E-Commerce Funds Transffer

Question: Describe about the EFT (Electronic Fund Transfer), EDI (Electronic Data Exchange) and the PDE (Product Data Exchange) are the names which are becoming very common in the field of E-Commerce. Answer: Introduction Amazon is considered as the best products selling website. The website tries to provide all the services required by the customers. In the U.K., the website holds the first position in gaining the publicity. According to the location and the demands, the website provides the materials to the customers. From the vast category of the household products, the website offers the products related to the daily household, cosmetics, baby care, home dcor and furnishing, personal care, electronics and many more. In these entire categories, Amazon offers various different types of options too, so that the customers can select the products as per their requirements. There are various policies, rules and regulations also which are liked by the customer too (Cunningham, 2016). The purpose of the report is to discuss on the E-Commerce and the important aspects related to the E-Commerce. The market segmentation, usage of the strategies and the Internet aid along with the action plan for the improvem ent of the issues is defined here. Findings and Analysis The finding and analysis are identified by assuming the website and by searching the various aspects of the internet. Some of the unique identification is defined below with is in the form of the suitable sub sections. Seven Unique Features On the basis of the working strategy and the services provided by the Amazon, the seven unique features which are making it different from the other E-Commerce website are defined below. These features may be positive or negative in nature. The offers and the daily deals provided by the website attracts the customers and also increases the trade of the website. More the customers purchase the products, more E- trading will increase. The option of the different vendors for the same product with the different price quotation provides the customers with the various options. The facilities provided by the website are also important. For making the payment, the website provides the customers with the suitable payment system like cash on delivery, debit card and credit card and E-coupons also. By this, the customer feel free to do the online shopping according to the requirement. The changing and the cash back facility is also considered as an additional feature in the e-Commerce trading. Attractive website also attracts customers for purchasing. The monthly and the weekly sale makes the website more attention seeking. The availability of the various options for the single material is also considered important. While doing the critical analysis, the offers, options of the vendors and the facilities provided by the website are considered as well as implemented, because the website provides various options and facilities to both the vendors and the customers. The customers can be able to get the cheap product in comparison to the market and the vendor can also get the chance to expose its products. This will directly increase the trust of the vendor and the customers on the website. Though the cashback is the additional advantage from the website, but sometimes the delay in this procedure will create the dissatisfaction among the customers. The improvement in this facility will also be required. Similarly, the monthly and weekly sale, offers the customers with the variety of products, but the slowness of the website is becoming very common. Sometimes the online payments are also creating the trouble for the customers. In fact, the availability of the critical review on the website for each pr oduct helps in taking the suitable decisions by the customers. For the performance evaluation, the website also invites the valuable feedback of the customers so that the chances of improvement will increase (Bishop, 2013). Methods to determine the size and structure of the market As it is very well defined that Amazon is the most effective website in selling and promoting the products. The site started its business by selling the bestselling and course books required by the students. By the use of this, the Amazon becomes successful in the E-Commerce business. Amazon adapt various methods like B2C and B2B for doing the business, but while doing the business through the E-Commerce, it becomes essential to understand the market condition and the more liked products by the customers (Cosper, 2016). There are various methods defined which are helpful in finding the size and structure of the market. The primary and the secondary methods of the research are considered as the most common one. The primary methods include the surveys, direct observations and the interviews conducted individually or in the groups. The secondary methods of identifying the market condition are the collection of information from the available sources, available data and many more aspects. The market segmentation is the method by which the size and the structure of the market can be identified. By this, it becomes easier to identify the size and structure of the market. The revenue generation on the daily basis is shown here too through the chart: - (Government, 2014) Evaluation of Strategies The E-Commerce plays an