E-Commerce Introduction Most of the leading business firms today practice electronic commerce or e-commerce technologies in order to enhance the speed and accuracy of business transactions. They employ web services as a major B2B technology to get access to consumers and retailers across the globe quickly and economically…
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Amazon.com Amazon.com is a multinational electronic commerce company and is the world’s largest online retailer. It was founded by Jeff Bezos in 1994. As Fisk (2009, p. 102) states, the company started its business operations as on online bookstore and rapidly grew as a retailer of DVDs, CDs, MP3 downloads, video games, apparel, computer software, food and toys. The firm provides international shipping services to several countries in order to market some of its products. In 2010, the company earned US$34.304 billion as revenues on the strength of its 33,700 employees. The company’s remarkable achievements during a short period of time can be directly attributed to its strategic changes in the E-commerce practice. The retail E-commerce can be classified into two broad categories such as traditional forms and modern forms. The traditional forms of E-commerce mainly constituted online shopping which is a process that enables customers to purchase required products from any part of the globe as and when needed. The idea of a “virtual bookstore” assisted the Amazon to dominate the market since its very initial stages of business once this concept was new to consumers. In addition, the company offered special features related to selection, convenience, price, and service. The company’s huge database of 1.1 million titles aided its customers to get a wide range of book selection (University of Washington). Amazon’s patented ‘1-Click’ express shooting technology provided greater convenience to customers as this feature made the ordering process easy. Amazon also allowed high discounts on best sellers. “The e-mail and telephone customer support, automated order confirmation, and tracking and shipping information” were the innovative service features of the company (Introduction to E-commerce). Since the internet has imposed little selling regulation on the firm, it could rapidly grow using its real time optimization strategy. Although, there were a number of limitations to E-commerce during the 20th century, Amazon’s improved features like A/B testing and full-size prototypes assisted the company to successfully survive the first era. Its digital engine boosts customer cares services, enables limitless inventory, and allows lowest prices. During 1998 and 1999, the company entered new business areas like music CDs, video CDs, DVDs, electronics, toys, software, and home improvement products. The firm also launched several market places including zShops, Amazon.com Auction, and sothebys.amazon.com. In order to overcome share price decline issues that arose by the end of the 20th century, the company’s Merchants@ and Amazon Marketplace encouraged other businesses to completely integrate their websites with Amazon’s website to market their branded goods by using Amazon’s fulfillment and payment infrastructure (Introduction to E-commerce). Amazon’s thoughtful E-commerce strategies assisted them to reach the top of world’s online retail trade even if took nine year to achieve a profitable track. Amazon has changed its strategies and policies several times as part of its vehement effort to achieve profitability. The most fascinating feature of the Amazon is that it designs timely fitting business strategies and policies and this feature has greatly aided the company to evolve into one of today’s major online retail players. In the modern days, scalable and cost effective cloud technology becomes the
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Increasingly, technology is shifting the organization’s associations with its customers from a "face-to-face" to a "screen-to-face" communication. The Internet is not an innovation that concerns only one or two sectors of the economy. Because it revolutionizes the way businesses should prudently systematize their activities and go to market, the Internet affects all economic commotions.
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Report highlights are as follows:
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