E-commerce refers to the act of electronically purchasing or selling items over the Internet or via online facilities. There are a lot of benefits to be gained from using online trading methods. E-commerce is considered as a great avenue for selling or purchasing items which are not easily available in physical markets. E-commerce includes online auctions, shopping, bill board, and other electronic selling/buying methods.
One of the common uses of e-commerce offers consumers the convenience of buying products online. It has been seen that a lot of people prefer shopping over going to the physical markets to buy the items they need. There are a number of advantages to the consumers as well as the business owners as they are able to save on the time and energy spent traveling to the shopping malls or other areas. In addition to this, they can also save on their gas or bus fare cost. Thus it becomes quite easy for them to go to the stores, make purchases and then get rid of these goods while transporting the same to their residence.
With the advent of e-commerce, the concept of having a physical store has given way to an entirely different form of conducting business. This type of trading and commerce allows the consumers to conduct business at their homes. Thus it eliminates a lot of the hassles and inconveniences that are linked to the traditional brick-and-mortar method of conducting business. Since there are a huge number of individuals who prefer to do their shopping online, there is a tremendous advantage in the e-commerce domain. The fact that one does not have to travel anywhere and can conduct business anytime and anywhere make this domain one of the most preferred modes of conducting business.
E-commerce has been very helpful in reducing the costs associated with the purchase of goods. With the advent of electronic commerce, it has been possible to sell products over the internet. Thus you do not have to rent or buy premises to place your business transactions and sales. It also reduces costs such as rent payment, cost of goods sold, overhead expenses etc. since you can make purchases from any where and at any time.
E-commerce websites are beneficial to both retailers and wholesalers. The websites allow the retailers to access the markets at a lower price and thereby reduces the costs involved. The wholesalers can access the markets at lower rates and hence expand their business by selling goods in bulk. It can be concluded that E-commerce sites enable the retailers and wholesalers to conduct business on a higher scale. In this context, it can be concluded that these websites can be considered a boon to the economy.
The E-commerce industry has brought immense advantages to the global economy. With its advent into the world of electronic commerce, it has ensured savings to consumers who otherwise have to pay high prices for the imported goods. With this mechanism, consumers are able to purchase goods worth less than the amount they paid to buy them. At the same time, it enables retailers to introduce new goods into the market and consumers can purchase these goods from other retailers without travelling long distances.