E-commerce promises better business for SME’s and sustainable economic development for developing countries. 9. A good example is eBay. LITERATURE REVIEW: Electronic Commerce Electronic commerce (or e-commerce) consists of the repurchasing of different services and products, utilized by the internet. People resist using e-commerce. This moved to telemarketing and TV selling with the advances in telephone and television technology and finally developed into e-marketing spawning ‘e-CRM’ data mining and the like by creating new channels for direct sales and promotion. Consumers are con­cerned with the exposure of the data they provide/insert during transactions. It has revolutionized the way companies, regardless of size, do business. It takes seconds to deliver digitized products and services electronically; similarly the time for processing orders can be reduced by more than 90 per cent from days to minutes. Plagiarism Prevention 5. In sub-assembler companies, where a product is assembled from a number of different components sourced from a number of manufacturers, communication, collaboration and coordination are critical so electronic bidding can yield cheaper components and having flexible and adaptable procurement systems allows fast changes at a minimum cost so inventories can be minimized and money saved. The impact of e-commerce on local and global economies, understanding the concept of a digital and knowledge-based economy and how this fits into economic theory. Whether it is website design, social media, search marketing, merchandising, email or other forms of advertising, it’s all about marketing. History of ecommerce dates back to the invention of the very old notion of “sell and buy”, electricity, cables, computers, modems, and the Internet. This happens between many systems based on individual user experience and the context of a particular customer interaction or order. However, if the hosting servers are down most of the time, making your website search engine optimized would be in vain. The first use of electronic commerce is to provide product information through online electronic brochures and buying guides. The key factor of Dell’s success is that Dell.com enables customers to choose and to control, i.e. Product placement- E-tailers can change the product placement (user display) based on previous transactions, to increase the visibility of goods that the user is more likely to purchase based on their close relationship with previous purchases. These new channels include additional branded websites, various online marketplaces (such as eBay, Amazon.com, Overstock.com and others), and online shopping comparison engines (such as Shopping.com, PriceGrabber.com and others). Production systems are integrated with finance marketing and other functional systems as well as with business partners and customers. E-tailing can be considered another form of non-store retailing. The web and its search engines provide a way to be found by customers without expensive advertising campaign. (xiii) Accounting and financial management. Walmart Shifting in e-Commerce Competitive Strategy In this new era of retail, lesser people are shopping at brick and mortar stores as consumers’ preference has changed, it is not merely by price but also on convenience. E-Commerce reduces the time between the outlay of capital and the receipt of products and services. Be sure to understand the costs involved and analyze the other options before moving forward. Consumer to Business is a growing area where the consumer requests a specific service from the business. In physical sales place and distance is also a problem which is no problem in e-commerce because one can see sites all over the world without moving out of the house. Choosing to outsource the development and hosting will reduce your staffing costs, but you will incur higher costs for any future enhancements or changes to your websites. Adaptability of e-commerce in small cities and village is very low due to non-availability of basic infrastructure. After the dot-com collapse Amazon lost its position as a successful business model, however, in 2003 the company made its first annual profit which was the first step to the further development. Another reason why e-commerce has had an impact on the retail market is that the products can be digitally delivered instead of having to visit the retail store and collect the products physically. If your current ecommerce hosting provider does not offer flexible plans, you may need to transfer your hosting account to another provider. Unlike traditional commerce, e-commerce is available 24 hours a day, seven days a week. Its closest “cousin,” in terms of other forms of non-store retailing, is catalog retailing. E-Commerce facilitates fundamentally the movement of goods from suppliers to customers. E-Commerce Essay. With almost no physical assets, eBay was valued at $1.88 billion dollars at the IPO, surpassing Sotheby’s value of $1.02 billion dollars. E-commerce has challenged much of these traditional retail business norms, assumptions, and behavior. Ecommerce businesses are fast gaining grounds and changing the way of doing business. 