But what exactly is e-business? E-COMMERCE : ROLE OF E-COMMERCE IN TODAY'S BUSINESS Anjali Gupta ... firms/organizations and individuals). Types of e-commerce. Benefits to Organizations The benefits to organizations are as follows: • Electronic commerce expands the marketplace to national and international markets. Firstly advertising sales. For shoppers, the benefits are plentiful. E-commerce isn’t only about buying and selling online. For example, if our goods or services are downloadable, shipping costs will be completely canceled. By 2017, e-commerce sales are estimated to reach $434 billion in the US alone. Nowadays you can order anything online. Learn the tools and technologies needed to meet the challenges of tomorrow with a Postgraduate Diploma in Digital Marketing. An organization can easily locate more customers, best suppliers and suitable business partners across the globe. The last decade has witnessed an explosion of eCommerce websites with many small businesses developing their online stores. E business provides you an opportunity to reach more and new customers. Do you run a retail business that’s doing well and you’re wondering how to expand sales globally? The National Retail Federation expects retail to grow from 8% to 12% in 2018. Online stores are not restricted to geographical boundaries like a physical store and so it gives you a platform to sell your product & services across the globe and target your customers without any location limit & restriction. Thus, e-commerce help in building a base of loyal customers by improving customer relations. First of all, in order to have an online presence, the website needs to be hosted by a hosting company or a platform provider. A virtual store enables a business organization to stock a lot of goods without considering the inventory cost. Research Methodology The paper has been written on the basis of secondary data. Though the benefits of E-commerce are many but creating a right user-friendly and secure platform for your e-commerce portal is also an art. Positive reviews will create a strong brand image of the brand and will build trust in more customers to buy that product while negative reviews will help you to understand the areas of improvement and satisfy your customers in a better way. One key benefit of running a business online is that you can easily optimize and scale your budget in accordance with all other aspects of the business, and it’s not too difficult to scale your business should you see your customer base expand and grow. This is especially the case if you are already paying for space to store inventory and are willing to ship from your location. Now, let we … E-commerce helps organizations to reduce the cost to create process, distribute, retrieve and manage the paper based information by digitizing the information. To this end, you’ll also find that there are greater opportunities to personalize your promotions and other offerings as you have data about your customers integrated automatically into the system. And even if you find some dips or shrinkage – say, if your offerings tend to be seasonal, you can adjust your marketing and inventory in accordance with these changes as well. Last but not the least is its cost efficiency. EP M6 E-Commerce 2. According to Entrepreneur, plenty of people will continue to shop in-store, and this market is still far larger than online shoppers. It is expected to make up 17.5% of global retail sales by 2021 (up from 7.4% in 2015), and sales are predicted to hit $4,878 billion in the next few years. For instance, if your business is primarily service-based, you may want to complement your local offerings with products that people can purchase online from you, such as a hairdresser offering specialty accessories. 3. processes and make them fas ter and e fficient. Due to bad weather, people may restrict … Here are a few important points to note: Digital advertising is inexpensive compared to traditional channels and can be more easily adjusted to fit varying budgets. Benefits of Ecommerce. Examples of social commerce platforms and social commerce sites include Facebook business retail store pages where users can browse and shop without leaving the platform, or buy buttons on Twitter and Pinterest. It includes any process that a business organization ... BENEFITS OF E-COMMERCE Transaction costs. The communication and advertising costs could be lower by sending emails and having pop ups generated. Business promotion; E-commerce is directly link to your business promotions, as it … This is especially the case when you consider retention activities like customer loyalty programs – essentially you can track their buying habits more carefully which offers the opportunity to target marketing and promotional efforts in a more accurate way. III. If you have a physical store, you are limited by the geographical area that you can service. It’s actually important that you learn about e-commerce as soon as you can because it (especially mobile e-commerce) has grown by 300% over the last few years with revenue of $700 billion in the US just last year. A customer can access the portal from anywhere in the world with the help of an internet connection and a device to operate it. Journal of Marketing and Consumer Research ISSN 2422-8451 An International Peer-reviewed Journal Vol.12, 2015. www.iiste.org. Convenience. 4.6.5. E-commerce traders effortlessly keep an eye on the behavior of their buyer's habit and customize their offerings to suit the buyer's requirement. E-commerce helps organization to provide better customer services. Benefits to Organizations Electronic commerce expands the marketplace to national and international markets. 