Business circles these days are all abuzz with the ‘e’ word. E-commerce has caught on big time and is known by various names like SEO, site promotion, affiliate marketing, etc, but all these have the same goal-get people to buy the services or products of a company. ‘E’ is the medium through which these transactions take place. However, e-commerce does have certain features that set it apart from other modes of doing business.
Ubiquity-Traditional commercial transactions need a marketplace or some kind of physical space. Most radio or television advertisements, for instance, urge consumers to visit a certain place in order to purchase something. E-commerce, on the other hand, is ubiquitous. It can take place just about anywhere and is not restricted to a physical space. The consumer as well as the seller benefit because of the reduced transaction costs associated with e-commerce. Both save time and money, along with the cognitive energy needed to carry out a commercial transaction.
Global reach- The technology of e-commerce facilitates commercial activities to effectively overcome regional and cultural boundaries. Therefore, the potential market for an e-commerce merchant is roughly equivalent to the size of the online population of the world.
Interactivity- The technology of e-commerce, unlike other twentieth century commercial technologies, is interactive and facilitates two-way interaction between the buyer and the seller.
Universal standards-Since the technical standards of the Internet are universal, the technical standards for conducting commercial transactions online are universal too. This is one of the most striking features of e-commerce technology.
The Richness and Density of Information- Information density is the amount as well as quality of the information that is available to consumers and merchants. The technology of e-commerce helps to reduce the collection and storage of information, along with the cost of processing and communication. Moreover, these technologies increase the accuracy and amount of the information provided. Thus, information becomes cheaper, reliable, and freely available.
Personalization-The technology of e-commerce allows merchants to create customized marketing messages in order to target specific customers, based on past purchases, names and interests. Personalized e-commerce services help to increase the lead conversion rate.
E-commerce technologies provide consumer information to merchants and facilitate them in using it much more effectively. Online merchants are thus able to develop better products and brands and provide high quality services for which they can charge premium rates.
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