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. Electronic commerce will cause changes in the mix of skills required, driving demand for information technology professionals. Although the dot-com collapse in 2000 led to unfortunate results and many of ecommerce companies disappeared, the “brick and mortar” retailers recognized the advantages of electronic commerce and began to add such capabilities to their web sites (e.g., after the online grocery store Webvan came to ruin, two supermarket chains, Albertsons and Safeway, began to use ecommerce to enable their customers to buy groceries online). People generally use online stores because they are accessible at all times from anywhere in the world. It allowed customers to shop from home, when they wanted, at their own convenience. Some negatives of online retail include: Website costs - planning, designing, creating, hosting, securing and maintaining a professional e-commerce website isn't cheap, especially if you expect large and growing sales volumes. 1 OVERVIEW OF THE E-COMMERCE LANDSCAPE IN THE CONTEXT OF COVID-19 . Evolution of E-commerce and practical implications in the UK’s retail industry Word Count: 3000 7th April, 2011 Abstract E-commerce has set a tremendous potential in fast moving world of technology. B2B is helpful in reduction in transaction costs and improvement of product quality and customer service and insistence by large businesses that all of their suppliers link into their e-commerce system as a condition of doing business. One is that the global spread of COVID-19 has been accompanied by a lot of uncertainty and at times contradictory information. C. Negative Impacts of e-Commerce on Environment A closer look at the environmental impacts of the Internet quickly reveals that the potential positive impacts Most small ecommerce businesses outsource some element of marketing. Many ecommerce companies use outside services for vendor payments, payroll, and other basic accounting activities. 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. From the customer satisfaction and availability of services, online shopping is creating a major impact upon the retail stores. Choosing the right ecommerce platform is one of the most important decisions you will make in your business. Consumers can easily search through a large database of products and services. With traditional e-commerce giants like Amazon making the move to open brick-and-mortar locations, the trend towards an omnichannel retail experience is undeniable. consumer services. According to the research conducted in 2008, the domain Amazon.com attracted about 615 million customers every year. You may need to adjust your approach as your business evolves. E-commerce has made it possible for products to be sold at a global scale. In many cases, the demands of these niche markets are simply not being met by big brands. It has revolutionized the way companies, regardless of size, do business. Essays, Research Papers and Articles on Business Management, Personal Selling: Meaning, Advantages and Limitations, 8 Examples of E-Commerce around the World | Global Trade, Customer Relationship Management (CRM) and Internet, Advantages and Limitations of Advertising, Relationship between Manufacturer and Distributors. 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 … A customer-management system will make those activities easier, but for smaller companies it is not a requirement. Going further than new ones, we also see new business models are new forms of intermediaries, or information brokers. Whilst retails who depend on the traditional ways might have a hard time competing against the E-commerce world. Centralizing, this information digitally is therefore of significant value for customers. While small time retailers have been definitely affected it has helped major brands increase their retail business. With e-commerce, shops will be able to sell their products 24/7 while keeping their costs at a minimum. Sell Everywhere – be Seen and be Shopped: Customer expectations for how and when they buy products have changed substantially over the past few years. Business to Employee e-commerce is growing in use it is in practice in business like pharmacy marketing, supply chain management, insurance, IT companies etc. Essay, Business, E-Commerce, Essay on E-Commerce. Electronic commerce draws on such technologies as electronic funds transfer, supply chain management, Internet marketing, online transaction processing, Electronic Data Interchange (EDI), inventory management systems, and automated data collection systems. 5470 words (22 pages) Essay ... the adoption of e-commerce in the retail sector was driven by organisational readiness and external influences for the majority of retailers. It has intervened in all the consumer g (xii) Automatic trading of digital goods like games, learning material, songs and music etc. 5. All the customers may not have access to the web, as they do to the postal system. It also consists of the exchanging of data to facilitate the financing and payment aspects of business transactions. 8. A wholes… It will change the organization of work- new channels of knowledge diffusion and human interactivity in the workplace will be opened more flexibility. The different legal and ethical issues that have arisen as a result of a global ‘virtual’ market. Good communication is important, whether you have 3 or 100 employees. Data is King-Collect a Wealth of Opportunities: Gone are the days of looking at purely operational reports. visitors can browse the site and assemble PCs piece by piece choosing each single component based on their budget and requirements. 