Unique Features of E-commerce Technology

Unique Features of E-commerce Technology
Name:
Institution:
Unique Features of E-commerce Technology
Introduction
Since the inception of the internet, the amount of users has increased hence boosting E-commerce technology. This growth is because the internet is available almost everywhere, in buses, homes, airplanes, etc., at a low price or for free. This characteristic makes it an effective tool for businesses to trade globally. E-commerce is the buying and selling or data and fund transfers through an electronic network, the internet, also referred to as electronic commerce. These transactions occur either between businesses and consumers, business-to-business, consumer and firms, and consumers to other consumers.
Features
Global reach can be defined as the minimization of geographical factors in transactions cross-culturally and nationally. Accessibility and worldwide presence of the internet allow businesses to extend their markets globally. This attribute allows businesses to run seamlessly beyond national boundaries. Closely related to that is ubiquity which is the availability of internet everywhere whenever it is needed. This feature offers an extended and unlimited time of access to information online unlike traditional commerce where information is limited to specific locations at specific times. Ubiquity reduces the cost of acquiring information for the customers as well as the mental energy required to make a transaction in a traditional marketplace.
Secondly, a universal standard is a feature of the internet which provides a common standard of how information is presented.

Thus, the technical criterion used on the internet and that of e-commerce are similar in all countries. This attribute levels the transacting field for all businesses because new business can easily access information on the entry requirements as well as the standard prices for a variety of items. Moreover, this reduces the cost of looking for a product for the consumer also called search cost and is a faster means for customers to establish accurate prices for products. Businesses also save on costs that would have been incurred to transport products to a physical market.
Interactivity is an equally important feature that allows interaction, similar with face-to-face communication, between buyers and consumers, only on a more massive global scale. The customers save time that would have been used to go to a physical market and allows for faster feedback. This platform enables other consumers to assess the quality of the product and other aspects depending on the reviews and feedback.
Social technology is a feature that cannot be left out while mentioning the uniqueness of e-commerce. The introduction of this technology has enabled interactions among people in different social settings like Instagram, Facebook, and Twitter. These apps collect information on what the users might be interested in and advertise on these platforms. Additionally, it is now easy to share media, discuss and even make payments.
Personalization is a characteristic that enables communication among buyers and consumers on a more personal level. Now businesses are going further to understand what each customer desires and making according to their preferred specification. Also, personalized messages can be sent to individuals as well as group customers thanks to this technology.
Another unique feature is information density where businesses easily access their competitor’s, manufacturer’s, and other related information. This information allows the companies to save on costs associated with information processing and communication costs. This factor not only not only cuts down expenses but also leads to customer satisfaction because of easy retrieval of the necessary information. This feature has allowed for price and cost transparency as well as price discrimination for merchants. Lastly, information richness is related to this feature. It creates an image of your product which makes the consumer’s knowledgeable about your product. E-commerce achieves this by enabling businesses to advertise widely.
Conclusion
Technology is growing every day and as it develops so has the urge for information better and faster services at an affordable price. This platform has fuelled the increase in e-commerce activities to meet these demands. With e-commerce easing out everything with no doubt, it will be the only way to go in the future.