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E Commerce In The New Millenium And Its Advantages

2370 words - 10 pages

'E-commerce in the new millennium'Electronic commerce is the paperless exchange of business information using electronic data interchange (EDI), through means of email, electronic bulletin boards, fax transmissions and electronic funds transfer. The concept of e-commerce is about using the internet to do business better and faster, it refers to internet shopping, online stock and bond transactions, the downloading and selling of "soft merchandise" (software, documents, graphics, music, etc.) and business to business transactions. E-commerce is about giving customers controlled access to a businesses computer system and letting them serve themselves.The internet is also a way for a consumer ...view middle of the document...

With e-commerce, orders have to be placed and items shipped, orders are usually handled with interactive, online forms. Payment is another issue that has to be dealt with in e-commerce; online customers cannot pay with cash or by check, only by electronic means (credit cards). Also there is the issue of security with online payments, e-commerce transactions have to take place through secure electronic connections and special merchant accounts for accepting payments.Once payment is collected, delivery of the product must take place. Fulfilment of this process is more difficult in the world of e-commerce than that in the traditional store. The e-commerce process requires shipping and transportation (similar to catalog and mail order). In internet startup businesses, fulfilment must often be outsourced to a facility that can handle order processing and shipping in a more timely and professional manner.There are many advantages for businesses entering the world of e-commerce, apart from the obvious that it expands the company's product range to a wider audience of potential customers. Some of the advantages include:-catalog flexibility and online fast updating- Direct "link" capabilities to content information and visual displays already existing on other client web sites. Updating of the E-Catalog can be done at any time, whether it be adding a new product, or adjusting prices and without the expenses and time of a traditional print catalog.- with the online E-Catalog there can be extensive search capabilities made by item, corporate name, division name, location, manufacturer, price or any other specified need.-shrinks the competition gap- Reduced marketing/advertising expenses allows smaller businesses to compete on equal levels with bigger companies.- With a more even marketplace smaller businesses can easily compete on quality, price and availability with the much bigger companies.-unlimited market place and business access-the internet gives customers the opportunity to browse and shop at their own convenience and at their own pace.-customers can access a businesses services from home, office, or even on the road; 24 hours a day 7 days a week.-because the internet is a global network it allows customers from all over the world to view or purchase a businesses product; expansion of the customer base from just local customers.- 24 hour sale cycle-the website can be accessed by customers 24 hours a day, and sales can also be made at any time without a salesperson being present.-no need for many sales support staff but the amount of customer service stays the same.-lower cost of doing business-reduce the amount of inventory, employees, purchasing costs, order processing costs, reduced transaction costs and possibly eliminate physical stores.- eliminate the "middle man" and sell directly to the customer.With the increasing advances in the e-commerce market more businesses are going online and expanding their customer sales base, a lot of the...

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