Electronic commerce (e-commerce) refers to companies and individuals who buy and sell goods and services over the Internet. E-commerce works in different types of market segments and can be done through computers, tablets, smartphones and other smart devices. Almost every imaginable product and service is available through e-commerce transactions, including books, music, airline tickets, and financial services such as stock investing and online banking.
E-commerce has helped businesses gain access to a wider market and establish a wider market presence by providing cheaper and more efficient distribution channels for their products or services.
BENEFITS OF E-COMMERCE
Convenience: E-commerce can take place 24 hours a day, seven days a week. Although e-commerce can be a lot of work, it is still possible to generate sales while you sleep or make money while you are away from your store.
More selection: Many stores offer a wider variety of products online than their brick-and-mortar counterparts. And many online-only stores can offer consumers exclusive inventory not available elsewhere.
Potentially lower start-up costs: E-commerce companies may require a warehouse or manufacturing location, but usually do not need a physical storefront. The cost of digital operations is often less than the need to pay rent, insurance, building maintenance and property taxes.
Potentials for career related jobs: E-commerce allows for a diverse range of job opportunities, like finances and customer service, marketing and design or inventory and delivery.
International Sales: E-commerce can deliver to the customer, the e-commerce company can sell to anyone in the world and is not limited by physical geography.
Easier to retarget customers: when customers browse the digital storefront, it is easier to attract their attention to place advertising, targeted marketing campaigns or pop-ups specifically aimed at a certain purpose.
- Dr. R. KURALOVIYAN
Department of commerce (ISM & CA)