Identify and describe the unique features of e-commerce technology and discuss their business significance.There are eight features of e-commerce technology that are unique to this medium:• Ubiquity—available just about everywhere, at all times, making it possible to shop from your desktop, at home, at work, or even from your car.• Global reach—permits commercial transactions to cross cultural and national boundaries far more conveniently and cost-effectively than is true in traditional commerce.• Universal standards—shared by all nations around the world, in contrast to most traditional commerce technologies, which differ from one nation to the next.• Richness—enables an online merchant to deliver marketing messages in a way not possible with traditional commerce tech nologies.• Interactivity—allows for two-way communication between merchant and consumer and enables the merchant to engage a consumer in ways similar to a face-to-face experience, but on a much more massive, global scale.• Information density—is the total amount and quality of information available to all market participants. The Internet reduces information collection, storage, processing, and communication costs while increasing the currency, accuracy, and timeliness of information.• Personalization and customization—the increase in information density allows merchants to target their marketing messages to specific individuals and results in a level of personalization and customization unthinkable with previously existing commerce technologies.• Social technology—provides a many-to-many model of mass communications. Millions of users are able to generate content consumed by millions of other users. The result is the formation of social networks on a wide scale and the aggregation of large audiences on social network platforms.
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