Digital technology in business

Digital technology in business

E-commerce: the selling and purchasing of goods via the internet

Benefits

Drawbacks

Consumer

·       Wide availability

·       Convenience

·       Improved information

·       Lower prices

·       Less personal customer service

·       No physical interaction with goods

·       Security issues

·       Faulty products

Business

·       Cost-effective growth

·       Increased brand knowledge

·       Increased demand

·       Improved communication

·       Flexibility- working practices

·       Higher profit margins

·       High competition

·       Pressure for effective stock control

·       Cost of technology

·       Weaker relationship with consumers

Big-data: large pools of data that can be used for analysis

1.       Volume- large quantity of information

2.       Variety- qualitative and quantitative

3.       Velocity…