Question

Q71

Explain what you understand by ‘The Principles of Electronic Retailing’. [3 Marks]

Answer 1

Electronic retailing is the sale of goods and service with the help of internet. This can includes Business to Consumer , Business to business sales of goods and services, through subscription to the website content, or using advertisements. Electronic retailing needs business to tailor traditional model of business to internet and its user. E-retailing needs many goods and service display and specifications, giving customer information about the look and quality of the product without requiring them to visit the store. The successful electronic retailing needs principles such as strong branding. The website should be user friendly and engaging, it should be easily navigable and also should regularly update in order to meet the customers change in demand. The product which you are offering must need to stand out against rivals and add value to the customer lives. It also needs Strong distribution efficiency , so that the customers are need not to wait for long time for the product or service which they purchase. The business should be transparent so that the customer can trust your product or service and stay loyal to your company.