There are many choices today for delivering high-quality customer service. A customer-management system will make those activities easier, but for smaller companies it is not a requirement. It is about a new business concept that incorporates all previous business management and economic concepts. 5. Providing customer services ; Businessmen can interact with their customers using the internet. Entertainment, online games, music and video, is the largest category of products sold to consumers. Many times, trust deficit, security, and privacy concerns prevail. Even today, some considerable time after the so called ‘dot com/Internet revolution’, electronic commerce (e-commerce) remains a relatively new, emerging and constantly changing area of business management and information technology. At first, the term ecommerce meant the process of execution of commercial transactions electronically with the help of the leading technologies such as Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT) which gave an opportunity for users to exchange business information and do electronic transactions. Among the areas for policy interventions are: (i) High Internet access costs, including connection service fees, communication fees, and hosting charges for websites with sufficient bandwidth; (ii) Limited availability of credit cards and a nationwide credit card system; (iii) Underdeveloped transportation infrastructure resulting in slow and uncertain delivery of goods and services; (iv) Network security problems and insufficient security safeguards; (v) Lack of skilled human resources and key technologies; (vi) Content restriction on national security and other public policy grounds, which greatly affect business in the field of information services, such as the media and entertainment sectors; (vi) Cross-border issues, such as the recognition of transactions under laws of other ASEAN member-countries, certification services, improvement of delivery methods and customs facilitation; and. The greatest advantage of e-commerce is the ability to provide secure purchase transactions through the Internet and together with the almost instantaneous verification and validation of credit card transactions. While there are indications of e-commerce patronage among large firms in developing countries, there seems to be little and negligible use of the Internet for commerce among small and medium sized firms. This is especially true for the business-to-consumer segment, where people concerns about security of payment, potentially fraudulent merchants, privacy of personal data, etc. Cheaper than Traditional Business: Electronic business is much cheaper than traditional business. Electronic commerce, commonly known as e-commerce, is the buying and selling of product or service over electronic systems such as the Internet and other computer networks. Ease of use may be an issue, as the web design may appear to be complex for some users or at sometimes a bit chaotic. The special advantages of e-commerce like, Opportunity to operations, easy global reach, lower cost of acquiring, serving and retaining customers, easy to build an extended enterprise, improve customer service and de-intermediation tempt the world business community to adopt e-commerce. 3. If you drop ship or outsource fulfillment, you may be able to do that for a long period of time. It allows for ease of comparison across broad product categories with the evolution of shopping bots and allows for more flexible pricing mechanisms that lead to dynamic pricing. Moving from mass production to demand driven, mass customization customer pull rather than the manufacturer push of the past. It is still a two way function but is usually done solely through the Internet. Electronic commerce is generally considered to be the sales aspect of e-business. Good communication is important, whether you have 3 or 100 employees. In the past, EDI was conducted on a direct link of some form between the two businesses where as today the most popular connection is the internet. The integration of Information and Communications Technology (ICT) in business has revolutionized relationships within organizations and those between and among organizations and individuals. However, if the hosting servers are down most of the time, making your website search engine optimized would be in vain. Amazon is one of the first ecommerce businesses to establish an affiliate marketing program, and nowadays the company gets about 40% of its sales from affiliates and third party sellers who list and sell goods on the web site. According to marketing research firm Coleman Parkes, 21-40% of a business’s contributions are a direct result of e-Commerce and that number is expected to grow rapidly over the coming years. Prior to the development of e-tailing, the process of marketing and selling goods was a mass- marketing and/or sales force-driven process. Top Performers in the Market: Business Intelligence analyzes the Most profitable advertising campaigns, customers, segments and products based on data and gives the E-commerce business a … By the end of 2001, the largest form of ecommerce, Business-to- Business (B2B) model, had around $700 billion in transactions. visitors can browse the site and assemble PCs piece by piece choosing each single component based on their budget and requirements. Adaptability of e-commerce in small cities and village is very low due to non-availability of basic infrastructure. 