E-commerce: On what factors success depands upon,its challenges and benefits

Dear Sir, while reading a research paper about the e commerce, I came to know about the factors, on which success of e-commerce will depend upon, and its challenges and benefits, especially for banking and financial industry. I am mentioning all of them below

Success of E-commerce depends upon

Ability to provide secure transaction

Functional and user-friendly web site

Partnership with technology providers

Adequate resources (finance &people)

Regular update of the content of the Web site

Rapid delivery  

Responsive and flexible to the market

Responsive and flexible towards new strategies

More personalized customer service

Integrating web site to all business processes

Excelling in communication with customers

The use of new technology

Appropriate Organization structure

Challenges of E-commerce

Security issues

Technology cost  

Lack of e-commerce knowledge

Budget

Acquiring IT skilled people

Customer service

Managing change

Measuring success

Lack of e-commerce infrastructure

Integrating front-end EC to back-end system

Reliable technology vendor

Making business known to users

Obtaining senior manager's support

Internet service provider reliability

Software compatibility

Dealing with intermediaries

Employee resistance towards e-commerce

Web site issues  

Reaching customers in rural areas

Benefits of E-commerce

Increased sales

Business efficiency

Competitive advantage

Increased automation of processes

Retained and expanded customer base

Reduced operation costs

Extended application of new technology

Customer loyalty

Secure electronic commerce environment

Improved image  

Enhanced skills of employees

Reduced inventories

Better knowledge management

Acquisition of a niche market

Contributed by:
Neelansh Gupta 

12IB-029

Section- C