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EC04 E-Com Impact on Small Business

EC04 JSS -DM103 Ecommerce -BL01M02-Day 04-04Feb21 D40

What are the characteristics of online shopping?

A Well-Designed Website. ...

An Easy Checkout Process. ...

Competitive Shipping. ...

Multiple Payment Options. ...

Good Images & Product Descriptions. ...

Mobile-Friendly Design. ...

Good Customer Support. ...

Multichannel Storefronts.

Impact of Online Shopping

The main way in which e commerce will affect the economy, in general, is its impact on productivity and inflation. The continued expansion of electronic commerce could also lead to downward pressure on inflation through increased competition, cost savings and changes in sellers' pricing behavior

How does ecommerce affect the economy?

Businesses and consumers that use e-commerce benefit from a reduction in costs in terms of the time and effort required to search for goods and services and to complete transactions. This reduction in costs results in higher productivity.

Ecommerce is an ideal way to innovate your brand from a traditional brick and mortar store into well loved brand. By offering great products 24 hours a day long and providing tools like online customer services, blogs and social media, eCommerce allows you to give a character and personality to your business.

ECommerce Advantage

1. A huge/Large Market

2. Better Customer Insights - through analytics

3. Faster Response Time

4. More Opportunities to Sell

5. More Personalised Selling - Know your customer

6. Shelf Space, and Scale up the market

7. Travel Time, savers

Ecommerce Disadvantages

There can be lack of system security, reliability or standards owing to poor implementation of e-commerce. The software development industry is still evolving and keeps changing rapidly. In many countries, network bandwidth might cause an issue.

1. Personal touch and feel

2. Experience of Buying

3. Lose out on comparison of products

4. Internet Access, Servers and others; downtime will cost huge for business

5. Online Frauds

6. IT Security Issues

7. Taxes and related issues

How does ecommerce affect small businesses?

With ecommerce, small businesses don't require large physical facilities and offices to run their daily activities. Business don't need to hire out expensive office and shop spaces. Businesses can be run from very small offices or from home as a lot of the displaying is done online on the businesses' websites.

Lakshminarasimman V Rao

Lakshminarasimman V Rao | DM103 E Commerce |Digital Marketing| Study notes | Study Material | MBA | Corporate Neeti Consulting | Mysuru

All data above is a combination of data from Internet, purpose of this doc is for research and education only and responses received from Class students and interaction.

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