4. Low Financial CostOne of the ecommerce benefits is that it has a lower startup cost. Physical retail … on Importance of ECommerce And Function of E-Commerce? Electronic commerce will cause changes in the mix of skills required, driving demand for information technology professionals. Discovering product opportunities relies on being able to define business objectives carefully, identify related key performance indicators (KPIs) and receive continual data to act on it. Thus, keep your expansion plans in mind while selecting a hosting company and make sure your provider offers flexible plans. E-commerce is playing an important part to market and advertise products all over the world. Copyright 10. The content buyers create through forums such as product reviews, blogs and social networks influences other buyers as much or more than any promotion E-Tailers create. Just be sure to think through the impacts on both your staffing and your cash flow and bottom line before you move forward. Payment schemes are still evolving, and therefore, this advantage is likely to become more apparent in the future. E-Commerce technologies have allowed even the smallest businesses to improve the processes for interfacing with customers. As … B2B E-Commerce could be used as a significant enabler in their move towards greater trading partner collaboration. You can manage those activities in-house or outsource to a third party. E-commerce will serve as a catalyst and diffuse more widely changes that are already under way in the economy, such as the reform of regulations, the establishment of electronic links between businesses (EDI), the globalization of economic activity, and the demand for higher-skilled workers. Consumers can easily search through a large database of products and services.
Web technology also allows to track customer preferences and to deliver individually-tailored marketing. Also, ensure the customer support is available 24/7 via live chat, email and phone to assist clients in solving issues. The ability to use these technologies appeared in the late 1970s and allowed business companies and organizations to send commercial documentation electronically. Although the Internet began to advance in popularity among the general public in 1994, it took approximately four years to develop the security protocols and DSL which allowed rapid access and a persistent connection to the Internet. In 1999 Jeff Bezos was entitled as the Person of the Year by Time Magazine in recognition of the company’s success. 3. Therefore, it is necessary to bring your website at the top in terms of search engine results. There is high scope of e-commerce in each aspect of business, at present it is in the embryonic stage but in future e-commerce would be the part of day to day activity of business firms. These niche markets are not flooded by the big brands and respond well to content and online experiences directed specifically at them. E-tailers can use previous transactions to identify the likelihood of products being pur­chased at certain price points. Multidirectional approach of e-commerce has created new sales channels by which firms can directly reach to customers, suppliers, and stake holders, considering electronic commerce and in particular the World Wide Web, as a sales channel makes sense for two kinds of products- Physical products sometimes also sold in conventional stores, which can be advertised and for ordered online, such as computer hardware or wine, products which can additionally be delivered over the electronic commerce medium, such as information or software. If you build and host your own system, you may need more cash up front and skilled administrators and developers on your staff. Now business can be conducted at anywhere any place accessible to internet. Production systems are integrated with finance marketing and other functional systems as well as with business partners and customers. The best of these shopping tools takes into account that buyers want to be entertained and pleased. This happens between many systems based on individual user experience and the context of a particular customer interaction or order. That’s the job of your marketing team. You may need to adjust your approach as your business evolves. It’s the best shopping option for people who are always busy.2. Content Guidelines 2. Try to find an office park that has a wide variety of spaces in different sizes. (vii) The relatively low cost of labor, which implies that a shift to a comparatively capital intensive solution including investments on the improvement of the physical and network infrastructure is not apparent. Do you want to build and host your own system, outsource the development and then manage the system going forward, or using a host, software as a service platform that is more turnkey and externally managed? Ecommerce refers to the paperless exchange of business information using the following ways − The Long Tail principle of E-Commerce 2.0 is about being able to reach beyond the traditional prospect base and tap the potential of niche markets. Launched in 1994 as a static page, has made rapid strides, and by the end of 1997 was the first company to record a million dollars in online sales. The importance of a website for search engine optimization (SEO) lays in the way that this marketing tactic works. 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