Electronic commerce is the selling and buying of goods and services online. Electronic commerce depends on technologies like EFT (Electronic Fund Transfer), internet marketing, mobile commerce, online transaction processing, and EDI. Current e-commerce uses technologies like e-mail and World Wide Web to do its transactions. E-commerce is used in several business practices like online banking, teleconferencing, electronic tickets, and shopping software.
Online shopping has gained popularity in the recent past. The number of goods bought and sold online increase daily. Many companies are working on how to make e-commerce better for more people to use it to transact their businesses. Companies are creating ideal shopping practices on most platforms. They ensure that people visiting their sites get the products they want faster. This means lower costs, and reduced friction for the clients. When this is achieved the company ultimately makes huge sales.
This piece focuses on issues on e-commerce like e-persons, e-actions, trends, electronic market sites, and methodologies on how firms can adjust and benefit from innovative systems and apparatus in the field. Customers are more determined to find the best prices and commodities.
E-commerce has four major functions. They include: communication, service management, transactions, and process management. Its communication function aims at relaying information and documents to aid business transactions. Process management involves the automation and enhancement of business dealings like networking computers. Service management aids in use of technology to advance the services offered. Transaction function aims to offer the facility to buy or sell online.
Services offered by e-commerce today
E-commerce was used for buying and selling only in the past. However, there are many services offered by e-commerce today. Such services include: shopping, job searching, taking part in auctions, playing games, application of mortgages, dating, banking services, gambling, creating travel reservations, researching, and getting automobile purchase data.
E-commerce is developing rapidly. What customers wanted so much some time back is not what they want today. Therefore companies have to be on the run. The companies that are prosperous and remain popular are those that are regularly remodeling their e-businesses. The secret is to stay a step ahead of the trend in e-commerce. This enables them to offer more and quality goods and services; their position in the market is also redefined. The most important things to do are to research adequately on the customer’s buying styles, merging with other companies, and exploiting the benefits of new technological advancements.
E-businesses develop their businesses and try to make them as personal as ever. They try to have a direct relationship with their clients. They increase online customer services. Most companies with online businesses get more sales from online than from the customers who purchase items face to face. Today, companies invest heavily in applications that help the firms spread their wings to the markets in the whole world. Auction businesses like eBay are not left behind. They are also partnering with other companies to try and open up new markets globally. Every e-business wants to be steps ahead of the fair. A company like Bid.com transformed from its earlier operation of business to consumer and is now operating in a business to business mode. This change has greatly improved its revenue as it collects revenue from businesses. The revenues collected are like implementation charges, transaction fees, and monthly hosting charges.
E-commerce in the construction industry
E-commerce is currently being used in the construction industry. In the construction industry, it is used in: e-marketing, and e-customer services. The latest advancement was the e-supply which is now ready in the present market. Some key issues for e-commerce to thrive in the construction industry are: safe payments and fair contracts.
Benefits of e-commerce in the construction industry
Every participant in the project has some benefits. The owner enjoys improved efficiency, and reduced costs. The designers have the benefits of improved communication, accuracy, and they also save on time. Contractors and foremen enjoy increased project control, procurement efficiencies, and reduced administration costs.
The e-commerce technologies used in the construction industry currently are email, intranet, and online search. People and firms in the construction industry use the technologies because of their advantages. The main reasons why people are using e-commerce in the construction industry include: better job opportunities, improved speed of working, and increased flexibility in work.
New innovation: web 2.0
This is an age group of technology installed in the web and is associated with a set of ethics that aid to fulfill a gorgeous user experience, great level of interaction, and a drastic decentralization of the web. Web 2.0 brought technological advancement that enable the web to collect, evaluate and synthesis enormous amount of data. This advancement had multiple advantages to the e-commerce firms. The benefits include: increased competition, easier and cheaper methods to get to customers, skill to make more user experiences, and more operational communication links with customers.
Web 2.0 has intense personalization and this has made a huge impact on brand constructing, and consideration aspects of marketing funnel. These aspects are distinct from the functions of product purchase and its delivery. Brand construction/building is the activity that aims to create the awareness of the product and loyalty to that product. This is a quick way of publicizing a product or a service. It is effective to create awareness and it is also cheap. It assists to reach people who have great interest in the product, those who have purchased it, those who have seen the product or the company’s website. Some of the features of web 2.0 are personalized landing areas, user communities, and aggregation facilities.
E-commerce is one of the greatest things that have happened to businesses. It is crafting a brand new economy which has displayed a great potential. It is also basically altering the way businesses are carried out. E-commerce has benefits to both the buyers and sellers. Since e-commerce is new everyday, firms have to test and know what works best for them. Developments in technology have made e-commerce easy and secure. E-commerce is definitely here to stay and therefore people should embrace it so as to reap its many benefits.
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