What are the benefits of E-Commerce?

Benefits of Electronic Commerce

Mass Customization at a Lower Cost

In the E-Commerce arena, businesses are able to gather detailed information on the needs of each individual customer and automatically tailor products and services to those individual needs. Thus, businesses can offer customized products comparable to those offered by specialized suppliers but at a lower cost.

Substantial cost savings and substantial price reductions

One of the major contributions of E-Commerce is a reduction in transaction costs. While the cost of a business transaction that entails human interaction might be measured in dollars, the cost of conducting a similar transaction electronically has the potential to be significantly less. Thus, any business process involving "routine" interactions between people offers the potential for substantial cost savings, which can in turn be passed on as price reductions for customers.

Improved Competitiveness While Increasing Service Quality

E-Commerce enables suppliers to improve competitiveness by becoming closer to the customer. For example, many companies are employing electronic commerce technology to improve levels of support both before and after the transaction. They can also increase the amount of product information through the Internet. And finally, companies utilizing the Internet can also respond to customer inquiries more quickly and effectively. This benefits not only the business, but also the quality of service for the consumer.

Shortening or Removing Supply Chains to Rapidly Respond To Needs

Electronic commerce often allows traditional supply chains to be shortened dramatically. There are many examples, such as Dell Computers, An extreme example of this out be products and services that can be delivered electronically, when the supply chain can be eradicated entirely, such as software. This has massive implications for other industries such as film, video, music, magazines, and newspapers. The consumer benefits from the ability to rapidly obtain the precise product without being limited to the stock at local suppliers.

Thus, we have examined the types of electronic commerce, and learned the benefits electronic commerce and electronic business transactions afford consumers.

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