Convenience for Users of E-payment Systems
The demographics of users of e-payment systems are largely in the age group 18-49 years old, in the middle to upper class income group with annual incomes ranging from $25K-$49K.
Most working adults would have at least one credit card, and for other e-payment systems like digital cash or Paypal, and even the use of M-commerce, the users are generally more tech-savvy, and possess the capabilities to afford technology such as computers or mobile phones.
To these consumers, the e-payment system has brought about increased convenience. They no longer have to rely on withdrawing cash from Automated Teller Machines (ATMs), or even count cash at the point of transaction.
Most working adults would have at least one credit card, and for other e-payment systems like digital cash or Paypal, and even the use of M-commerce, the users are generally more tech-savvy, and possess the capabilities to afford technology such as computers or mobile phones.
To these consumers, the e-payment system has brought about increased convenience. They no longer have to rely on withdrawing cash from Automated Teller Machines (ATMs), or even count cash at the point of transaction.
Opportunities for Internet Entrepreneurs
Because of the Internet’s accessibility, anyone can put up his or her own business online with ease and be an entrepreneur.
E-payments has facilitated the growth of online shops, a common form of B2C e-commerce. Many businesses put up online shops because consumers have a preference to buy through them. As mentioned before, online shops give people the convenience of buying products and services from the comfort of their home. Compared to physical shops, online shops allow people to buy products any time of the day. |
Increased Customer Choice and Information
E-commerce has exposed consumers to a wide variety and selection of products from all over the world, and given them much wider choices.
Consumers are given complete price information, being able to use search engines and online shops to read reviews and make price comparisons, so that they would be able to get the best deal and the product that best suits their needs and requirements.
Without e-payments, online shopping would be impossible and these societal benefits would not have come about. This increased information equity between merchants and shoppers is likely to continue to increase price competition among retailers in time to come, leading to even more benefits for consumers.
Consumers are given complete price information, being able to use search engines and online shops to read reviews and make price comparisons, so that they would be able to get the best deal and the product that best suits their needs and requirements.
Without e-payments, online shopping would be impossible and these societal benefits would not have come about. This increased information equity between merchants and shoppers is likely to continue to increase price competition among retailers in time to come, leading to even more benefits for consumers.
Fun Facts#13 99% of South Korean internet users have used the internet for shopping
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[email protected] Done By: Gobardja Ian U098473L Kua Li En A0070291M Nicholas Chen A0072340U Justin Tan A0072547B |