WHAT ARE THE BENEFITS OF ELECTRONIC COMMERCE
Customer care has benefited from various in e-commerce, EC also e-business continue to pay dividends as long as the benefits as reported by e-commerce site.wordpress.com (nd) are still achievable. Reduction in cycle time, staff empowerment and cutomer support are just a few of the benefits. Efraim Turban et al (2008).
CYCLE TIME
The cycle time for an organization refers to the time it takes to complete a transaction; also turn around time, speed of operation etc Internet banking is one of the ways Nigerian banks increase customers satisfaction and cycle time. More transactions are done on the internet, ATMs, POS machines, through patnerships with card companies like MasterCard, Interswitch, VisaCard and the rest of them. It is easy to find all these in almost all Nigerian banks now because the management wants to minimize cost while maximizing profit. Trading equities used to take a very long time before orders can be successfully effected before but can now be done by just one click on the right button in the right website. The same is applicable for purchasing University of Liverpool recommended textbooks. Inputting my mastercard details makes the process of search and final purchase shorter and easy to accomplish for me. EC has brought to the world the likes of ebay, amazon.com and others responsible for online auction. Time is money, so instead of driving all about looking for a shop that stocks what I need to buy, I would rather go to the internet search for it and purchase it immediately.
EMPLOYEE EMPOWERMENT
Organizations now allow their staff to take certain steps that were not possible without electronic commerce. Booking of Consumer loans used to be on paper before in Oceanic Bank until recently when the bank designed an online procedure that empowers staff to issue more loans per hour. The reason for this is not far fetched; a soft copy consumer loan file needs little or no correction since the already inputted formulas are there to do the correction. Checking the consumer loan can now be done at a very high speed because there are software for testing if the excel file followed the desired procedures or not. With the bank empowering their staff in EC, more value is added because staff now sees themselves as important participants of the bank as well.