E-Commerce is very valuable to modern business. Here are some of the advantages of E-Commerce and its implications to modern business:
Availability anytime anywhere: Consumers can access the Internet almost anywhere from their smartphones or from their laptops. Free Wi-Fi is available in coffee shops, restaurants, hotels, schools, homes, businesses and even whole cities. This makes it more convenient for customers to shop online. (Nielsen)
Global reach: Through the World Wide Web, businesses are able to reach millions of customers anywhere in the world, without being bound to a certain geographical area. Companies like Amazon reach billions of customers worldwide.
Low barrier to entry: Small businesses and budding entrepreneurs can easily setup shop online, and be able to reach a huge number of potential customers. Companies like Amazon makes it easy for anyone to open their own Amazon Web Store online and conduct business transactions securely. Businesses can also use eBay and have their own eBay stores.
Multimedia experience: Online stores now use web media technologies such as video, audio, and interactive images to deliver a sensory rich customer experience. (Laudon)
Personalization: Using web analytics technology, businesses can gather detailed information about their consumers’ behavior, preferences and shopping patterns and thus target ads and suggestions accordingly. An example of that are Amazon’s suggestions when a customer starts searching for a product. Another example is contextual advertising where only certain advertisements that targeting an online shopper are displayed in the browser.
Social Media: Social media technologies such as Twitter and Facebook make it easy for businesses to reach a wider audience. A product can gain in popularity overnight once customers start sharing it on their social media networks.