influences on business

• What does e-commerce refer to?

  Buying and selling via electronic networks
• What are the three requirements for e-commerce?

  • A seller with products/services
  • A buyer with equipment and payment means
  • A network for information and payment exchange
• Why is e-commerce advantageous for businesses?

  It attracts global customers and reduces costs
• What is a disadvantage of e-commerce related to competition?

  Increased global competition makes visibility harder
• What skills might employees need for e-commerce?

  Website maintenance and digital skills
• What is a challenge regarding product delivery in e-commerce?

  Logistical issues around delivering orders
• How has social media impacted business marketing?

  It has become crucial for marketing activities
• What is social media?

  Electronic communication for sharing ideas and content
• Which platforms are well-known for social media?

  Facebook, Instagram, and Twitter
• How do businesses use social media?

  • Sales and marketing
  • Interacting with customers
  • Communicating with stakeholders
• Why is social media a cost-effective advertising method?

  It allows visual or written advertising cheaply
• How can businesses gain customer loyalty through social media?

  By encouraging followers of their promotions
• What can businesses learn from customer interactions on social media?

  Customer opinions about their products and services
• What risk is associated with social media responses?

  Inaccurate responses can lead to bad publicity
• How can LinkedIn be used by businesses?

  For networking and recruitment processes
• What is digital communication?

  Sending and receiving information electronically
• What are common digital communication tools in business?

  • Email
  • Mobile phones
  • Mobile applications
  • Websites
  • Social media
  • Web conferencing
  • Cloud services
  • Instant messaging
• What is the role of email in business communication?

  Enables instant written messages and file sharing
• How do mobile phones facilitate business communication?

  They enable verbal conversations anywhere
• What are mobile applications used for in business?

  Creating documents and enabling transactions
• What is the purpose of websites in business?

  To provide written and visual information
• How does web conferencing benefit businesses?

  Streams images/voices for remote meetings
• What are cloud services in business?

  Remote software accessed via the internet
• What is instant messaging used for in business?

  Sending instant text messages to others
• How has cash payment usage changed in the UK?

  It has significantly decreased in recent years
• What are examples of new payment methods introduced?

  • Chip and pin
  • Contactless payments
• How does chip and pin technology enhance security?

  Requires a PIN to authorize payments
• What options do smartphones provide for payments?

  Store card details for instant payments
• What opportunities does technology provide for businesses?

  Attract new customers and increase sales
• What threat do businesses face due to technology?

  Struggling to maintain sales against competition
• How do digital communication systems impact sales activity?

  • Easier contact increases customer trust
  • Effective communication boosts sales
• What are the positive impacts of e-commerce on sales?

  • Attract customers globally
  • Sell 24/7
  • Professional appearance
  • Easy price updates
  • Stock visibility
• What are the negative impacts of e-commerce on sales?

  • Increased competition
  • Logistical delivery issues
  • Customer service challenges
  • Price comparison by customers
  • Need for updated stock records
• How does social media impact sales activity?

  • Runs sales and marketing campaigns
  • Builds customer relationships
  • Poor responses can damage reputation
• How do payment methods impact sales activity?

  • Convenience increases likelihood of purchase
  • Cash-only businesses may struggle
  • Investment in technology can reduce long-term costs
• What are the costs associated with digital communication systems?

  • Initial investment leads to long-term savings
  • Remote work reduces office costs
  • Cost-effective electronic communications
  • Savings from video conferencing
• What are the cost benefits of e-commerce?

  • Cheaper than traditional branches
  • Fewer staff and smaller premises needed
  • Avoids high street rent
  • Automates tasks
• What additional costs are associated with e-commerce?

  • Website hosting costs
  • Online payment handling fees
  • Warehousing and distribution costs
• How does social media impact costs for businesses?

  • Quick, cost-effective communication
  • Wide audience reach at minimal cost
• How do payment methods impact costs for businesses?

  • Secure, cost-effective payment processing
  • Real-time online transactions
  • Transaction fees for card payments