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Socio-Economic Impacts and Influences of E-Commerce in a Digital EconomyFiled Under: General

The revolution in computing and communications of the past few decades, indicate that technological progress and use of information technology will continue at a rapid pace. The Internet’s growth and e-commerce has begun to create fundamental change in government, societies, and economies with social, economic and political implications (Boulton et al., 2000; McGarvey, 2001). These advances present many significant opportunities but also are having wide-ranging effects across numerous domains of society, and for policy makers. Issues involve economic productivity, intellectual property rights, privacy protection, and affordability of and access to information, among other concerns (Sharma and Gupta, 2001; 2003b). Electronic commerce promises to be the momentum behind a new wave of economic growth (Mariotti and Sgobbi, 2001). E-commerce has already improved business value by fundamentally changing the ways products are conceived, marketed, delivered, and supported. The relationship and interaction of various stakeholders such as customers, suppliers, strategic partners, agents, and distributors is entirely changed. On the positive side, e-commerce has been creating opportunities for individuals and businesses in the new economy. E-commerce is helping organizations to reduce transaction, sales, marketing, and advertising costs. E-commerce is also helping businesses to reach global markets efficiently 24 hours per day, seven days per week, 365 days per year. Many of the benefits come from improved consumer convenience, expanded choices, lower prices, and the opportunity for better interactions with partners, suppliers and targeted customers for service and relationships. E-commerce has also improved product promotion through mass-customization and one-to-one marketing.
Taken From : Digital Economy – Impacts, Influences and Challenges