E-commerce based application characteristics portray elevated dynamics while incorporating decentralized nature. Extreme emphasis influencing structural design plus implementation, positions such applications highly appreciated. Significant research articles reveal that, applying formal methods addressing challenges incumbent with E-commerce based applications, contribute towards reliability and robustness obliging the system. Anticipating and designing sturdy e-process and concurrent implementation, allows application behavior extra strength against errors, frauds and hacking, minimizing program faults during application operations. Programmers find extreme difficulty guaranteeing correct processing under all circumstances, however, not impossible. Concealed flaws and errors, triggered only under unexpected and unanticipated scenarios, pilot subtle mistakes and appalling failures. Code authors utilize various formal methods for reducing these flaws. Mentioning prominent methods would include, ASM (Abstract State Machines), B-Method, z-Language, UML (Unified Modelling Language) etc. This paper primarily focuses different formal methods applied while deliberating specification and verification techniques for cost effective