2. They will be stagnant to their own area while losing against the innovative ideas other retailers have dependent upon. Now that you know what you need to run a successful ecommerce site, you can buy and sell websites, being sure that you will be able to figure out how to host them on a decent server or offer the best quality possible (in case you sell sites) to your buyer. If you drop ship or outsource fulfillment, you may be able to do that for a long period of time. Huge assortment of examples to help you write an essay. Nevertheless, e-commerce made it possible for retailers to gain potential customers, improve communications, tracks finances, increasing research and improve their brand easier than before, as well as increase sales in a cost-effective way. E-tailers can use price discrimination more efficiently than other retailers. Even traditional brick and mortar businesses are also looking for options to make their products and services available online so as to increase the customer base by allowing geographically dispersed customers to access their online store. E-commerce has the five ‘Cs’ – cost, convenience, choice, control and customer relationships. Now they are in the driver’s seat. However, there remains a sense of confusion, suspicion and misunderstanding surrounding the area, which has been exacerbated by the different contexts in which electronic commerce is used, coupled with the myriad related buzzwords and acronyms. Initially, many businesses and consumers responded by stocking up. 1. Thus, keep your expansion plans in mind while selecting a hosting company and make sure your provider offers flexible plans. Disclaimer 8. Terms of Service 7. E-commerce has made a profound impact on society. 3. Essay on the Key Elements Supporting E-Commerce: Here are seven important infrastructure decisions that ecommerce businesses face: Of all the infrastructure elements, marketing may be the most important. The site then provides a connection between the seller and buyer to complete the transaction. Electronic commerce is generally considered to be the sales aspect of e-business. 3. The hypertext nature of the medium allows for more flexible forms of transactions—the growth of C2B and C2C highlights this point. Content Filtration 6. Through a direct, information rich and interactive contact with customers. Even small online shops can reach global markets. Introduction. There are pros and cons to any approach. They are now able to develop services for individual clients rather than provide a standard service. Electronic commerce systems will allow for more personalized relationships between suppliers and their customers, due to their ability to collect information on customer’s needs and behavioural patterns. Amazon.com is also well-known for its clear and user-friendly advanced search facility which enables visitors to search for keywords in the full text of many books in the database. Substantial evidence supports the idea that the demand for physical shops has been affected by the rapid development of e-commerce in China. Seeing how many listings you have in a marketplace is fine, but it does not tell you how you compare to other E-Tailers, what your performance is like over time, or what other channels may be more profitable. The E-commerce in immediately Prepared by: Liuyingzi Wang Student Number: U1455550 Course Code and Course: BHO0171-1415(1415-E-commerce) E-commerce is the modern business activities that through computer technology, network technology, and telecommunications technology to help trading. It is recognized that in the Information age, Internet commerce is a powerful tool in the economic growth of developing countries. 6. One of the areas in which it impacts particularly is direct marketing. Whether you choose to be more authoritative or democratic in your management style is up to you. Most, if not all, developing countries are already participating in e-commerce, either as sellers or buyers. These niche markets are not flooded by the big brands and respond well to content and online experiences directed specifically at them. These psychological factors are the same reasons “retail therapy” is a response to many different types of personal crises; however, during a pandemic there are added layers. In the past this was mainly door-to-door, home parties and mail order using catalogues or leaflets. In many cases, you can host your business out of a home office and your basement or garage. Electronic commerce is global in nature and the international markets, which represent immense potential on expanding businesses, neglecting cultural differences. The reason behind this lies in the fact that e-commerce technology is different and more powerful than any of the other technologies we have seen in the past century. Image courtesy of 5+design. Thus, choosing a hosting provider which offers 50% uptime would mean that you are allowing competitors to lure your customers. While majority of the individuals feel that eCommerce has affected the retail industry in an adverse manner, it may not be true completely. This is giving benefit to marketers who provide products