Electronic Commerce (e-commerce) is the latest technology used to purchase any products through the web. Discuss the advantages and disadvantages of this technology.
E-Commerce is a business transaction that occurs over an electronic network. It is also defined as a type of business model, or segment of a larger business model, that enables a firm or individual to conduct business over an electronic network, typically the internet. Anyone with access to a computer or mobile device, an Internet connection, and a means to pay for purchased goods or services can participate in e-commerce. Electronic commerce operates in all three of the major market segments which are business to consumer (B2C), consumer to consumer (C2C) and business to business (B2B).
There are a number of advantages and disadvantages of conducting business in this manner. The greatest and the most important advantage of e-commerce, is that it enables a business concern or individual to reach the global market. It caters to the demands of both the national and the international market, as your business activities are no longer restricted by geographical boundaries. With the help of electronic commerce, even small enterprises can access the global market for selling and purchasing products and services. Even time restrictions are nonexistent while conducting businesses, as e-commerce empowers one to execute business transactions 24 hours a day and even on holidays and weekends. They are open for business every hour of the day, every day of the week, every week of the year. Your receptionist, greeter and front people are always working for you because they are your website. They do not complain about the long hours. This in turn significantly increases sales and profit. For business concerns, e-commerce significantly cuts down the cost associated with marketing, customer care, processing, information storage and inventory management. It reduces the time period...