In today’s growing economy, more and more companies are looking to have their business online. Having an E-commerce is one of the most important business decisions a company could make in today’s fast moving environment. According to investor words, E-commerce is The buying and selling of products and services by businesses and consumers through an electronic medium, without using any paper documents.
There are many different way a company can benefit from having an e-commerce site for their business, in this way company will get more benefits. Like, cost reduction, increasing profits/more economy, expanded geographical reach, visibility, variety.
One of the most tangible positives of ecommerce is the lowered cost. A part of these lowered costs could be passed on to customers in the form of discounted prices. New technologies allow you to take virtually any part of your business online, that include supply chain management, billing, shipping, procurement etc. Streamlining these business processes through online systems will allow companies to cut costs significantly in almost every sphere of any business.
Doing e-business is cost effective:
It reduces logistical problems and puts a small business on a par with giants such as Amazon.com or General Motors. Every financial transaction eventually turns into an electronic process. The sooner it makes the conversion, the more cost-effective the transaction becomes.
Expanded geographical reach:
Store can operate without geographical limitation; the business can now reach customers globally by allowing customers to carry out business without the barriers of distance on time. This will convert more customers into consumers, while expending the customer base of the company and building strong brand awareness and customer loyalty globally.
In e–commerce there is no physical store space, insurance, or infrastructure investment. All you need is an idea, a unique product, and a well–designed web storefront to reach your customers, plus a partner to do fulfillment. This makes e–commerce a lot more economical and more profits from the business.
An organisation or a company can reach wide geographical areas with variety of models. It more help to customer choice and it will lead to increase the sale. For example; Online shopping is big advantage for jewellery retailing business. They have variety items on gold, silver, platinum, other precious stones and watches. It help to put more items on display.
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Author: Afsal T Safnas, PGDBM (Edexcel-UK), works at Ameen Ahsan Strategy Consulting.
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