Tweet Internet is very famous nowadays for satisfying people with various services related to various different fields.
What is Ecommerce and the Importance of Ecommerce www. However, until the recent few years, Ecommerce is getting more and more attention from entrepreneur and consumers, both local and international. One of the main reasons is due to the highly successful operations of some well known names on the Internet, such as eBay, Yahoo and Dell.
The sales revenue these companies shown in their annual reports are without doubt, one of the biggest factors why Ecommerce is important in the commercial market nowadays. Ecommerce proved its importance based on the fact where time is essence. In the commercial markets, time plays an important role to both the business and consumers.
From the business perspective, with less time spent during each transaction, more transaction can be achieved on the same day. As for the consumer, they will save up more time during their transaction. Because of this, Ecommerce steps in and replaced the traditional commerce method where a single transaction can cost both parties a lot of valuable time.
With just a few clicks in minutes, a transaction or an order can be placed and completed via the internet with ease. For instance, a banking transaction can be completed through the Internet within a few minutes compared to the traditional banking method which may take up to hours. This fact obviously proves that Ecommerce is beneficial to both business and consumer wise as payment and documentations can be completed with greater efficiency.
From the business viewpoint, Ecommerce is much more cost effective compared to traditional commerce method.
This is due to the fact where through Ecommerce, the cost for the middleperson to sell their products can be saved and diverted to another aspect of their business.
One example is the giant computer enterprise, Dell, which practice such a method by running most of their business through internet without involving any third parties. Aside from that, marketing for Ecommerce can achieve a better customer to cost ratio as putting an advertisement on the internet is comparably much cheaper than putting up a roadside banner or filming a television commercial.
For Ecommerce, the total overheads needed to run the business is significantly much less compared to the traditional commerce method. The reason due to that is where most of the cost can be reduced in Ecommerce. For example, in running an Ecommerce business, only a head office is needed rather than a head office with a few branches to run the business.
In addition to that, most of the cost for staff, maintenance, communications and office rental can be substitute by a single cost, web hosting for the Ecommerce business. To both the consumers and business, connectivity plays an important part as it is the key factor determining the whole business.
From the business point of view, Ecommerce provides better connectivity for its potential customer as their respective website can be accessed virtually from anywhere through Internet.
This way, more potential customers can get in touch with the company's business and thus, eliminating the limits of geographical location.
From the customer standpoint, Ecommerce is much more convenient as they can browse through a whole directories of catalogues without any hassle, compare prices between products, buying from another country and on top of that, they can do it while at home or at work, without any necessity to move a single inch from their chair.
Besides that, for both consumers and business, Ecommerce proves to be more convenient as online trading has less red tape compared to traditional commerce method.
In global market sense, the appearance of Ecommerce as a pioneer has opened up various windows of opportunities for a variety of other companies and investors. For instance, due to the booming of Ecommerce, more and more resources are being directed into electronic securities, internet facilities, business plans and new technologies.
In result of this phenomenon, a variety of new markets have emerged from Ecommerce itself giving a boost to the global market. In short, if without any major obstacles, Ecommerce will certainly continue to mature in the global market and eventually, it will become an essential business plan for a company in order to survive and stay competitive in the ever changing market.In the past three years, the percentage of respondents benefiting from business analytics has risen from 90% to 97%, clearly emphasizing the business world’s increasing thirst for making sense of its data.
Role of Internet in the modern era. The modern era has been now extremely advanced and well-developed and the basic reason for this development is actually the launch of the internet and its applications which have provided the individuals with the easiest routine in their daily lives.
Though they were very common initially, especially in the s and s because of their immense flexibility, network database management systems are relatively less used in the business world today. Information technology plays an important role in today’s business world.
Majority of the companies rely on this for the purpose of data processing, fast communications and acquiring market intelligence. Companies process, collect and report on large volumes of data. In her book on business intelligence, Cindi Howson suggests that the average manager spend two hours per day hunting for data.
Electronic commerce, or Ecommerce, which literally means business trading through the Internet, has been around the globe since mid 90s. However, until the recent few years, Ecommerce is getting more and more attention from entrepreneur and consumers, both local and international.