Enumerate the concept and benefits of implementing e-commerce in business



e-commerce is an electronic system of buying and selling the products and services through internet.
The major benefits of e-commerce are as follows
(i) Worldwide Reach Those businessmen who get linked with e-husiness get worldwide recognition. This gives them an extended market. New customers come in contact with them. This results in an increase in sales.
(ii) Shortening the Supply Chain Ever since the e-business came into existence, the middlemen (the wholesalers and the retailers) have started disappearing. This has resulted in the shrinking of the supply chain.
(iii) Ease of Formation and Lower Investment Requirement e-commerce is relatively easy to start with less procedural requirement. Investment to be done is also lower as there is no requirement of physical facilities.
(iv) Convenience Internet offers convenience of 24 hours x 7 days a week and 365 days a year business. One can shop and work on the lines of anything, anytime and anywhere.