4. Search Engine Optimization on your site is key and digital marketing strategies can be huge when it comes to customer research and targeting your marketing both online and offline. If you’re in any kind of retail or are thinking of it, or if that’s where your clients are, there’s never a better time to gain a better understanding of what it takes to sustain an e-commerce business. E-commerce businesses (i.e. The growth around this area has been great. You may also want to hire an overseas virtual assistant or marketing specialist if you are looking for people to handle customer service or other activities on a 24-hour basis. Before you decide how best to run your business, you should consider the e-commerce advantages and disadvantages. Following are the benefits of Ecommerce to organizations. The Rise of Mobile Commerce: How Your Business Can Take Advantage, A Complete Guide to eCommerce Conversion Optimization, How Businesses Use eCommerce in Ireland: Top Take Aways, 6 Digital Marketing Tricks for the Retail Sector. Today we’ll read the Advantages and Disadvantages of E-commerce in details. To ease your trouble we are highlighting a few major benefits of E-commerce to an organization in this article. E-commerce expands the market place to national and international level. What is a Good Conversion Rate for E-commerce? E-commerce helps to simplify the business processes and makes them faster and efficient. Online shopping is expected to grow at a great pace, with 56% of Gen Xers and 67% of millennials in the US being the most likely demographics to make purchases. Today we will have a look at the benefits for businesses that use E-Commerce against traditional methods. One of the most tangible positives of e-commerce is the lowered cost. Video conferencing best practices: Tips to make meeting online even better E-commerce or electronic commerce is, according to the definition of Wikipedia is… A system for the buying and selling of goods and services using the Internet as the main means of exchange. All rights reserved, Follow To Stay Tuned With Us On Social Communities, Software Development Company, CRM & ERP Development, important benefit of having an e-commerce website, GET EXPERT ADVICE ON BUILDING E-COMMERCE APPLICATION. If we buy from an online store, we spend low operating costs; we have a better quality of service and, therefore, additional costs can save us unnecessary costs. The business impact of e-commerce for the manufacturing industry. Since a community is a group of people united by common interests, they can offer vast benefits of e-commerce to an organization. Upselling and cross-selling may also become easier as you are not stuck with an uncomfortable face-to-face situation where the customer may be turned off if they feel pressured. Developing an online presence can help you understand your market better so that you can offer them new and innovative products as well as promote your on-the-ground store. With minimal capital outlay, a company can easily and quickly locate more customers, the best suppliers, and the most suitable business partners worldwide. In e-business, on the other hand, ICT is used to enhance one's business. To identify the benefits of E-commerce. helps organization to provide better customer se rvices . Also, check your competition – if they have app, you should probably too.Now we are going to name main advantages of m-commerce, with few practical examples. There will be some initial costs to do with web setup and maintenance – for instance, integrating a Shopify account into your current website, or even doing an overhaul. Electronic commerce is by and large viewed as the business part of e-business. It goes without saying that brick-and-mortar setups are bound by location, and depending on your product or service, this could be key to your revenue. E-commerce … With promising numbers like these, there are many retailers who consider e-commerce business in today’s’ scenario. Truthfully, we haven’t worked with communities yet. Any amount of investment to make an app, if done wisely, will be justified by loyal customers. To ease your trouble we are highlighting a few major benefits of E-commerce to an organization in this article. Are you hesitant to break into e-commerce because of security concerns, or simply a lack of understanding about that element of business? We are going to use two categories: A general one based on who the buyers and sellers are. But even if you think that your business 'needs' to stay local, expanding globally could allow you to expand into new facets of your business. Since, past few decades, e-commerce has been growing at a very fast pace and attracting offline retailers to create their presence online too. It’s not just about engaging customers online either. This is a great additional value tool to engage customers and offer experiences. "To develop e-commerce marketing skills, organizations could synthesize successful business experiences in different markets. Ecommerce website is currently one of the most important emerging and thriving sectors of web marketing. E-commerce stores are affordable and though if you see nicely than you will find that there is not much of investment as compared to the offline store and has more benefits too. More and more industries are moving their operations via online mode as it is the choice of the consumer.Its prevalence continues to grow and prosper without any signs of slowing down. One of the most important benefits of e-business is the availability of the products for 24*7/365. 4. benefit from looking at greater international cooperation to facilitate cross-border the movement of goods and services, narrow the digital divide, and levelthe playing field for micro, small and medium-sized enterprises (MSMEs). Mobile commerce is the next generation of e-commerce, that’s why we are going to highlight major m-commerce benefits. For many tech-savvy individuals who are used to making online purchases, they may not know that for a lot of people who are used to it, it’s just a smoother and more comfortable experience for many. Benefits of e-Commerce to Society Access for 24 Hours. E-business provides benefits to business houses, customers and even retailers.These benefits come from information efficiencies and penetration made available in the form of market exposure and cost reduction.Following are the benefits for a retailer: They know it very well that if you take care of your website with proper attention and actively than you must treat your clients with the similar technique. Such benefits include an opportunity to watch consumer habits and interests, reducing costs for advertisement, enhancing your e-commerce brand, and more. There are benefits both for the business, the customer and society. By this way, the seller can increase their sales by boosting numbers of orders. Using e-commerce, the business organizations can directly approach the customers and suppliers, cutting down the intermediaries, a number of levels in the process as well as the cost. retrieving paper based information. You can use a blend of traditional and digital to market your entire operation, or even switch to primarily digital and save a lot of money. and also E-Commerce helps to simplify the busi ness . 