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Advantages of E-Commerce

There are various advantages of e-commerce that has made it a popular Business tool. These are:

(i)    Economy: E-commerce is highly economical. In e-commerce there is no rental of physical store space. Insurance or infrastructure investment. All we need is an idea, a unique product and a well-designed Web storefront to reach your cyber-customers, plus a partner to do fulfillment.

(ii)    Lower Cost: Doing e-business on the Internet is extremely cost effective; it reduces logistical problems and puts a small business on a par with giants like, general Motors or Bank of America. In a commercial bank.

(iii)    Greater Profit Margin: E-commerce means greater profit margins. For example, the cost of processing a conventional airline ticket is Rs. 400. According to one travel agency, processing the same ticket (called e-ticket) over the web costs Rs. 50 only. Along with higher margins, business can gain more control and flexibility and are able to save time when manual transitions are done electronically.

(iv)    Swapping Goods and Services: Swapping is trading something we have for something we want more. Ram’s a networking consultant, offers his technical services through a company. People pay currency into Ram’s account in exchange for his services instead of accepting the cash.

(v)    Teamwork: E-commerce helps people work together. E-mail is one example of how people collaborate to exchange information and work on solution. It has transformed the way organizations interact with suppliers, vendors, business partners and customers. More interaction means better overall results.

(vi)    Customization: Digital products are highly customizable. They are easy to recognize, revise or edit. With information about consumer tastes and preferences, products can be differentiated (customized) and matched to individual needs.

(vii)    Ensure Secrecy: EC devices invariably have in built security measures. For example, password, encoding, cryptography, cipher etc. are some of the mechanism/measures, which provide security and prevent unauthorized access and use of data, information and transactions.

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