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    Lirerature Review

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    Lirerature Review

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    of 5

    ISO 9001:2008 Certified Institute

    JAVA INSTITUTE FOR ADVANCED TECHNOLOGY


    Department of Examinations

    COURSE(S) – (LEADING TO) PROFESSIONAL DIPLOMA IN SOFTWARE ENGINEERING


    UNIT NAME OBJECT ORIENTED SYSTEMS ANALYSIS AND DESIGN
    UNIT ID H7DV 04
    ASSIGNMENT ID H7DV 04/AS/03
    RESEARCH NAME REQUIREMENT GATHERING TECHNIQUES - PART B

    DESCRIPTION CONDUCT LITERATURE REVIEW


    DURATION 2 WEEKS
    WORD COUNT
    SUBMISSION VIA ONLINE (STUDENT PORTAL)
    DOCUMENT FORMAT MICROSOFT WORD OFFICE DOCUMENT
    BRANCH MATHARA

    GUIDE LINES FOR CANDIDATES


    • Students are expected to use reference books, the Internet, journals and other similar sources in
    order to accomplish the task specified above.
    • Students are expected to refrain from repeating any content in their research document.
    • Students will be penalized for any plagiarism.

    ENURI BANDARA

    200365111352
    NIC NO

    Java Institute for Advanced Technology


    Sri Lanka
    Introduction
    The development of electronic commerce, also referred to as e-commerce, has emerged as
    a disruptive force that has reimagined how firms operate and engage with customers in the
    quickly changing environment of commerce. With the use of the internet, it is now possible
    to purchase and sell products and services without being limited by time or place. This
    practice is known as e-commerce. E-commerce has developed over the last few decades
    from a niche idea to a powerful force, playing a crucial role in determining the growth
    trajectories of companies in a variety of industries.
    Even if there are significant potential advantages to e-commerce, issues with security,
    privacy, and flexibility need to be resolved as well in order for it to be successfully
    incorporated into company plans.
    This paper explores the numerous facets of e-commerce's beneficial impact on business
    expansion. It looks at how e-commerce enables companies to expand into new countries,
    run more efficiently, encourage innovation, and provide customers a more tailored
    experience. Businesses may realize every opportunity in the digital era and position
    themselves for long-term success in a constantly shifting global market by comprehending
    and embracing these dynamics.

    Literature review
    Literature review examines the positive influence of e- commerce on business growth by
    considering and analyzing articles and research papers. There are some most important
    topics where e- commerce has engaged in growth of business field.
    1. Market expansion
    2. Personalized customer experience
    3. Agile market adaption
    4. Data driven decision making
    5. Operational efficiency
    6. SMEs

    Market expansion
    Numerous studies highlight how e-commerce breaks down geographical barriers, allowing
    companies to target customers that are spread out outside their local market. The option to
    open a virtual shop has significantly expanded the market and increased visibility to a
    variety of customer demographics. (Liu, 2013) These and other important elements must be
    thoroughly analyzed in order to assess the growth of the e-commerce sector. Remember
    that the e-commerce ecosystem is dynamic and always changing, thus keeping abreast of
    market trends is essential for thorough analysis.

    Analyze the e-commerce market's size in general as well as its pace of expansion over time.
    For a better understanding of how the market is changing, take into account both national
    and local trends.
    Examine the security and privacy precautions that e-commerce platforms have made to
    guarantee client data is secure. Trust may be damaged by security flaws, which can also
    slow market expansion.
    Social and Cultural elements: Recognize the ways in which social and cultural elements, such
    as online trust, social media impact, and cultural buying habits, affect the uptake of e-
    commerce.
    The COVID-19 pandemic's effects on e-commerce should be taken into consideration.
    Consumer tastes were impacted by the epidemic and internet shopping adoption was
    increased.
    Future Trends: concentrate an eye out for new trends like voice commerce, virtual reality
    (VR) and augmented reality (AR) purchasing, and customized services driven by artificial
    intelligence (AI). These patterns may influence how the market develops in the future.

