Benefits of E-Commerce

The impact of e-commerce to businesses can be huge. E-commerce can transform the way products and services are created, sold and delivered to the customer. It can also change the way in which a company works with its partners. This section describes some of the well-established benefits of e-commerce.

Improved Productivity

Using e-commerce, the time required to create, transfer and process a business transaction between trading partners is significantly reduced. Furthermore, human errors and other problems like duplications of records are largely eliminated with the reduction of data-entry and re-entry in the process. This improvement in speed and accuracy, plus the easier access to document and information, will result in increase in productivity.

Cost Savings

According to a 1999 report by Giga Information Group, conducting business online will save companies around the world an estimated USD1.25 trillion by 2002. This compares to total savings of USD17.6 billion in 1998. The cost savings stem from efficient communication, quicker turnaround time and closer access to markets.

Streamlined Business Processes

Cost savings are amplified when businesses go a step further and adapt their internal processes and back-end legacy systems to take advantage of e-commerce. Inventories can be shaved if businesses use the Internet to share such information as promotional plans, point-of-sale data, and sales forecasts. Business processes can also be made more efficient with automation.

Better Customer Service

With e-commerce, there is better and more efficient communication with customers. In addition, customers can also enjoy the convenience of shopping at any hour, anywhere in the world.

Opportunities for New Businesses

Business over the Internet have a global customer reach. There are endless possibilities for businesses to exploit and expand their customer base.

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