IFN600-Assignment1-Instructions_v4 IFN600 UNDERSTANDING RESEARCH | ASSIGNMENT 1: LITERATURE ANALYSIS | 2018 1 IFN600 Understanding Research Assignment 1: Literature Analysis ASSIGNMENT TYPE: Analysis...

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Answer To: IFN600-Assignment1-Instructions_v4 IFN600 UNDERSTANDING RESEARCH | ASSIGNMENT 1: LITERATURE ANALYSIS...

Sanchita answered on Aug 24 2020
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Assignment        2
    
Impact of E-commerce on retail business Industry
Topic Page no.
1. Problem Statement ……………………………………………………….. 3
2. Approach ………………………………………………………………….. 4
3. Literature Analysis ……………………………………………………….. 5
4. Conclusions ……………………………………………………………….. 9
5. References ………………………………………………………………... 10
Problem Statement
Over t
he course of time, the way we purchase and sell commodities and services have come a long way. There was once a time, when barter system prevailed. The barter system was quintessentially the exchange of commodities between two individuals who themselves acted as traders. There was no distinction between buyer and seller. With the advent of money as a medium of exchange, the system was lot more organized. The interception of money proved to be extremely advantageous for the burgeoning trading community and gradually businesses flourished. This was the rudimentary form of the retail industry that we know of today. Retail industry can simply be understood as a process of selling finished goods to consumers through multiple channels in order to earn profit (Brynjolfsson & Smith, 2000) .Ever since our childhood, we have seen mom and pop stores and big departmental stores like Woolworths and Coles that provide us all the needs and requirements of our lives. The retail industry is a broad umbrella term and encompasses anything from a chocolate to diapers to dish wash. Almost any product that has its utility in normal household routine of an individual is roughly what is provided by retail industry.
However, in the recent years, there has been paramount shift of the ways we know how retail industry operates. It has undergone revolutionary changes and is no longer simply inferred as an act of going to a store, selecting items of our choice, putting it in our cart and then proceeding for payment. With the advent of internet and technology, the physical aspect of retail transaction has practically diminished and is offering newer and convenient way of shopping at the tip of their fingers (Brynjolfsson & Smith, 2000). Rapid advancement of internet and technology has given birth to e-commerce that refers to the process of selling and buying at a virtual market place that is facilitated by an internet-based platform.
Consumers are no longer bound by time, place or other physical constraints of their life, ecommerce has brought everything closer to us and it has significantly reduced the time we spend shopping physically. Furthermore, e-commerce has made the retail industry even more pervasive and expansive. Earlier retail industry was constrained by the physical boundaries of the stores and the upkeep and maintenance of stores often proved to be very tiring and expensive. However, in comparison to physical stores, the virtual shopping places are much easier to maintain and keep a proper tab on. They can be better regulated and monitored as it is relatively easy to monitor discrepancies in technology rather than in human resources (Gefen, 2000). However, ecommerce has several negative implications as well. With the rise of ecommerce, the traditional retail markets have been struggling, they are increasingly finding it harder to compete with online stores that often offer better product and service portfolio at jaw dropping prices that is out of the ambit of traditional retail stores to offer due to diseconomies of scale (Gefen, 2000).
This research paper is aimed to better understand the implication of e-commerce on the retail industry. E-commerce is like double edged sword, it has both pros and cons, due to growing significance of e-commerce in our everyday life, it is imperative to understand how influential it is in shaping our retail industry and the advantages/disadvantages that it offers.
2. Approach
In order to find the right literature source for the research paper, the following steps were followed:
· Identification of the key words that are relevant to the topic
· The key words were searched in the Google scholar as well as QUT database, and then the relevant and proper literature sources were selected
Additional endeavor were made to maintain the relevance and feasibility of the scholarly papers chosen. It was the primary criteria for...
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