Features of E-Commerce Technology | E-Commerce - B Com PDF Download

FEATURES OF E-COMMERCE TECHNOLOGY

Electronic Commerce means better business communication and data interchange information is essential for every and any business. The quality and quantity of information which a business delivers to customers or use this information to make decisions can determine just how competitive the business is.

A company already may be using a number of electronic based tools to help acquire and extend information and communication needs. These may include personal computers, word processors, courier, facsimile machines, telex services, cellular phones, pagers and more. Unfortunately, many of today's communication tools are not really upto the speed of today's business needs, and can actually create barriers to achieving the goals set on  the basis of strategies formulated by a company.
For instance, postal facilities can keep business waiting for information for days or even weeks. Overnight couriers may save time but can be an expensive proportion. Traditional telex and fax is quick but costly and communicating by telephone can become an endless 
game of tag.

Now a business can avoid these problems by using e-commerce which is fast, cost efficient, time saying and easy to use -i.e., economic tangibility and good business 
generation.

Electronic business can result in better transactions, wide market coverage by offering the benefits of speed, convenience, being cost effective, timeliness, high profit margins, instant customer relations, no loss of customers, impact and control- all are a fraction of the past traditional business methods. A concern can do everything it can to run its business efficiently and profitably.

Application of electronic operations to commercial activities means better business solutions. It greatly facilitates a firm to make better decisions, sale forecasts, prices and other valuable information can be sent and received instantaneously. A business will always have the information it needs faster, easier and more completely in the new  system of communication than ever before.

This enables firms to have an edge over competitors by informing, following up and requesting information faster and easier to customers.

Another feature is that it helps to maintain greater control, at work, home or while traveling, communicate with any business partner or firm, anywhere instantly.

Improve Responsiveness How does e-commerce help business? It helps by improving responsiveness to market conditions and customer preferences. Every business must know how important timing is to marketing and selling products. Timing is important to cater to the demands of 
customers.

If distributors, dealers and sales force do not get the right information at the right time, there will be a financial crisis as well as losing valuable customers.

E-commerce network enables a company to implement marketing programmes with greater precision such as :

• Pre-empt competitiveness with a change in marketing tactics before they can react.
• Improve responsiveness by revising price change and marketing programmes as and when required.

Expedites and Streamlines Reporting

It has been an experience in conventional commercial practices with factors like delays and ineffectiveness in reporting systems crippling effectiveness. Responsive, timely information flows from sound management systems. Electronic commerce improves delivery and distribution both within and outside organisations.

The benefits are:

• Stored lists of key recipients facilitate distribution.
• Electronic delivery time.

Coordinates Sales Efforts

Some marketing studies reveal that most sales people spend nearly 75 per cent of their time on the roads, relying heavily on telephone calls for contact with their head officers and customers. Telephone tag makes an endless frustrating game out of tracking down leads and following up to authenticate sales calls. In addition, misplaced or undelivered information results in low sales records. Other benefits of electronic business are:

• Eliminating telephone tag.
• Sending and receiving message at convenience.
• Linking sales team numbers to gather, including international representatives, and
• Closing sales without delays.

 Effectiveness and Efficiency

Electronic commerce can increase the efficiency and effectiveness of public relation programmes, broadcast press releases, financial updates and other corporate communications. Copy reviews and approvals are expedited by circulating instant messages to key internal and external contacts.

Close Contact with Clients

In any business where maintaining close contact with customers is a priority consideration, electronic business can increase responsiveness of the company' and  ensure customer satisfaction. Appointment confirmations, requests for information, follow-up reports and electronic data interchange can be effected with greater efficiency using instant messages.

Planning and Execution of Meetings

The mechanism of electronic operations in business facilitates planning and execution of meetings. Executive management meetings, seminars, workshops, symposia and conventions take a great deal of time and effort to manage. Arrangements must be coordinated among a variety of diverse groups in different locations e.g., hotels, speakers, exhibitors, attendees, the media etc. Reports and surveys need to be distributed before  and or after, the event. And there are always the headaches of late breaking events and last  minute  announcement.  In  an  electronic  business  environment, video-conferences, document conference, computer-based conference, which offer companies the flexibility of both electronic and paper distribution, can make these jobs easier and more effective.

SEVEN UNIQUE FEATURES OF E-COMMERCE TECHNOLOGY