    Personalized customer experience


    Ecommerce systems leverage sophisticated recommendation algorithms and user profiling
    to provide customized consumer experiences. Businesses may boost cross-selling and
    upselling chances by making appropriate product suggestions based on user behavior and
    purchase history analysis. In addition to raising average order values and improving
    customer happiness, personalization has a favorable effect on business growth.(Couture et
    al., 2018)

    A greater connection between the customer and the brand is made possible via
    personalization, which increases customer engagement. Customers get more engaged by
    seeing goods that are relevant to their interests and requirements, which can result in
    longer visits to the website and possibly greater conversion rates.
    Ethical Personalization: In order to gain customers' confidence and deliver individualized
    experiences, brands will concentrate on open data utilization and moral behavior.

    In conclusion the current e-commerce landscape, customized consumer experiences have


    emerged as a key tactic. Personalization, when done right, has the potential to boost
    revenue, loyalty, and customer engagement. To mix personalization with respect for privacy
    and a variety of client preferences, firms must, however, strike a delicate balance. The world
    of personalized e-commerce experiences will continue to take on new forms because to the
    continual development of technology and shifting consumer expectations.

    Agile market adaption


    Ecommerce's digital nature enables companies to react quickly to market shifts and trends.
    Ecommerce systems allow for fast improvements to product availability, pricing, and
    marketing campaigns, unlike conventional retail, where changes may take some time and be
    expensive. Businesses are better positioned to take advantage of new possibilities and stay
    one step ahead of rivals thanks to their agility in adjusting to market conditions, which
    promotes long-term success.

    Iterative Cycles: Agile supports iterative development cycles. This strategy may be used by
    e-commerce platforms to roll out new features, upgrades, and enhancements more often
    and in smaller doses. By not having to wait for a complete product revamp, firms can now
    react swiftly to changes in the market and client expectations.
    Data driven decision making
    Ecommerce systems provide a vast amount of data on consumer behavior, preferences, and
    buying habits. Businesses may use this data to better comprehend their target market, hone
    marketing tactics, enhance product offers, and adjust their operations to better satisfy client
    needs. Businesses can efficiently manage resources and respond quickly to shifting market
    trends thanks to data-driven decision making, which promotes corporate expansion.

    Operational efficiency
    Including order fulfillment and inventory management, e-commerce integration into
    corporate operations simplifies several procedures. As a result of job automation and
    digitalization, operational expenses are decreased and productivity is raised, both of which
    support corporate expansion.(Parishev et al., 2020)

    SMEs
    According to the literature, e-commerce helps small and medium-sized businesses (SMEs)
    compete on an even playing field. Small and medium-sized businesses (SMEs) may reach
    international markets through e-commerce while still having limited resources, boosting
    their market share and overall development potential.(OECD, 2000)

    Cost effectiveness: Compared to traditional brick-and-mortar setups, e-commerce may


    assist SMEs in lowering operational expenses. Rent, electricity, and managing physical
    inventory at brick-and-mortar locations are frequently lower-cost expenses for online
    retailers.
    Investments in technology are necessary for SMEs to implement electronic commerce,
    including the development of websites, safety protocols, payment platforms, and support
    for clients.

    Conclusion
    E-commerce has a profoundly favorable impact on business growth, as highlighted by the
    literature review's summary. The undisputed influence of e-commerce on the contemporary
    business environment is a result of the change of business models, market expansion,
    revenue enhancement, increased customer interactions, operational efficiency, and data-
    driven decision making.

    This study builds a thorough grasp of the manner in which e-commerce has evolved into a
    driving force behind corporate growth by analyzing the body of current literature, laying the
    groundwork for more research and inquiry in this dynamic sector.
    Couture, V., Faber, B., Gu, Y., & Liu, L. (2018). E-Commerce Integration and Economic
    Development: Evidence from China. CEPR Discussion Paper 12771, 69.
    Liu, S. (2013). An Empirical Study on E-commerce ’ s effects on Economic Growth. Icetms, 81–
    84.
    OECD. (2000). Enhancing the competitiveness of SME’s: Realising the popential of electronic
    commerce for SME’s. Conference for Ministers Responsible for SMEs and Industry
    Ministers, June, 14–15.
    Parishev, A., Hristovski, G., Jolakoski, P., & Stojkoski, V. (2020). E-Commerce Impact on
    Economic Growth. January 2021, 188–198. https://doi.org/10.47063/ebtsf.2020.0017

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