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STUDENT DETAILS
Student ID
Student name: Nguyen Trong Dan number: 21000463
Student ID
Student name: Tran Kim Ngan number: WSU211000228
Student ID
Student name: Ly Ho Bao Ngan number: WSU21000068
Student ID
Student name: Duong Ngoc Dan Ha number: 21000994
Student ID
Student name: Le Thanh Trung number: 21000331
UNIT AND TUTORIAL DETAILS

Unit name: Academic English Unit number: BUS301

Tutorial/Lecture: Class day and time: AEN-T222WSB-1
Lecturer or Tutor name: Anna Loseva
ASSIGNMENT DETAILS

Title: E-Business: How has e-business impacted society and what are its prospects?
Length: 1283 Due date: June 27, 2022 Date submitted: June 27, 2022

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In this day and age, humanity expects a higher standard of service to support their lives because the
economy and society are getting more and more developed. Especially in purchasing, people want to
save more time they spend shopping, which is why e-commerce was born. There are a lot of
controversial issues about e-commerce, such as online scamming. It can be harmful to traditional
purchasing. However, the growth of e-commerce is natural and is what the market needs now.
Therefore, it is clear that e-commerce has a positive effect on the market and society. This essay will
determine four significant points that support the positive aspects of e-business for the community:
the advancement of digital technology in business, the improvement of the global economy, the
reduction of inflation, and future potential.

Firstly, society was influenced by e-business by transferring traditional payments to digital payment
platforms. Digital revenue can be referred to as electronic payments, which usually help customers
quickly transfer money to accounts through digital transaction technologies such as e-banking, e-
wallets, or online payment apps. This change gives consumers convenience, flexibility, and security
without worrying about cash management which is nearly eliminated by reducing the risk of theft
and security and storage costs. Moreover, faster transactions of digital payments tend to reduce
queue times and improve customers' shopping experience, leading to considerably increased sales.
Likewise, buyers have quickly adapted to the digital amount because of the convenience, trustability,
and safety of e-payment (Xiong, 2022). In addition, digital payment transactions have developed
rapidly. This modern technology changes consumers' spending habits. Besides, the total consumption
for a household accounted for 20.63%, which depended on electronic payments, especially in terms
of long-term utilization, digital payment users are more than non-users, with 125.29% (Hou et al.,
2021). Furthermore, payment increases transparency and effective tax collection and prevents
corruption, especially in countries with a large informal sector. The State Bank will reduce printing
and cash management costs. Similarly, banks probably minimize transaction costs. As a result,
changing to digital payment methods of e-business seems to promote comprehensive finance,
helping people in remote areas access banking services. Last, digital payments might collect
customer data for market analysis and segmentation. This allows retailers and card issuers to
leverage digital payments, loyalty programs, and rewards to drive customer acquisition and retention
through marketing. According to Klapper (2017), making and receiving digital payments can
increase business owners' participation in e-commerce and enhance their interactions with customers,
suppliers, and financial institutions. Therefore, changing the digital cost of e-business has a practical
impact on buyers and the economic development of the country and companies.
Because of continuous improvements in information technology, e-business unquestionably plays a
vital role in worldwide economic growth. In other words, e-business is purchasing and selling things
through the Internet. As a vast information network, the Internet also promotes e-commerce by
allowing businesses to reveal and sell their goods and services available on the Internet. Furthermore,
products can be sold internationally through major and well-known online sales platforms such as
Amazon, e-pay, and Taobao. (Alam & Zaheer, 2011) display that Amazon has successfully created a
tightly connected e-business value chain for accepting purchases online and delivering them to
clients anywhere around the globe. According to Gorbachevskaya et al. 2019, in 2016, 22–23 million
Russians used the Internet to make purchases. The E-business of Russia sector is one of Europe's
fastest expanding, increasing the number of youthful online consumers. Without a doubt, these sites
seem to help businesses extend not only the scope of the approach but also bring potential customers,
future customers, and business partners access to information about the industry and services. Aside
from sales sites, the emergence of social networks has made trading, buying, and selling products
and services via social media platforms an appealing new business trend, delivering apparent benefits
to the companies and many individuals. It can be explained by the fact that companies can boost their
image by marketing their products or brands on social media platforms like Facebook, Twitter,
Google+, and YouTube ( Brzozowska and Bubel 2015 ). Moreover, Obiedat et al. ( 2013 ) show that
social networking sites Facebook and MySpace are bringing increased traffic to retail locations.
Therefore E-business firms can benefit from this social influence by focusing on customer
relationship management and increasing sales. In brief, E-business is critical to the global economy,
generating revenue for corporations while raising people's living standards.  

