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What Are The Benefits Of eCommerce For Your Online Business?

E-commerce has many benefits for the national economy both for developed countries and least developed countries.

1. Low cost search information where buyers search directly for suppliers, 7 Figure Cycle products and prices which matter in saving effort and money.

2. The low cost of transactions and transactions, including invoices, purchase orders, payment method and collection, which led to an increase in the efficiency and speed of transactions.

3. Lower costs resulting from increased inventory management efficiency.

4. High ability of suppliers to deal directly with buyers until intermediaries are eliminated and distributors reduce costs.

5. Achieves transparency in pricing processes. The combination of a large number of sellers and buyers in one electronic network over the Internet provides a lot of information about prices to all customers and this contributes to the overall price of the decline and increase the degree of competition.

6. The rapid growth of e-commerce between companies leads each other to generate size-related advantages as the number of sellers and buyers increases and the volume of online transactions increases.

7 Figure Cycle
7 Figure Cycle

Effects of eCommerce

E-commerce affects productivity, e-commerce and income distribution.

Impact on productivity:

E-commerce has achieved many productivity gains by reducing transaction costs. The rapid spread of information and the replacement of digital and digital transactions with paper transactions have led to a reduction in administrative expenses. The expansion of electronic networks also improves the flexibility and responsiveness of exchanges and reduces the time, effort and money required for exchange.

Improved procurement and inventory management system:

E-commerce reduces the expenses of the use of intermediate goods and expenses, and the preservation and storage of information as the Internet reduces the handling of papers, which reduces the expenses of operations by saving time and effort and speed up operations and reduce human errors associated with operations and provide the expenses of the training and processing team and marketing and facilitate competition In auctions, relying on the electronic storage system and relying on the direct retrieval and conversion of information to provide the shortfall in the requirements required by the consumer at the earliest time will reduce the time spent in the conversion process For developing countries, production and operation are slow and labor-intensive compared with industrialized countries, so it is expected that the shift to electronic systems in production management processes will save working capital with high expenditure.

Reducing expenses Brokers:

E-commerce helps direct contact between the seller and the buyer and between the seller and the supplier. This reduces or eliminates marketing and distribution expenses. Trade through the Internet helps to reduce transport and communication expenses, and reducing or eliminating the brokerage between the seller and the buyer will enable developing countries to enter foreign markets.

Reduce retail expenses:

E-commerce helps to achieve more effective marketing and less maintenance compared to the traditional trading system where the provision of information to the consumer and reduce the cost of providing services to increase the productivity of the sales team, which helps to expand the circle of permanent sale and achieve more profits This feature is less important in developing countries compared to countries Due to lower wages paid in developing countries.

Knowledge acquisition and transfer of technology to the consumer:

Easy access to the ID through the Internet will accelerate the transfer of technology, which plays an important role in improving productivity, where we note the following:

1. Availability of product price information is intended to increase the bargaining power of small sellers or producers where they will be able to check prices at the nearest market before determining the sale decision at home and abroad.

2. The Internet helps to provide the product with the best information about 7 Figure Cycle & the prices of the two inputs and the best means of training on the production processes and helps the company to improve its position.

3. Electronic commerce helps to reduce the costs of research, marketing and consumer exchange and reduces the prices of the final product.

4. E-commerce and information-based products contribute to reducing communication costs between partners in different geographic regions.

5. The Internet is the best means of communication through a central network, which allows for the exchange of information faster and easier than telephone and fax communication, enabling the state to attract foreign technology.

Impact on the volume of international trade

E-commerce tends to open up markets permanently to sellers and buyers, thus achieving a larger and more diversified trade volume. The following are the main channels of e-commerce impact on international trade.

1. The use of the Internet helps reduce barriers to selling high-skilled services such as insurance and banking services.

2. The Internet helps companies to become multinational companies. Increasing information about companies can enable them to offer in several countries and become multinational. However, this requires providing exhibitors with devices, technologies and communication capabilities that enable them to compete with highly qualified companies in this field. .

3. 7 Figure Cycle Reviews Online Training helps the consumer or seller diversify their needs and help the seller to diversify the product.

Impact on income distribution:

Electronic commerce, through improved flow and use of information, helps to improve capital productivity, which increases the return on capital of labor. The expansion of electronic commerce leads to increased demand for skilled labor to spread information technology and low demand for unskilled labor. Increased regional disparities where Internet services are often concentrated in developing countries in urban areas.