E-Commerce is on the rise, and it is impressive.
E-Commerce delivers the information, products, services, and payments by telephone, computer, or other automated media. The technology is used in chain supply management, transfer of funds electronically; mobile commerce, processing of online transactions, marketing through the internet,
the management inventory systems, and electronic data interchange (EDI) are some of the services offered in e-commerce. The automated systems for data collection also use this service to perform their duties. It has been the largest electronics industry in the market and uses technology advantages to perform duties. The Largest % of transactions is from business to business; not just the internet changed the world in 3 key areas 1.Operational business practices, 2: cashless society, three surrounding business environments. Law has been slow to adopt. It takes a long time to develop-commerce act, provided rules on forming a contract, and the Consumer Protection Act the same rules that protect online consumers.
Social media has shelve space for e-commerce. When a company wants to sell a product, along with an array of other requirements, they must buy shelf space for that item in a store. Imagine that social media is that “shelf space” for e-commerce companies. Without a foot in the social media world, a company is sure to fail. Social media has given companies a platform to advertise, influence, communicate and interact directly with consumers. In recent years brands with social media presence had a significant advantage over their competitors.
Leveraging data that social media provides, brands can shape their future to meet their followers’ demographics. When companies mold their product into what their followers want or need, they close the gap between consumers and products.
Their customers will be more likely to purchase a product if it’s marketed to the consumer’s needs. Social media is a binding agent for the relationship between business (product) and consumer. Additionally, social media provides plentiful data to analyze to bring suitable goods to market. Simply put, as we shift towards the future, it’s all but a requirement, and companies should focus on leveraging and maximizing the potential of all social media platforms rather than merely using them.