To suggest: Ways an e-commerce can boost profits.
Explanation of Solution
In the attempt to increase profitability, streamlining the business processes is a must. Repricing manually needs a lot of investment in terms of time and money which increases expenditure and reduces profitability. Automating the pricing and repricing process by making it technology driven reduces the operating cost and increases profitability significantly.
Also with the movement from traditional operations to digital operations, physical stores have seen a reduction thereby creating difficulty for the customers in getting an immediate support if things go wrong. This has led to a reengineering in customer service in the form of establishment of call centers and email support where customer issues are handled thereby reducing the cost of store setup but also increasing the level of customer satisfaction and trust.
Introduction:
Profits determine the health of a business. Management needs to find ways to increase its profitability. Taking the business online that is e-commerce operations has given the businesses necessary boost in their profitability. The two ways in which it has helped in boosting profits are by automation of pricing process and better customer service.
Chapter 11 Solutions
Economics Today and Tomorrow, Student Edition
Additional Business Textbook Solutions
Principles of Economics (MindTap Course List)
Accounting Information Systems (14th Edition)
Operations Management
Corporate Finance (4th Edition) (Pearson Series in Finance) - Standalone book
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