Another effect of e-business worth noting is stabilizing product prices in the market, avoiding
inflation. Buyers quickly see the same product, but different prices make a difference in the market.
That makes them confused about the standard to give the most accurate assessment of the product.
To explain that, Lacuesta et al. (2020) have shown that the price difference originates from the
number of imported products, the listed price of the company, and market factors. So when
companies list product prices on their online sales pages, buyers can compare prices easily. That
makes it impossible for distributors to raise prices too high. According to Lacuesta et al. (2020), the
benefits of the e-commerce market are listed. Thanks to it, it helps lower the cost of importing goods
and easily compare prices between different sellers. From there, the product price will have a
specific frame, forcing the distributor to sell at the right price. Ecom makes buying goods
conveniently and gives buyers the best overview of costs and market stability.
It is not surprising that the e-business industry may expand in the future, given the benefits of e-
business to society, as mentioned earlier. E-business is considered by many to have the potential to
replace the traditional market. It can be seen that, from the outbreak of the covid-19 pandemic until
the end of 2021, more and more people are shopping for luxury items, necessities, and clothes
through online shopping. Statista (2021) says it is estimated that there will be 2.14 billion online
shoppers globally by the end of 2021. There are also many predictions about how e-business
industries will develop in the coming years. next year. According to Coppola (2016), US retail e-
commerce sales are predicted to reach $768 billion by 2021. Furthermore, by 2025, The Digital
Market Outlook of Statista shows earnings from Internet shopping in the United States will likely
surpass $1.3 trillion. In addition, when technology develops, leading to a wide spread in the use of
media, businesses can use advertising media from websites and videos on youtube, which is also
considered a form of advertising as a way of selling to help run KPI faster. Product promotion is also
selected by writing sales posts and live streams on social networks such as Facebook and Instagram.
Companies can even invite celebrities to be brand ambassadors for their products. Globally, there
will be 3.78 billion social media users by 2021, which is predicted to continue to grow (Mohsin,
2021). Hence, businesses can use communication technology to promote their products and reach a
broad audience at home and abroad. In summary, from the numbers and forecasts in the coming
years, online businesses can replace going to the traditional market to buy goods in person.

To conclude, the advancement of digital technology in business, the improvement of the global
economy, the reduction of inflation, and future potential demonstrate the sound effects of e-
commerce. It solves many limitations concerning traditional business, such as buying time, avoiding
inflation, and convenience. Moreover, it contributes huge amounts of cash and value to the world
economy. Support for many start-up businesses has the potential to compete with the old ones in the
market. As a result, e-commerce has positive effects on society and the market. Therefore, e-
commerce will be the main factor in our economy.
 References

Alam, A., & Zaheer, A. (2011). Potential Benefits of E-business on Economy and Infrastructural
Development.
 https://ieomsociety.org/ieom2011/pdfs/IEOM102.pdf

Brzozowska, A., & Bubel, D. (2015). E-business as a New Trend in the Economy. Procedia
Computer Science, 65, 1095–1104. 
https://doi.org/10.1016/j.procs.2015.09.043

Coppola, D. (2016). U.S. e-commerce market size 2016-2022 | Statista. Statista; Statista.

https://www.statista.com/statistics/272391/us-retail-e-commerce-sales-forecast/

Gorbachevskaya, E. Yu., Nikityuk, L., & Timchuk, O. G. (2019). Features of e-business

development in the construction industry. IOP Conference Series: Materials Science and
Engineering, 667(1), 012028. 
https://doi.org/10.1088/1757-899x/667/1/012028

Hou, L., Hsueh, S.-C., & Zhang, S. (2021). Digital Payments and Households’ Consumption: A
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https://doi.org/10.1080/1540496x.2021.1887727

Klapper, L. (2017). How digital payments can benefit entrepreneurs. IZA World of Labor.
https://doi.org/10.15185/izawol.396

Lacuesta, A., Roldan, P., & Serrano-Puente, D. (2020). Effects of e-commerce on prices and business
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https://repositorio.bde.es/bitstream/123456789/14121/1/be2004-art38e.pdf
Mohsin, M. (2021, April 5). 10 Social Media Statistics You Need to Know in 2021 [Infographic].
Oberlo.

https://www.oberlo.com/blog/social-media-marketing-statistics

Obiedat, R., Harfoushi, O., & Nawafleh, S. (2013). Influence of Social Networking on E-Business: A
Quantitative Study. World Applied Sciences Journal, 27(1), 92–97. 
https://www.idosi.org/wasj/wasj27(1)13/15.pdf

Statista. (2021). Digital buyers worldwide 2021 | Statistic. Statista; Statista.

https://www.statista.com/statistics/251666/number-of-digital-buyers-worldwide/

Xiong, Y. (2022). The Impact of Artificial Intelligence and Digital Economy Consumer Online
Shopping Behavior on Market Changes. Discrete Dynamics in Nature and Society, 2022, 1–12. 

https://www.hindawi.com/journals/ddns/2022/9772416/