The Internet revolution has radically altered the way business is conducted. The size and location of your business are becoming increasingly unimportant, as all companies compete on a level playing field in an Internet-connected global village, where consumers can choose to buy anything from anywhere and at any time.
However, although globalisation and the Internet have brought enormous opportunities and benefits to businesses, new competitive challenges and risks have also surfaced. Compared to the tried-and-tested offline modes of business communication and transaction that leave an indelible paper trail wherever they go, e-commerce is a far riskier proposition. The ease, speed and openness of the online universe – which is so appealing to both the consumer and the retailer – is also its greatest weakness, offering far more opportunities for fraud and misuse.
The main risks and challenges that companies face when doing business online are:
And it is this threat of fraud and misuse that is one of the main reasons holding businesses and consumers back from going the ‘e-way’. In order for e-commerce to take off, businesses and consumers have to embrace it, but most lack the trust and confidence to do so.
Therefore, this section aims to help you learn more about how to protect your online business and gain the trust and confidence of consumers.