how has the internet and e commerce changed the ways companies do business?
The internet and ecommerce has drastically changed the ways companies conduct business. Companies are able to colllect specific data on consumers when they shop online. They can then tailor daily email promotions to have them as a repeat customer. They can also offer coupons and special promotions in an easy fashion. Coupon redemption rates are notoriously low (3%), but in an online environment it can be as high as (30%).
Ecommerce has allowed one or one marketing and long term relationship building to occur. It provides more specialized marketing to the consumer. For example, Amazon and Netflix both provide suggestions for products to your likening based on previous purchases. Both can keep in constant contact via email.
Ecommerce also provides immediate chat or talk live help which can close sales quickly. Traditional brick and mortar stores do not have the capabilities to provide immediate customer service anymore due to increasing costs.
Ecommerce can utilize website changes to reflect daily changes in products or seasons. It also allows consumers to shop when and how they want to without any time or place constraints.