The business world is progressing in different dynamics, and it is incumbent upon companies and businesses to adapt quickly or risk being isolated in the fast-paced industry. The advancements have been characterized by the development of mechanisms aimed at expediting business operations to increase productivity and maximize profit. The internet is a crucial angle from which business owners have improved their financial position.
E-commerce is a form of business that utilizes the internet to facilitate commercial transactions. These businesses include shopping, inquires and securing goods and services. Payment can also be made through the internet, and therefore people can transact wholly regardless of their geographical location. In this regard, companies are encouraged to implement feasible technological developments to aid the growth of their business and increase their efficiency in terms of service delivery.
Examples of e-commerce
Online shopping
Products and services can be obtained notwithstanding the locality of the producer or consumer. Through the internet, you can review different products and services from the comfort of your home. Potential buyers can visit different websites to obtain various preferences. Consequently, there has been a significant increase in the quality of products availed to consumers. Improvement in quality is accorded to the fact that there is a variety of products that are easily available to buyers.
Online ticketing
Air tickets, bus tickets, train tickets and taxi bookings are easily done through the internet. The transport sector has largely benefited from e-commerce. Parking fee is similarly paid through an electronic system that’s dependant on internet connectivity. Also, in the entertainment sector, movie and concert tickets can be purchased from the comfort of your home without much hassle.
Advantages of e-commerce
Global brand awareness
The internet has effectively reduced the world to become a global village. This is because the market for products is global, and buyers in different continents can access goods as if they were sold locally. A brand is easily advertised on websites, social media and blogs. Firms are therefore able to compete internationally based on the quality of their products.
Reduction of costs
Marketing and advertisement were conventionally regarded as armpits of business that were reserved for firms endowed with adequate resources. However, marketing costs have reduced significantly due to the introduction of e-commerce. Also, travel and delivery costs have diminished because the internet is cheaper and can be utilized to carry out various operational aspects of a business.