E-commerce provides several benefits for businesses including reducing costs, increasing efficiency of operations, and improving customer service. It allows smaller businesses to better compete with larger competitors by reducing marketing and advertising expenses. E-commerce also lowers business costs by reducing inventory, purchasing, order processing costs and the effort required to do business through automated systems and online payment processing. It further helps businesses improve customer service and support through easier access to product and pricing information and faster response times for customers.
E-commerce provides several benefits for businesses including reducing costs, increasing efficiency of operations, and improving customer service. It allows smaller businesses to better compete with larger competitors by reducing marketing and advertising expenses. E-commerce also lowers business costs by reducing inventory, purchasing, order processing costs and the effort required to do business through automated systems and online payment processing. It further helps businesses improve customer service and support through easier access to product and pricing information and faster response times for customers.
E-commerce provides several benefits for businesses including reducing costs, increasing efficiency of operations, and improving customer service. It allows smaller businesses to better compete with larger competitors by reducing marketing and advertising expenses. E-commerce also lowers business costs by reducing inventory, purchasing, order processing costs and the effort required to do business through automated systems and online payment processing. It further helps businesses improve customer service and support through easier access to product and pricing information and faster response times for customers.
E-commerce provides several benefits for businesses including reducing costs, increasing efficiency of operations, and improving customer service. It allows smaller businesses to better compete with larger competitors by reducing marketing and advertising expenses. E-commerce also lowers business costs by reducing inventory, purchasing, order processing costs and the effort required to do business through automated systems and online payment processing. It further helps businesses improve customer service and support through easier access to product and pricing information and faster response times for customers.
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Reduces competitive gap:
E-commerce reduces marketing and advertising expenses. So, smaller
companies can also compete on quality, price and availability of goods with the bigger companies.
Reduced sale cycle:
The customers access the product listing and the pricing directly from the Internet without any phone calls and e-mails.
Reduced cost of business:
E-commerce reduces the effort required to do business. It reduces the amount of manpower required, inventory costs, purchasing costs and order processing costs associated with faxing, phone calls and data entry.
Easy business administration:
With the use of efficient software, most of the business-related tasks can be done automatically. Business processes like storing of inventory levels, shipping and receiving logs and other business administration processes are automatically stored.
Better payment system:
With the advancement in payment technologies, E-commerce allows encrypted and secure payment facilities on-line.
Reduced burden on staff:
E-commerce simplifies the customer service and sales support tasks , thus relieving the staff from one of their job responsibilities.
Medium to grow business:
E-commerce serves as a medium for start-up, small- and medium-sized companies to reach the global market.
Network production: E-commerce allows parceling of the production process to the contractors who are geographically separated but are connected through the Internet. This helps in selling of add-on products, services and new systems. 1. Facilitates the globalization of business:-e – commerce facilitates the globalization of business by providing some economical access to distant markets and by supporting new opportunities for firms to increase economies by distributing their products internationally.
2. Provides increased purchasing opportunities for the buyer:-As e – commerce increases sales opportunities for the seller, it also increases purchasing opportunities for buyer.
3. Lowering staffing cost:- As in e – commerce, the selling & purchasing process is outline, the amount of interaction with staff is minimized. 4. Market based expansion:- An e – commerce is open to entirely new group of users, which include employees, customers, suppliers & business partners.
5. Increased profits:-With e – commerce, companies reach more & more customers where physical commerce cannot reached, thus increasing profits.
6. Increased customer service & loyality:- e – commerce enables a company to be open for business wherever a customer needs it.
7. Increase speed & accuracy:- E – commerce see the speed and accuracy with which business can exchange information, which reduces cost on both sides of transactions. It is available 24 hours a day & 7 days a weak.
8. Reduction of paper storage.
9. Increased response times:- In e – commerce, the interaction with the system take place in real time & therefore allows customer or bidder to respond more quickly & thus reduces the time of discussion between then as in traditional commerce. Transparent and Faster Business: Technology now enables people to do video conference which enables people to be in separate place but still discuss and see each member of the meeting live. So business decisions can be made faster which is required for the growth of a business. All sales, supply etc. documents can be viewed and analyzed all the time through online which enables transparency as these documents will be generated by computer systems which will have less chance of alteration. 8. Better Customer Service: E-commerce service can provide better customer service. Buyer can read FAQ about a product or service online which is always available without any wait, they can also chat online with customer service as one customer service operator can serve multiple buyer at a time which enables faster information. 9. Increases Competition Among Businesses: As businesses can view each other products and study their description along with prices, the competition among them will increase to provide better product or service in lesser price. 10. Creates New Employment Opportunity: E-commerce is creating new employment opportunity as web developers and designers are required to design and develop e-commerce websites and applications, IT persons are required to maintain the system, customer service providers are required to provide supports etc. 11. Advertising and Marketing: E-commerce facilitates businesses to advertise their product for marketing purpose which has a global reach. This is easy, less expensive and has more reach than advertising on paper. 12. Quick Comparison and Instant Order: In E-commerce system, a buyer can search products and can also filter found products by various factors, which helps to compare product’s price and specification. This process takes very small amount of time than visiting different outlets to do the same thing. Then the buyer can order the product instantly including making the payment right away.