The modern age of information technology has drastically altered the existing ways of doing business. This is due to the simplification of many processes due to their automation, which, on the one hand, opened up new business opportunities. On the other hand, it forced many companies to redirect their resources to the field of studying and developing components of their intellectual assets (Singh, 2018). The opportunities associated with the advent of e-commerce allow you to open your own business, not limited to the usual traditional activities.
E-commerce is an entrepreneurial activity that is somehow connected with the distribution, advertising, promotion, and sale of services or goods via the Internet. Its primary role is to simplify business processes in many sectors. For example, to open an online store, one does not need to rent an office, hire a staff of sellers, or hire delivery service employees. Furthermore, it enables the automation of actions, and if the product is electronic, delivery service can be facilitated at times (Singh, 2018). As a result, transaction costs are reduced, which affects the cost of products or services. Another important aspect of e-commerce is that, through the Internet, one can sell all over the world at no extra cost.
E-commerce is important for modern business people because it enables one to work directly with the manufacturer. This way of collaborating is direct and contributes to better communication between the seller and the buyer, which influences the cost of the goods and the quality of service. The ability to analyze sales, promotion, and business development online with maximum accuracy is another vital aspect of e-commerce. Analytics and tracking systems make it possible to track every aspect of a business so that one can take action when needed.
Therefore, the importance of e-commerce lies in the fact that it is one of the most important technologies of our time, providing high growth rates for the country’s economy. For modern businesses, e-commerce solves a very important task of increasing the competitiveness of companies since it allows them to use technological advances. Hence, it enables business entities to quickly find a commercial partner with minimal transaction costs without any intermediaries.
Reference
Singh, A. (2018). Changing scenario of business and e-commerce: Trends and issues. Arcler Education Incorporated.