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E-Commerce, Digital Markets, and Digital Goods Assignment
E-Commerce, Digital Markets, and Digital Goods -Question and Answer
E-Commerce, digital markets, and digital goods are increasing throughout society. After reviewing the key features of e-commerce, digital markets, and digital goods, why do you think firms are increasing the use of these tools? What benefits do these tools provide firms? What potential drawbacks do you see in the use of these tools? What are the benefits and drawbacks these tools bring to retailers?
Firms are increasing the use of e-commerce, digital markets, and digital goods because these tools are a great way of doing cost-effective and measurable marketing through digital advertising. Firms are also using these tools because they enable them, save on labor costs and rent expenses. Furthermore, firms use these tools to expand their geographical reach and to improve the experiences of customers. These tools have been beneficial to companies in the location of suppliers, soliciting of bids, placing of orders and lowering of operational costs (Sudip et al. 6). Additionally, these tools have enabled companies to track and target their ideal customers. Another role played by these tools is making firms more competitive online. These tools have also transformed marketing since firms are now capable of communicating and identifying millions of potential consumers. E-commerce, digital markets, and digital goods have enabled companies to earn passive income since they operate on a twenty-four-hour basis. A 24-hour operation means that businesses are able to expand in order to reach global markets.
The first disadvantage of e-commerce, digital markets, and digital goods is; concerns about privacy and security by customers. Many customers are still skeptical about giving private information like debit and credit information to online sites (Sudip et al.8). Another drawback of these tools is the lack of engagement with customers. In as much as these tools reduce operational costs for businesses, there are additional costs associated with their use. For instance, firms using these tools will have to hire trained personnel who work on managing, setting up and operating these tools.............GET A PLAGIARISM FREE COPY