1 OVERVIEW OF THE E-COMMERCE LANDSCAPE IN THE CONTEXT OF COVID-19 . Even though one of the benefits of ecommerce is that it’s growing, physical retail still owns most of the market share. We will also look at some of the disadvantages and problems for businesses that choose to operate E-Commerce. For many people in the world, e-commerce becomes one of the most preferred ways of shopping as they enjoy their shopping due to its easiness and convince. That presents a huge opportunity for e-commerce businesses, but online sales pose some unique challenges that brick-and-mortar shops don’t. The e-commerce field is really large and there are a lot of different models. 3. To determine the strategies that organizations made to build and maintain trust in consumers towards internet shopping. E-commerce based enterprises have been shown to sustain fast growth while increasing returns as well. By providing customized products and services to customers and fulfilling several other demands, e-commerce can help in building a strong customer relationship that helps in retaining customers for a long period. From startups to small businesses right through to huge brands, there are a huge number of companies that can benefit from their own ecommerce website, where they can sell their own products or services. Customers can buy any product from anywhere in the world without moving away from their workplace or home through internet. Benefits of E-commerce to customers are many like time saving, ease and convenience. But are you aware of just how much a web store can do for your organization, and how long the list of B2B e-commerce benefits is?. 12. Progress in technology & growth of e-commerce has given us this benefit. There are benefits both for the business, the customer and society. Recap: A refresher on what B2B buyers want With an increase in need of e-commerce, every business person is looking to have their online store where they can sell their services or products. It’s not just about engaging customers online either. They do not need to carry their goods as these are delivered directly to their home. To know the challenges in E-commerce. Surely, running a mobile app for ecommerce can’t be the sole guarantee of profit. 1.Provides Flexibility: E-business interacts with more customers, can entail more,and can offer an innovative experience through website. The advantages are:- The advantages are:- Reach & attract new customers Startups, Copyright © 2020 by Tekshapers. Some of these online security risks can include phishing, website hacking and unprotected web services. Shopify costs only a few thousand per year, and for this fee, you also get to use other built-in features that will help you run our business more smoothly. Lesson 2 - Benefits of E-Commerce 1. Though that’s not all when it comes to the mobile world. Of course no. Hence, a business also provides a lot of choice to consumers to choose a product of his /her choice. E-commerce decreases the cost of creating, processing, distributing, storing, and. The above benefits enable a business organization to remove any communication gap between the business and consumer, or between business and business associates or between business and its employees. The global nature of e-commerce technology, low cost of opportunities, to read hundreds and millions of peoples, interactive nature, variety of possibilities and forcefulness and rapid growth of supporting infrastructure, result in many possible benefit to organization, individual and society. Since you also eliminate the need for … The following are the benefits of E-Commerce to society: 1. Importance of Human Resource HR in Organization. The platform is available 24*7 to all its customers in any part of the world and offers information where it is able to send the products and within how many days. Today we will have a look at the benefits for businesses that use E-Commerce against traditional methods. E-business is the most modern form of business organization which implies intensive use of Internet technology, while e-commerce represents the most popular part of e-business. In a traditional market, retailers run a majority of their business with personal relations, branding & references. Not only does a customer not need to leave the comfort of their own home, but they also get to avoid traffic, parking, and pushy salespeople trying to upsell or interrupt your conversation with a friend. E-commerce also can give a lot of benefits to business organizations especially in term of cost reduction and reaching global market. 