E-Commerce has eight unique features that give it its “Wow” factor. The first one is Ubiquity. Ubiquity is defined as being something that occurs everywhere. Ever since the inception of the internet, its user base has grown exponentially, and with it, E-commerce has blossomed. Libraries, homes, businesses, people’s personal cell phones and even airplanes, all have access to the internet. The great thing about the internet is that pretty much everyone, everywhere, can access it for free or quite cheaply. Which makes it a fabulous tool for trading globally, which leads to the next feature of E-commerce, global reach.
Ecommerce allows consumers to electronically exchange goods and services with no barriers of time or distance. Electronic commerce has expanded rapidly over the past five years and is predicted to continue at this rate, or even accelerate. In the near future the boundaries between "conventional" and "electronic" commerce will become increasingly blurred as more and more businesses move sections of their operations onto the Internet.
Business to Business or B2B refers to electronic commerce between businesses rather than between a business and a consumer. B2B businesses often deal with hundreds or even thousands of other businesses, either as customers or suppliers. Carrying out these transactions electronically provides vast competitive advantages over traditional methods. When implemented properly, ecommerce is often faster, cheaper and more convenient than the traditional methods of bartering goods and services.
Given below are 10 unique features of ecommerce technology
1) Breaks geographical barrier: Unlike traditional retail business, ecommerce is not bounded by geographical barriers. Today an e commerce company can easily sell its products to consumers residing in any part of the country.
2) Saves precious time: Ecommerce helps in saving the most important thing in today’s modern world: ‘Time’. Consumers from the comfort of their home, office and even café can buy any product they wish to buy. Thanks to e commerce, consumers save lot of precious time that is otherwise wasted if they opt for traditional shopping.
3) Accurate information: Today e commerce companies across the world are doling out product information’s that are accurate & to the point, which eventually helps consumers to make better buying decision. These information’s are free from all the inaccuracy & hidden facts that are very much used by traditional retail models as their selling strategy. Besides, e commerce companies also provide accurate information to customers about billing payment & shipping.
4) Ubiquity: Ubiquity means state of being everywhere at once. With unprecedented growth in the sales of tablets & smart phones, laptops and other internet related gadgets, e commerce companies literally follow their consumers wherever they go. E commerce shopping can be done even when consumer is walking or jogging.
5) Impersonal interaction: Since e commerce technology completely depends on internet & web to reach to its customers, the interaction with consumers will always be impersonal in nature; as in it is not face-to-face interaction.
6) Customers are truly king in the e commerce world: Today every month literally hundreds of e commerce companies are popping up in every corner of the world. This intense among E commerce companies is only befitting customers, who today have more choices to choose from and discount vouchers to avail – for instance Littlewoods Voucher Codes.
7) Power of accessibility: Since today e commerce is so easily accessible by the virtue of power of internet, consumers can buy anything & everything as and when they desire for. In fact a mere impulsive desire or slight craving for a product can lead to expensive shopping, this is all thanks to accessibility to shopping that is possible only via e commerce technology.
8) Cuts supply chain: E commerce technology has immensely helped in cutting the cumbersome supply chain of wholesale & retail and also overreliance on sales force team. This only helps in reducing the cost of the product, which eventually benefits the customer.
9) Ever changing nature of business: Since today technology is changing at lightening speed by every passing day, the nature of e commerce business will also change along with it. Who knows technology development in coming years will make e commerce more customer friendly, or there can be other fundamental changes to the e commerce business too.
10) Technology can equally be barrier: Technology has helped e commerce companies to break geographical & other barriers. However overreliance on technology & complete absence of face to face interaction has created immense trust barrier between e commerce companies and customers. This is especially true in the case of conservative country like India where even today people don’t completely trust e commerce companies, especially when it comes to on line payment.