading one has to create account with one of the trading service provider. For this user has to register with the provider. This process includes providing personal information, address details. User has to create his credentials (user name and password) to login into account for doing online trading. Credentials secure the account from unauthorized access and transactions from user's account.
2. Placing an Order: Once logged in user can select the desired items and add them into shopping card. Shopping cart maintains records of all items which user wish to purchase. Shopping cart shows following information:
a. Product description (make, model, brand, quantity)
b. Price per item
c. Applicable taxes
d. Any available discount
e. Final cart value It also provide option to remove any item or increase the quantity.
3. Mode of payment: Then payment is made for the selected items, user can make the payment using one of the option:
a. Cash on Delivery.
b. Cheque.
c. Net-banking Transfer.
d. Credit or debit card.
e. Digital cash.
f. Digital Wallet.