Use of technology in Commerce and business

The Minimum Wage

The minimum wage shouldn't be raised, say economists, because doing so would make jobs harder to come by, drive up the cost of food, and lower the value of degrees. The main objective of the minimum wage was to ensure that the typical citizen could support themselves and their families with the bare necessities. Because each state has its own operating economic conditions that force it to change its minimum pay level in proportion to its economy, the minimum wage is not set at the same amount in all states. The minimum salary is typically seen as being for people with less education, inspecting them and instant possession (Cunningham & Fröschl, 2013). The cons include wasting a lot of time, money and indecisiveness because of the wide range of variety to choose from.

Advantages and Disadvantages of Online Businesses

The advantages of operating an online business include wide access to customers in different geographical locations, less expensive cost of establishment, and clients can purchase products and services at any time (Cunningham & Fröschl, 2013). However, its disadvantage is that fraudsters can easily target the business. The pros of traditional businesses are that customers trust the companies and they are free from fraudsters (Cavusgil, Knight, Riesenberger, Rose, & Rammal, 2014). The cons include fixed operating hours, expensive start-up capital, and easy target for shop-lifting.

Improvements for Online Businesses

Online businesses should reduce the load times for their websites by optimizing their pages so that clients are free to visit the sites without worrying about time and money. The companies should also frequently add new contents to their websites so that they are relevant to the current needs of customers.

The Future of E-Commerce

The short term futures of e-commerce include better customer service, delivery times, and product selection by the companies which are using the technology. The long-term future improvements may include the development of delivery drones and pop-up shops that will enable clients to physically engage with the sellers and the products.

References

Cavusgil, S. T., Knight, G., Riesenberger, J. R., Rose, E. C., & Rammal, H. G. (2014).

International Business. Sydney: Pearson Australia.

Cunningham, P., & Fröschl, F. (2013). Electronic Business Revolution: Opportunities and

Challenges in the 21st Century. New York: Springer Science & Business Media.

Fernandez, A. J., & Masson, M. E. (2014). Online Mediations: Advantages and Pitfalls of New

and Evolving Technologies and Why We Should Embrace Them. Defense Counsel

Journal, 81 (4), 395.