The universal technical standards of the internet and e-commerce greatly lower market entry costs which is the cost that merchants must pay simply to bring their goods to the market. At the same time, for consumers, universal standards reduce search cost which is the effort required to find suitable products.
Similarly, it is asked, what are three benefits of universal standards?
Terms in this set (20)
- there is one main internet standard (the web)
- are the same across all nations.
- greatly lower market-entry costs.
- price discovery is simpler, faster, and more accurate.
Additionally, how does the ubiquity of e commerce impact consumers? Ubiquity refers to the ability of a company—and the products and services it sells—to establish a dominant presence among consumers. Although physical retail locations and traditional marketing initiatives support this end, the Internet and e-commerce do much to champion ubiquity for a company.
Also know, what are universal standards?
The Universal Standards for Social Performance Management ("the Universal Standards") is a comprehensive manual of best practices created by and for people in microfinance as a resource to help financial service providers achieve their social goals.
What are the unique features of e commerce?
The seven unique feature of E-commerce is: Ubiquity, Global reach, Universal standard, Richness, Interactivity, Information density, and personalization.
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