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E Commerce. The Advancements In E Commerce. Is It Really Working? The Affects. Has It Been Working In The Past?

1397 words - 6 pages

As our economy evolves, new means of conducting and creating business are being explored. The newest discovery, e-commerce, has given the world the ability to conduct business over the internet. E-Commerce, or Electronic Commerce, is a general term for any type of business, or commercial transaction, that involves the transfer of information across the Internet. This covers a range of different types of businesses, from consumer-based retail sites like Amazon.com which is an online book store, through auction and music sites like eBay or MP3.com, to business exchanges trading goods or services between corporations. After several companies failing to profit within e-commerce due to ...view middle of the document...

Initially, the main focus for e-commerce companies was to get big, and to do it fast. As a result of this philosophy, the quality of e-commerce companies suffered. . Companies such as Boo.com an online clothing retailer failed. Boo.com, rather than focusing on steps that would make them a strong company, the company focused on advertising and overall marketing hype. This led to a large group of dissatisfied customers. As time evolves this new idea of E-business, companies are beginning to create strategic market planning and therefore beginning to see profits.The original ideology of e-commerce companies was growth at any cost. This mentality quickly changed after the failures of such companies as Boo.com. Boo.com spent an average of $1,000,000 a week (The Advertising Age Magazine). This totals to over $135 million since the companies inception (The Advertising Age Magazine). Boo.com translated heavy spending on advertising, into high sales volumes. By the time the company came to the revelation that heavy spending did not equal large sales volumes it was too late, and they filed bankruptcy. Boo.com's costs' were often unwarranted. The company overpaid their staff tremendously, as well as treating them to luxuries (5 star hotels, first class airfare, etc.), before anything was accomplished. Due to poor planning Boo.com over hired, and had many employees weren't being used to their full potential, or not even being used at all. This caused costs' of the company to skyrocket. A statistic called the "burn rate" examines spending trends of e-commerce companies. The statistic shows that only 10% of the top e-commerce companies were generating enough cash from their operations to adequately pay for their companies expenses (San Jose Mercury News). This is a concerning statistic because it proves that the majority of e-commerce companies are spending at a rate which is hopeless if they want to succeed. It is clear that it is not a matter of how much you spend, but how you spend it. Using capital for the sole purpose of brand recognition and employee satisfaction, obviously is not conducive for a successful e-business.As recently as last summer Wall Street and venture capitalists' were willing to invest in practically any e-commerce company. But the consensus about e-commerce companies among investors has quickly changed. Venture capitalists (VC) originally didn't perceive mounting losses and expanding costs as viable long term threats. As soon as several "big name" e-commerce sites fell within a short time period, venture capitalists everywhere raised skepticism about e-commerce companies' livelihoods. Boo.com was a company loaded with venture capitalists' cash. The company was backed by J.P Morgan andGoldman Sachs, two very large investment institutions (Media Week Magazine). High volumes of money were delivered to the company at first in order to raise brand awareness through extravagant advertising techniques. At the beginning all was well in the...

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