E-commerce has brought a very drastic changes in businesses. In other words, it has changed the shape of competition, the speed of action, and the streamlining of interactions, products, and payments from customers to companies and companies to suppliers. E-commerce has made possible the buying and selling of the products, even sitting at your home.
Along with the conveniences of e-commerce also introduce new threats and security issues for the customers. I would try to highlight some of the common issues that people are facing.
For the corporate businesses, online business is more than just buying and selling of products or services. The companies are investing millions in online marketing, customer retaining and improving their services to get a competitor advantage. The reason behind the spending is to reach the potential customers around the globe and to create a value for them. The person setting at Toronto can sale his product or services to the person located in Africa or any other country with the support of e-commerce technology.
Advantages of E-Commerce
With the expansion of e-commerce industry, every entrepreneur is looking to build an online business where they can sell their variety of products and services. I would describe the advantages of e-commerce for the both prospective, buyer and vendor.
Quicker buying and Selling Procedure
E-commerce businesses enable us to perform faster and prompt shopping. As well as that is quite easy to find product, compare their prices and select the product that suits our needs.
Buying & selling 24/7
Physical retailing shops do not usually allow us to perform shopping at any time, they have some defined timings except very few stores. But e-commerce allows the consumers to buy 24/7 setting at their houses.
No Geographic Limitations
We cannot deny that the e-commerce technology has changed the whole structure of the traditional business. More reach to customers, there are no theoretical geographic limitations. Amazon is the best example. Either you are located in the USA, UK or anywhere else you can place an order at any time and purchase the listed product.
No Need of Physical Company Set-ups
To start a business, we need very huge investments to establish physical setup. E-commerce allows us to start a business at a minimal investment, the only thing we required is branding identity kid design, including company logo design and a laptop with normal internet connection and well-functioning e-commerce or informative website. The website functionality depends on the nature of business.
Saves Money and Time
The additional cost incurred by the business on the middlemen, the companies directly charge for their customers. When we eliminate the middlemen, our customer will be free from bearing the additional cost of the middlemen, so the buyer would cost lesser.
Time is a precious thing, but we don’t realize it. Hanging out hours and hours to buy a single product is a waste of time. Just click on the website and buy it within 15 mints.
E-Commerce technology offered several advantages to business organizations and customers too. If we look at the other side, e-commerce has some disadvantages as well.
You Don’t Know about The Seller
Any one, good or bad, can easily start a business. And there are many harmful sites which eat up customers’ money. Customer buys the product, but seller never reply to them. We must be careful, especially in online purchasing.
There is no Guarantee of Product Quality.
Many people avoid online shopping just because of that. Everyone wants to feel the physical experience for the products. Specially the quality issues are associated with clothing and technology related products. There is no quality assurance, because we order the product on their appearances.
Payment Security Risk.
There is always possibility to take your payment information by the hackers, though different spam activities. Our information security and insurability is the most important thing. There are many hackers who look for such opportunities to get access payment gateways, and steal the money. We must be aware of internet identity thieves and data phishing threats.
I would like to conclude my content. People today are aware of the general term of e-commerce but there is an extra than they are aware of. The internet has explored thousands of business opportunities around the globe, just we will have to analyze them and take a strong step to avail. Where the technology has brought eases for the us, at the same time challenges as well. We must be aware of the pros and cons for every new technology.