Features of E-commerce

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What is e-commerce?

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E-commerce involves the buying and selling of goods and services through technology, specifically the internet.

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What is commerce?

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The exchange of goods and/or services between two or more people or businesses.

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What are goods?

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Goods are physical products that you can touch, use, and store.

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What are services?

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Services are intangible actions that you cannot touch or store.

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What are the three most popular sectors for e-commerce?

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1. Financial services (online banking, currency exchange) 2. Gaming (paying for online gaming services) 3. Retailing (selling goods and services directly to consumers).

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What are the key features of e-commerce?

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1. Ubiquity: Accessible 24/7 from anywhere. 2. Global reach: Can sell to customers worldwide. 3. Customer reviews: Influence sales and product decisions. 4. Fewer barriers to entry: Lower startup costs.

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List five advantages of e-commerce to businesses.

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1. Easy to set up 2. Lowered costs 3. Flexible working hours/locations 4. Increased income 5. Convenient to run.

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List five advantages of e-commerce to customers.

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1. Honest reviews of products 2. Easy to compare prices 3. Lots of product options 4. Quick delivery of products 5. Convenient to buy products.

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What are the 4 P's of the marketing mix?

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1. Product: What are you selling? 2. Price: What price are you selling it at? 3. Place: Where are you selling it? 4. Promotion: How are you going to advertise it?

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What is B2B e-commerce?

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Business to Business: Transactions between businesses.