E-commerce and Its Impact

The video discusses the transformative impact of e-commerce, starting with its definition and history. It highlights how e-commerce has revolutionized industries, enabling businesses to reach global markets. The case study of Bearded Giant illustrates a successful e-commerce business model, emphasizing the advantages of direct online sales and subscription models. The video also covers the benefits of e-commerce, such as cost efficiency and customer convenience, while addressing challenges like increased competition and the need for specific skills.

What is the primary definition of e-commerce?

• Exchanging goods without any monetary transaction

• Purchasing goods through television advertisements

• Buying and selling goods in physical stores

• Trading goods and services using the internet

What was the first item sold online in 1994?

• A movie ticket

• A book

• A pair of shoes

• A CD

Which of the following is an example of a pure play e-commerce business?

• An online-only retailer like ASOS

• A company with both online and physical stores

• A local grocery store

• A newspaper company with a digital edition

What unique strategy did Bearded Giant implement to stand out in the market?

• Collaborating with other beard oil brands

• Providing free samples in local markets

• Offering a subscription model for their products

• Opening multiple physical stores

How did e-commerce help Bearded Giant expand its market?

• By limiting sales to local customers

• By allowing sales only during business hours

• By reaching customers globally

• By reducing product quality

Which of the following is a major advantage of e-commerce?

• 24/7 availability for placing orders

• Limited customer reach

• Higher training costs for employees

• Increased rent costs

What is a significant disadvantage of e-commerce for businesses?

• Decreased need for skilled employees

• Reduced competition

• High upfront costs for website development

• Limited access to online payment systems

Why might e-commerce businesses face increased competition?

• Because they have fewer competitors online

• Due to limited product offerings

• Due to the global reach of the internet

• Because they only sell locally

What skill is essential for employees in an e-commerce business?

• In-person customer service

• Television advertising

• Physical store management

• Website maintenance

How has Amazon impacted the e-commerce market?

• By reducing the number of online retailers

• By making it easier for small businesses to compete

• By focusing only on selling books

• By becoming a major barrier for new online retailers