important role in making the online trading. Due to the unique features possess by the E-Commerce, the traders mainly use it in online trading. The unique feature is the interactivity, suitable reach to the people, formation of the standards according to the international laws and transparent perspectives while doing the business (Traxler, 2012). By all these aspects, the E-Commerce is getting publicity, but to evaluate the perspectives and the standards related to E-Commerce, some of the strategies are defined. The cross selling of the products, building, promoting defining the suitable reputation, highlighting the various options related to the products, targeting the suitable person for purchasing the products and many more. By this, the sales of the products can easily increase. Evaluation of the Internet Aids Internet plays an important role in the modern working strategy. To promote the products related to the website, the internet is considered as the important source. The daily apprising of the deals to the customers, to form a group to send the offers to the customers and many more aspects related to the E-Commerce website is provided by the help of the internet only (Liu, 2014). The internet also provides the primary and secondary source of the information too. For doing the comparative analysis, the data is also available on the internet. Suggestion for improvement and Action Plan E-Commerce possesses suitable technical strategy while performing the trading. Amazon and the similar types of companies are using the e-Commerce to promote their business. In context to the Amazon, there are various aspects which can be changed or improved. The Amazon can able to sell more products online with the help of E-Commerce. E-Commerce may also provide some offline features also, so that the customers can access the website for the rural or unreachable areas (Smartinsights Team, 2014). As the Amazon provides an easy return facility of the products, but it can become faster and various traders can also able to join the website for promoting their products. With the advantages, the E-Commerce also possess some limitations or disadvantages too. While doing the trading, sometimes the technical issues are there which can only be handled by the technical person. When there is a sale on the website (i.e. Amazon), the site also slows down or starts to hand due to more number of hit s on the website. So, to minimize the issue of the overloading of the data, the suitable staff is required. The second limitation is related to the managing of the website. For website management, educated and the suitable persons are required, which can easily handle the E-Commerce website easily (Chaffey, 2014). To improve E-Commerce, the company has to adapt the suitable strategy and plans. The action plan with the KPI is shown below which is helpful in defining the current status of the website with the future perspectives. This action plan has been created by considering the time range of two months. Priority Areas for Improvement Action Planned With the help of Review Date Indicators of success. 1 To handle the load on the internet By managing the technical issues. Technical team 2 weeks from now Smart Usage of the technical skills. 2 Ensures the availability of site in all the areas of the U.K. Preparation of the suitable plan Co Workers 2 months Availability of the site 3 Improvement in product quality and delivery Selection of the appropriate vendors Vendors and the market reviews After 2 months Increment in the sales Conclusion EFT (Electronic Fund Transfer), EDI (Electronic Data Exchange) and the PDE (Product Data Exchange) are the names which are becoming very common in the field of E-Commerce. The online business doing websites like Amazon is using the facilities of these features as per the requirement. By analyzing the report, it is also clear that though E-Commerce is important for promoting the business, but simultaneously the market segmentation and analysis are also required for the development and the growth of the business. Bibliography Bishop, T., 2013. Jeff Bezos explains the next step in Amazons strategy the hardest and coolest part. Jeff Bezos explains the next step in Amazons strategy , 25 September. Chaffey, D., 2014. Amazon's business strategy and revenue model: A history and 2014 update. Amazon's business strategy and revenue model, 30 June. Cosper, A., 2016. Description of How Amazon Uses eBusiness and eCommerce for B2B and B2C. [Online] Available at: https://smallbusiness.chron.com/description-amazon-uses-ebusiness-ecommerce-b2b-b2c-36453.html Cunningham, L., 2016. Leadership Strategies: Unleash Your Potential, Power Up Your Success Learn Master the Art Of Leadership. s.l.:s.n. Government, Q., 2014. Market research methods. [Online] Available at: https://www.business.qld.gov.au/business/starting/market-customer-research/market-research-basics/market-research-methods Liu, A., 2014. Key Strategies To Grow Your Online Ecommerce Business. Key Strategies To Grow Your Online Ecommerce Business , 04 July. Smartinsights Team, 2014. 8 practical tips to increase E-commerce sales. [Online] Available at: https://www.smartinsights.com/ecommerce/merchandising/emma-willis-8-tips-maximising-e-commerce-sale/ Traxler, D., 2012. 7 Strategies to Grow Ecommerce Revenue. Strategies to Grow Ecommerce Revenue, 17 July.