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eCommerce / Electronic Retailing
How will electronic retailing help create new business opportunities? Today's successful retailer focuses on three objectives: increasing sales to existing customers, reaching new customers, and increasing margins by building revenues and lowering costs. Much of the excitement surrounding the Internet today is tied to its potential to help merchants meet these three business objectives by creating a new marketplace for retailing. How will electronic retailing help increase retailers' revenue and lower costs? Electronic retailing will allow merchants to more effectively reach a broader base of customers. The Internet is never closed and merchants will be able to sell their goods virtually 24 hours a day. In addition, because the product displays will be managed from one site, merchants will need to only maintain their electronic presence and will not incur many of the costs associated with running a physical store location. The Internet will dramatically accelerate the positive impacts that information technology has already made on the retail industry in areas like cost reduction, inventory control, and customer service. The retail value chain need not necessarily be bounded by geography: the Internet will transform communications among merchants and their suppliers, card brands, and delivery companies. How will electronic retailing help merchants reach new customers? The Internet will open new, creative opportunities for merchants to draw customers to the electronic marketplace. As a medium of direct communication, the Internet provides merchants with the ability to create new communities of shared interests and customized one-on-one relationships with their customers. It's ubiquity and 24-hour access enable customers to shop at their leisure at any time. As more and more users access the Internet, the demographics of the electronic retailing customer base will more closely resemble that of the general population. |
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