with real (perceived) value and consumers in general. But choose a style and stay consistent. In the past, the obvious strategy was to find the bulk of the market and then mass market to them. The integration of Information and Communications Technology (ICT) in business has revolutionized relationships within organizations and those between and among organizations and individuals. Another key decision is whether you will manage your own inventory or outsource those activities to a fulfillment house or through drop shipping arrangements with your suppliers. Worzala et al. Ecommerce web hosting is gaining swift popularity with every passing day as more and more people use the internet to shop and purchase things. The most popular feature of the web site is the review system, i.e. B2C can also relate to receiving information such as share prices, insurance quotes, on­line newspapers, or weather forecasts. With its effect of leveling the playing field, e-commerce coupled with the appropriate strategy and policy approach enables small and medium scale enterprises to compete with large and capital-rich businesses. You can manage those activities in-house or outsource to a third party. There are many individuals and agencies well equipped to take on your HR activities. B2B E-Commerce could be used as a significant enabler in their move towards greater trading partner collaboration. An intranet is a web site developed to provide employees of an organization with information. Since an online store is such an important part of the business, you may need to put in a lot of time and effort while selecting your ecommerce hosting company. Buyers are just as in the brick-and-mortar world do not like long checkout processes. In E-Commerce business is possible in various combinations like: E-Commerce has been in use for quite a few years and is more commonly known as EDI (electronic data interchange). Life will be much simpler without it,'' says Singhal. In some industries like the jewelry supply industry that my previous business was in managing your own inventory was the most logical choice. In 2000 a great number of business companies in the United States and Western Europe represented their services in the World Wide Web. That’s the job of your marketing team. Customers can compare prices with a click of the mouse and buy the selected product at best prices. E-commerce and e-business are not solely the Internet, websites or dot com companies. For an e-commerce website, the costs of storing and referencing a product represent a small fraction of the cost as compared to the cost of storing and referencing a product for "physical" stores. 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. With E-Commerce 2.0, this has been expanded and refined to include various online channels. In 2008 Amazon penetrated into the cinema and is currently sponsoring the film “The Stolen Child” with 20th Century Fox. 5. E-tailers can use previous transactions to identify the likelihood of products being pur­chased at certain price points. Many times, trust deficit, security, and privacy concerns prevail. 7. Retailers have had to adapt to new technological demands from users to allow them to participate in the e-business world. 3. Selling was conducted in typical well-insulated “channels.” Consumers were viewed to be trapped by geographical and social boundaries, unable to search widely for the alternatives with best price and quality. In 2007, Fortune magazine ranked Dell as the 34th-largest company in the Fortune 500 list and 8th on its annual Top 20 list of the most successful and admired companies in the USA in recognition of the company’s business model. Web based Enterprise Resource Planning systems (ERP) can also be used to forward orders directly to designers and/or production floor within seconds, thus cutting production cycle times by up to 50 per cent, especially when manufacturing plants, engineers and designers are located in different countries. When it was first founded in 1994, Amazon.com was operating out of founder Jeff Bezos garage and earning $20,000 per week in sales within two months. Electronic Commerce, also known as e-commerce, entails purchasing and selling of products or services through electronic systems like computer networks and the Internet; it refers to not only buying and selling but also servicing customers and collaborating with business partners. Since that date thousands of businesses have taken up residence at web sites. Only quality papers here. There has been and continues to be much publicity and discussion about e-commerce. The implication was that the retail industry was in decline as e-commerce took over. 10. Role of eCommerce in Business. With developments in the Internet and Web-based technologies, distinctions between traditional markets and the global electronic marketplace-such as business capital size, among others-are gradually being narrowed down. "The Impact Of Electronic Commerce On The Retail Industry Marketing Essay" - read this full essay for FREE. They must be able to predict this and create a cost-effective way of delivering their products to consumers by merchandising on shelves and having a trust worthy distribution centers who will handle the products directly to their customers. 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