2. To determine in which way organizations attract customers to buy their product again through online medium. Email is just one example of a simple digital tool that remains a cost-effective and simple way to send information to segmented markets (check out a simple tool like MailChimp if you’re looking to get started on email marketing). E-commerce reduces the paper work. The prevalence of ecommerce is continuously growing and there is no sign of slowing down. The ability to operate online has made many entities profitable. E-commerce is the commonly used word that defines any kind of business that deals in selling & purchasing of products or services through electronic systems like computer networks and the Internet. The study is qualitative in nature. Benefits of Ecommerce for Small Business. E-commerce store timings are 24*7*365. Shopping online saves time, offers a greater product selection and allows for cost savings in terms of … If not, keep reading and find out what are the remarkable benefits of e-commerce for all customers. No Geographical limitation, tap the global market form the day one. IV. 2. Benefits of E-Commerce Websites 1- Increase customer’s trust: A beautifully designed and creatively developed website generates trust for your clients. Ability for creation highly specialized business. It likewise comprises the trading of information to encourage the financing and installment parts of business exchanges. E-commerce helps organizations to reduce the cost to create process, distribute, retrieve and manage the paper based information by digitizing the information. Benefits of E-Commerce (How e-commerce add value to your organisation?) How to make a video presentation with Prezi in 6 steps; Oct. 14, 2020. that nowadays e-commerce industries have increasingly become a necessary component of business strategy and a strong catalyst for economic development. They can retarget their customers online with the same products or new products with the help of their past browsing history. There are many hackers who can breach the network of a company and access sensitive information. The advantages are:-Reach & attract new customers. They should be practical, focusing on such issues as marketing and logistics." You can simply provide suggestions for add-ons as a part of the shopping cart process and let the buyer go from there. Your e-commerce business is vulnerable to online security breaches and cyber-attacks. Benefits of Ecommerce. In a general sense, it’s typically pretty easy, low-risk and low-cost to start an e-commerce business, whether or not you already have a brick-and-mortar store. 10 Ways Small Businesses Can Improve Their Social Media Presence. Benefit 6: Achieve data-centricity with ERP-integrated B2B e-commerce Powerful B2B e-commerce software lets you streamline and automate plenty of processes, and it can also grant unique insight into the data that matters to your sales and marketing operations — especially if you integrate your B2B e-commerce platform with your ERP system. Though in most cases it’s going to be fairly smooth and low-risk to open an e-commerce component of your business, you’ll want to bear in mind a few things. 1. However, this will be beneficial for the customer’s also, as they can purchase their products whenever they need, no matter whether it is early morning or mid-night and they can make the purchase from anywhere be it their office or their home. Thus, e-commerce facilitates businesses to operate under a disintermediated environment by providing direct communication between customers and business organization. Maybe yours will be the first one? There have been many technological advances that have been added to the growth of e-commerce businesses, resulting in 6 types of e-commerce business models or e-business models. 3. Either way, we … Creating & managing an online store is much more cost effective in comparison to a physical store as it optimizes the cost of land, rent, water, electricity etc. E-Commerce … S. ituation in . An e-commerce web hosting can be understood as a system wherein the host company provides an organization the required online space and tools, so that it can run its retail store online. In other words, it is a business that electronically manages both the collections and payments. THE BENEFITS OF USING E COMMERCE Benefits to Organizations • Using E-Commerce, organization can expand their market to national and international markets with minimum capital investment. Benefits of eCommerce … E-commerce should be a business tool, and should allow your organization to benefit from larger digital transformation and business evolution initiatives. Can online retail and E commerce gain big optimizing supply chain management, How real time features are playing a vital role in the success of app development, What is the role and importance of E commerce Development Companies, Ecommerce Website Development : Features and Tips, The scenario of E commerce: Big Players vs. If you know how Amazon “recommends” items that it thinks you like, you can easily do that as well. Benefits of eCommerce for all customers Lower prices – it’s well known that prices in some online stores are more economical than fares in a classic, brick and mortar store. You probably already have a website set up to support your business, but is it getting much traffic? Whether you’re a seasoned online sales expert or just starting on your journey towards B2B e-commerce success, you probably already know what a massive difference an online sales portal can make. Electronic Commerce, also known as eCommerce defines purchasing and selling of products or services over the Internet. Dharmendra Chahar, Analysis of E-Commerce and M-Commerce: Advantages, Limitations and Security issues, International Journal of Advanced Research in Computer and Communication Engineering Vol. Download a brochure today! First, a conceptual framework is designed based on the literature. A part of these lowered costs could be passed on to customers in the form of discounted prices. If you can keep your shop open 24-7 and you are able to expand your offerings to a global audience, this means that you have the potential to create a passive income stream – that is, your revenue doesn’t necessarily rely on great salespeople or opening hours. E-commerce is a commercial sector where transactions are possible with the help of internet connection. For example, if our goods or services are downloadable, shipping costs will be completely canceled. EP M6 E-Commerce 2. When you and your customers are no longer restricted by logistics such as location and time of day, you have plenty of opportunities to boost revenue in new ways. With an e-commerce website, the whole world is your playground. For instance, if you have something that’s wearable and fit-focused, it can be hard to have people know what they’re getting. Another possible disadvantage has to do with your products. Objectives of the Study The main objectives of the study are as follows: 1. 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