E-Commerce

• What does e-commerce refer to?

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

  A seller, a buyer, and a network
• What is one advantage of e-commerce?

  Attract customers across the globe
• How does e-commerce allow businesses to operate at any time?

  It enables sales 24/7 without physical presence
• What is a disadvantage of e-commerce regarding competition?

  More competitors from across the globe
• What new skills might employees need due to e-commerce?

  Website maintenance skills
• What is an advantage of e-commerce related to payments?

  Receive payments immediately
• What procedures are necessary for e-commerce?

  Delivery and return processing procedures
• How do overhead costs compare in e-commerce to physical shops?

  Reduced overhead costs in e-commerce
• What is a disadvantage of maintaining e-commerce technologies?

  It may be expensive to update security software
• What are the advantages and disadvantages of e-commerce?

  Advantages:

  • Attract customers globally
  • Operate 24/7
  • Immediate payments
  • Reduced overhead costs

  
  

  Disadvantages:

  • Increased global competition
  • Need for new employee skills
  • Delivery and return procedures required
  • Expensive technology maintenance