Harvard Business School (SPNM), MBA: SP Jain Institute of Management & Research, Master of Information Technology, Virginia Tech.
E-commerce is the market where people can buy and sell goods on a digital platform. This enables the manufacturers to reach out to a huge customer base. It has several types such as B2C, B2B, C2B, C2C markets, and e-commerce portals.
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Now the main question is, whether E-commerce has benefited the market or not.
E-commerce has been a changing point for many young entrepreneurs. It has been a beneficial factor for all those who have wanted to create a mark in the business world. But it has also affected other offline businessmen, big and small.
Following are several points that will help us understand whether e-commerce is really a boon or a bane to the current business world.
- Globalization:
Globalization. A method which helps us reach people all over the world. This is made possible by having your company shop online. It enables you to gather a customer base worldwide.
- Reduced Cost:
The point itself is explanatory. E-commerce helps you reduce infrastructure costs and many other costs, that you mostly incur when you have an offline business.
- Easy Access:
Helps you gain 24/7 access to the website and help you to cater to the needs of foreign customers as well.
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Customization:
You can customize the website, your company and the way it runs plus the cost, price and various other factors.
- Helps to create your own brand:
It lets you create your own identity in the market which can only be achieved by keeping the content, products, and website original and delivering the best. In return gain higher profit and loyal customers and investors.
- Customer Friendly:
Today, the younger generation as well as the adult age group have slowly started to accept and adapt to technology. Which makes this e-commerce more friendly and acceptable among the public. Mostly the youth. But along with these also come the negatives:
- Problems are related to technicalities.
- Problems related to privacy and security.
- Problems related to quality & quantity.
- Problems related to originality.
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CONCLUSION: We can conclude that the new path in the world of technology viz e-commerce is a boon as well as a bane under certain circumstances and categories. But definitely, this market will create a huge change in the future as it is creating in the current business world.
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