LATEST E-COMMERCE PRACTICES

The core purpose of this research paper is to describe the latest best practices undertaken in the e-commerce space to foster business growth. These practices are real life business practices adopted by the organization of any type and size to run the e-commerce business efficiently. E-commerce is solely dependent on how the organization is charting the growth plan and creating efficiencies to sustain growth. Efficiencies is created largely by the need to cut costs, maintain competitive advantage, introduce new products and services basis the market demand and meet stakeholder requirements. These business objectives can be met through the development of a smart technological infrastructure to improve organizational efficiencies and commitment to deliver on the forecasted business targets. Traditional businesses are primarily product& price centric & competing on the basis of product differentiation and innovation or cutting price. In contrast, e-commerce focuses on customers and adopts a customer centric approach. In the traditional way of doing business, companies manufactured products and customers purchased them. But now customers are active participants in the product design process; in fact, they often dictate terms to manufacturers and decide the features of products. The sales strategy of e-commerce business is highly dependent on the consumer purchase patterns & their feedback which gives the e-commerce business an insight of what the consumer actually wants in the product or the services. The impact of e-commerce is seen across the business from procurement, pricing, customer service, customer acquisition etc. E-commerce is aiding business across the international geographies by giving customers a delight full shopping experience with a wide array of products to choose from. The role of government will play a pivotal role in setting up legal frameworks for  e-commerce  so  that  while  domestic  and international trade are focusing to expand their horizons, basic laws such as privacy, intellectual property, prevention of fraud, consumer protection etc are have to be formed for building trust and security in the minds of the consumers to use e-commerce. An in-depth understanding of Intellectual Property Rights (IPR) issues in E-commerce transactions is imperative as users finding loop holes to not only easily duplicate material but also mislead other users. Hence IPR laws need to be stringent in order to not allow fake material supply as accessibility to e-commerce is platform is not a privilege but rather a necessity.

               

KEYWORDS: E-Commerce, Intellectual Property Rights, Smart Technological Infrastructure, Legal Frameworks, Consumer Protection.


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