E-commerce in Singapur Essay Example | Topics and Well Written Essays - 2750 words

E-commerce in Singapur - Essay Example In the essay "E-commerce in Singapour", the writer claims that the evolution of the Internet and powerful online technology has given way to a new area of commerce known as electronic commerce or e-commerce. E-commerce simply means doing business electronically. In other words, commercial activities are performed online such as buying and selling goods online, electronic funds transfer, and direct consumer marketing. With a large percentage of the population having access to the Internet at home and on the go, consumers are opting to shop online rather than going the conventional way to ‘brick and mortar’ shops. Today, e-commerce is proving to be a fast growing industry in Singapore with many aspiring entrepreneurs launching their business on the Internet. In order to compete with others and to increase market shares, the business organizations implement multiple technologies for shaping their core competencies and for achieving cost effectiveness. In this respect, e-com merce and e-business are two technological advancements which play very significant role in shaping modern trade. It has helped the managers in managing and controlling the challenging tasks of business activities. â€Å"According to Andersen Consulting, 80% of European top managers recognize the importance of e-commerce for their competitive edge – not only for marketing and sales but also for purchasing and procurement†. This paper will focus on the use of e-commerce and e-business in the retail industry of Singapore. ... include the importance and use of e-commerce and e-business in trade business by figuring out its multiple applications for retailing business activities. The third section will describe various issues and prospects of e-commerce and e-business for small and medium retail industry of Singapore. Finally, based on the analyses and findings from literature review, set of relevant recommendation will be offered for the retail industry of Singapore. The overall discussions and evaluation and will concentrate the on the thesis statement of this paper which is, ‘the use of e-commence and e-business will the small and medium retail industry of Singapore’. e-Commerce and e-Business in Trade and Business In the global business, the scope of e-commerce and e-business has been expanded tremendously. This has been possible due to increasing popularity and awareness regarding information technology and internet. â€Å"With developments in the Internet and Web-based technologies, dist inctions between traditional markets and the global electronics marketplace-such as business capital size, among others are gradually being narrowed down† (Kumar, 2009, p.38). These web-based information technologies are very important management tools in strategic positioning which help the business organisations to identify and grab the underlying opportunities. This is also very important for optimal utilization of human skills and other resources (Andam, 2003). In the business activities, e-commerce and e-business are very important for strategic positioning. e-Commerce and e-business are interrelated with other but there are some differences between these two from the business perspectives. Therefore, in order to better understanding, it is necessary to clarify these two terms. In the words