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ABOUT E-COMMERCE POWER STATION
These are postings about e-commerce from a team of UTAR journalism students.
These posts will be based on the trend which are suitable for new-age businessman and consumers, who will be informed of the latest news and developments.
HISTORY OF E-COMMERCE
Ecommerce actually goes back to the 1960s when companies used an electronic system called the Electronic Data Interchange to facilitate the transfer of documents. But it wasn't until 1994 that the very first transaction. took place. This involved the sale of a CD between friends through an online retail website called NetMarket.
New technology continues to make it easier for people to do their online shopping. People can connect with businesses through smartphones and other devices and by downloading apps to make purchases. The introduction of free shipping, which reduces costs for consumers, has also helped increase the popularity of the ecommerce industry.
UNDERSTANDING E-COMMERCE
Ecommerce operates in all four of the following major market segments.
Business to business, which is the direct sale of goods and services between businesses
Business to consumer, which involves sales between businesses and their customers
Consumer to consumer, which allows individuals to sell to one another, usually through a third-party site like eBay
Consumer to business, which lets individuals sell to businesses, such as an artist selling or licensing their artwork for use by a corporation
Ecommerce may be thought of like a digital version of mail-order catalog shopping.
SPECIAL CONSIDERATIONS
More and more people are turning to their computers and smart devices to order goods, which can easily be delivered to their homes. As such, it has disrupted the retail landscape. Amazon and Alibaba have gained considerable popularity, forcing traditional retailers to make changes to the way they do business.
But that's not all. Not to be outdone, individual sellers have increasingly engaged in e-commerce transactions via their own personal websites. And digital marketplaces such as eBay or Etsy serve as exchanges where multitudes of buyers and sellers come together to conduct business.
ADVANTAGES AND DISADVANTAGES OF E-COMMERCE
E-commerce offers consumers the following advantages:
Convenience: E-commerce can occur 24 hours a day, seven days a week.
Increased selection: Many stores offer a wider array of products online than they carry in their brick-and-mortar counterparts. And many stores that solely exist online may offer consumers exclusive inventory that is unavailable elsewhere.
But there are certain drawbacks that come with ecommerce sites, too. The disadvantages include:
Limited customer service: If you shop online for a computer, you cannot simply ask an employee to demonstrate a particular model's features in person. And although some websites let you chat online with a staff member, this is not a typical practice.
Lack of instant gratification: When you buy an item online, you must wait for it to be shipped to your home or office. However, e-tailers like Amazon make the waiting game a little bit less painful by offering same-day delivery as a premium option for select products.
Inability to touch products: Online images do not necessarily convey the whole story about an item, and so e-commerce purchases can be unsatisfying when the products received do not match consumer expectations. Case in point: an item of clothing may be made from shoddier fabric than its online image indicates.
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