Evaluate the Growth and Development of E-Commerce Businesses in a Society
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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Currently, information and knowledge have become a major production factor in this global economy which has resulted into innovation and technical progress having major contributions to the growth and development of the economy.
E-Commerce refers to the use of digital technologies to conduct business transactions among different parties, such as consumers, suppliers, intermediaries, and governments. E-Commerce enables enterprises to reach new markets, reduce costs, improve efficiency, and enhance customer satisfaction. In this informational era, where data is abundant and accessible, electronic commerce also provides opportunities for innovation, differentiation, and value creation. However, electronic commerce also poses challenges and risks for enterprises, such as security, privacy, trust, regulation, and competition. Therefore, enterprises need to adopt effective strategies and practices to leverage the benefits of electronic commerce and overcome its drawbacks.
E-Commerce has profound implications for the way businesses operate and interact with their customers, suppliers, competitors, and partners, as well as for the way individuals and groups participate in social and economic life. The impact of electronic commerce on companies and upon society will be of great importance both in extent and intensity, affecting various aspects such as productivity, efficiency, innovation, competitiveness, market structure, consumer behavior, social inclusion, and environmental sustainability. This study aims to evaluate the growth and development of e-commerce businesses in society and also examine how it contributes to economic development.
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Evaluate the growth and development of e-commerce businesses in a society A Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand what e-commerce means and its importance to the society
- Understand the various factors that have contributed to the growth and development of e-commerce business
- Apply the techniques used by e-commerce businesses to real-life organizations
1.0 INTRODUCTION
One of the activities that has created new opportunities for economic development and that can offer more benefits to both businesses and consumers is e-commerce. E-commerce refers to the buying and selling of goods and services over the Internet. E-commerce businesses are those that operate online, either exclusively or partially, and offer various products, services, or platforms to consumers or other businesses. E-commerce has been growing rapidly in the past few decades, especially with the advent of new technologies, such as mobile devices, social media, cloud computing, artificial intelligence, and blockchain.
The growth and development of e-commerce businesses in a society can be evaluated from different perspectives, such as economic, social, environmental, legal, and ethical. This study will briefly discuss some of the main benefits and challenges of e-commerce in society. It will address questions such as: What are the growth factors of e-commerce? What is the impact of e-commerce on business and society? What are the key success factors that enhance the growth of e-commerce?
The positive impacts of e-commerce on the economic aspects of the society include;
Creating new markets, increasing competition, reducing costs, enhancing efficiency, and stimulating innovation. It can also create new opportunities for employment, entrepreneurship, and education. For example, e-commerce platforms such as Amazon, eBay, Alibaba, and Shopify enable millions of sellers and buyers to connect and trade across borders and regions. It can also reduce the barriers to entry for small and medium-sized enterprises (SMEs) and allow them to access global markets and customers.
On the other hand, it can pose some economic challenges for society, such as disrupting traditional industries, increasing inequality, and affecting taxation and regulation. E-commerce can threaten the survival of some offline businesses that cannot compete with online rivals or adapt to changing consumer preferences. It can also widen the gap between those who have access to digital technologies and skills and those who do not. Moreover, e-commerce can increase the concentration of market power and wealth in the hands of a few large platforms or corporations that dominate the online space.
The positive impacts of e-commerce on the social aspects of the society include;
Enhancing convenience, choice, quality, and satisfaction for consumers. It can also foster social interaction, communication, collaboration, and community building among online users. For example, e-commerce platforms such as Etsy, Airbnb, Uber, and Netflix offer consumers a wide range of products and services that cater to their diverse needs and preferences. E-commerce can also enable consumers to share their opinions, reviews, ratings, feedback, and recommendations with other users online. E-commerce can also facilitate social causes such as crowdfunding, charity, activism, and education.
However, e-commerce can also pose some social challenges for society,
Such as affecting consumer trust, privacy, security, and well-being. It may expose its consumers to various risks, such as fraud, scams, identity theft, cyber-attacks, and data breaches. E-commerce also affects the privacy and security of consumers' personal and financial information that is collected and used by online platforms or third parties.
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