ADVANTAGES OF E-COMMERCE
E-Commerce is the buying and selling of goods and services over the Internet and other computer networks. It basically employs electronic systems, which include electronic funds transfers, Internet marketing, On-line transaction processing and others.
E-Commerce forms the basis of e-business and has several advantages:
Ø Wider market. E-Commerce allows manufacturers to access a wider market for their goods or services. This results in increased sales volumes.
Ø Consumers have a variety of items or services to choose from.
Ø Quality goods and services. Since all sellers in e-commerce compete for the same clients, they are bound to offer high quality goods or services, thereby consumers benefiting in a big way.
Ø Advertising. E-Commerce affords sellers advertising platform very cheaply.
Ø Increased trade. Through e-commerce, establishing partnerships becomes easy. This results in increased trade as such partnerships promote each other’s goods or services.
Ø Timely deliveries. Electronic services or items that do not need transportation are delivered instantly upon purchase. This eliminates duties that would otherwise be charged on such items.
Ø Co-operation. E-Commerce increases co-operation between different countries and citizens, fostering peaceful co-existence that is necessary for effective trade.
Ø Investments. E-Commerce provides information on investment opportunities in other countries and investors are able to invest offshore.