Digital trading

• What does Digital Trading refer to?

  Methods for businesses to trade online
• What is the purpose of the Consumer Contracts Regulations 2013?

  To protect consumers in online trade
• What does the Electronic Commerce Regulations 2002 provide guidance on?

  Website display and product/service information
• What does the Data Protection Act 1998 govern?

  How businesses handle customer data
• What is E-Commerce?

  Buying and selling goods over the Internet
• What are the key features of e-commerce?

  • Online Shopping (e.g., Amazon)
  • Electronic Payments (e.g., PayPal)
  • Online Auctions (e.g., Gumtree, E-Bay)
  • Online Ticketing (e.g., Movies, football matches)
• What is one advantage for customers purchasing goods online?

  Secure selection and price comparison
• What is one advantage for businesses selling goods online?

  No need for a physical shop
• Why might e-commerce increase a business's client base?

  Access to a larger market and potential profits
• What methods can consumers use to pay for goods online?

  Credit card, debit card, PayPal
• What is one advantage for customers of selling goods online?

  Wider variety of goods available
• How can businesses benefit from selling goods online?

  Target major markets worldwide
• What is a disadvantage of digital trading for businesses?

  Costs for website design and maintenance
• What security concern exists for businesses in digital trading?

  Handling customers' personal details online
• What is a disadvantage of digital trading for customers?

  Possibility of inaccurate website information
• What is a potential issue with online orders for customers?

  Difficulty changing orders after placement
• What can happen if a website is not secure?

  Credit card details may be intercepted
• What are the advantages of digital trading to a business?

  • Professional image with an effective website
  • Access to a global market
  • Increased sales 24/7/365
  • Quicker information updates
  • Lower operational costs
  • Cost-effective promotion through search engines
  • Reduced need for physical locations
• What are the disadvantages of digital trading to a business?

  • Costs for website design and maintenance
  • Need for skilled staff or retraining
  • Technical difficulties affecting image
  • Security concerns with online transactions
  • Delivery costs for goods
  • Additional legal and security issues
  • Increased competition
• What are the advantages of digital trading to customers?

  • Shopping from home
  • Convenience of 24/7 access
  • Home delivery of products
  • Immediate access to information
  • Potential for lower prices
• What are the disadvantages of digital trading to customers?

  • Inaccurate website information
  • Limited access for some customers
  • Difficulty changing orders
  • Risk of fraud on insecure websites
  • Potential high return costs
  • Reliance on automated responses
  • Problems with product returns
• What is the name of the legislation that protects consumer contracts?

  Consumer Contracts Regulations 2013
• What is the name of the legislation that governs customer data handling?

  Data Protection Act 1998
• What is the name of the legislation that provides guidance on e-commerce?

  Electronic Commerce Regulations 2002
• How has e-commerce changed life for consumers?

  Increased convenience and access to products
• What are two advantages of digital trading for Karen's business?

  Increased sales and global market access