The Introduction of eCommerce to the Consumer
Computers continue to revolutionize an increasing number of facets of the human life, including the way we shop. The Internet is capable of connecting potential consumers with a wide variety of online shops and auctions. It also enables individuals to start businesses quicker and with greater ease, due to eCommerce.
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History
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The emergence of eCommerce began in the late 1990s, with online retailer Amazon and online auctioneer eBay leading the charge. When the dot-com bubble burst, many virtual retail sites were unable to stay in business. An example of one of these failed ventures is Pets.com. The company was in existence for less than two years before it folded. After this initial wave, brick and mortar retails began increasing their online presence and operating their own sites. These traditional merchants have been the fast-growing retail sites in recent years.
Significance
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With the increasing prevalence and reliance on technology, the Internet has become ubiquitous in modern society. It allows for business transactions to take place online. When commerce happens via the Internet, it is referred to as "eCommerce." This modern method of making purchases can take place over different kinds of sites, via auctions or classified ads, but all these transactions constitute eCommerce.
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Types of eCommerce
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Many industries offer goods for sale over the Internet but may do so in different ways. One method of eCommerce is for an individual to purchase goods via an auction site. Ebay is the most successful site to use this method. Another method is when goods are sold from brick-and-mortar retailers via online sites. Brick-and-mortar retailers refer to companies which have physical stores, such as Target or WalMart. Online classifieds also constitute a form of eCommerce. Craigslist is the most popular example of this kind of site and offers a wide array of items and services.
Consumer benefits
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The primary benefit to eCommerce is convenience. With online shopping, a consumer need not even leave the house to purchase goods. Additionally, people who have computer access at their jobs are able to make purchases from work, if company policy does not prohibit doing so. Beyond the convenience of shopping online, a benefit to eCommerce is the ability for consumers to track purchases made online. The major delivery companies offer tracking, and this can be requested easily.
Retailer benefits
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In addition to benefits for consumers, eCommerce has definite advantages to retailers, too. One such benefit is the ease of market analysis. With electronic tracking, a company can easily identify trends with consumers and determine target markets. Stock management also becomes easier, as a company is better able to understand and anticipate demand. Using this information, retailers are capable of ensuring an adequate amount of supply.
Cyber Monday
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With the advent of eCommerce, the Monday following Thanksgiving has come to be known as "Cyber Monday." The reason behind this name is the thought that some employees return to work after the long weekend and shop from their desks. Data shows that most online transaction purchases actually happen the last Monday with at least a week remaining before Christmas.
Warnings
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The convenience of eCommerce comes with potential dangers and pitfalls. One such issue for consumers to be careful of is Internet scams. An example of this is fradulent listings on Craigslist. Another concern for online shoppers is identity theft. It is important for anyone shopping on the Internet to only use trusted sites.
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References
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