Features of E-Commerce
- Ubiquity: Any time Any where
Internet and web
technology has facilitated e-commerce ubiquitous by breaking the physical
boundaries of the traditional media.
Business Significance:
Customer convenience, shopping costs reduced, leads to more opportunities,
saves cognitive energy, involves any kind of payment or booking.
- Global Reach/Measure of Reach
Allows transaction
across national boundaries and the potential customer are maximum(infinite).
- Universal Standards
There are universal
standards for business deals, price, staring a business, running a business.
- Reduced market entry cost
- Reduces search cost
- 1 world market space
- Easy price discovery
- Information regarding supplier, dealer, vendor
A one world market
space(no boundaries) is the one where price and product description are
inexpensively displayed universal to all. Price discovery is very fast and more
accurate.
- Richness
Richness of
information is more in traditional technology. As the number of people
increases the richness of the information decreases. In Internet Technology
there is no difference in the richness after a certain point. Now richness can
be increased via audio, video, flash, 360 degree revolution…
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| Richness v/s Reach graph |
- Interactivity
In traditional technology
or offline mode interactivity is more due to face to face conversation, there
is more touch and feel and the vendor can convince or manipulate the customer
easily but in online mode there is no such manipulation possible. Thus to
increase interactivity online we have introduced online chat system, feedback,
complaint, query…
- Information Density
Total amount and
quality of information available to all market participants, consumers is same.
There is an increase in accuracy and timeliness of information which in turn
increases e-commerce.
- Personalization/Customization
Personalization means
providing personalized messages and services to specific individuals. Eg: If we
get a membership from a store like Allen Solly or Monte Carlo then we get
messages about special offers, discounts from them. Customization means
changing a delivered product or service based on user’s preferences and prior
behaviour. Eg: If we purchase a product from fernsnpetals.com or wengers.com
then we can choose the day of delivery and timings according to our preference.
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