The assignment will cover the aspects of the digitization and sees that Muscat can become the sustainable ecommerce society. The report is purely based on the concept of E-commerce in the sectors of the society. This report will help us to evaluate the plans for the different types of the technologies and software which are used for the doing the e-commerce in different sector. This report will also help us to evaluate the cost advantage and the benefit of the environment to the e-commerce. The report will also suggest us the barriers to adapt the e-banking and the recommendations which are in respect of social, legal and ethical barriers and the solutions.
E-commerce is an activity of buying and selling of goods on digital space or over the internet. As per our reading he research article and the understanding we have come to know that there are many factors which has lead to the creation of the sustainable e-commerce in Muscat. The one of the biggest failure in the Muscat’s business was the logistic as there was slow and steady response to the doubts of the customers (Martins.et.al.2014). There are many ways in which Muscat can be made sustainable. The ways are:
The country should invest in their logistic part as it is very important for the company to keep their logistic part good and invest majorly in it for the quickly and timely delivery of the product bought online. They should also check the quality of the packaging and the insurance that is required to enhance the product. The help from the government is also needed to give a boost to the quality of the product and the logistic side of the industry.
Needs and the experiences are interrelated before integrating service strategy and bringing them to the action is very important to the customers. The customer can get the experience only when they receive what they have desired. With the demands of the customers, the company can meet the expectations. Muscat is having the growing e-commerce market and they can go the long-run when they focus on the products which the market demands.
Experience of the customer is very much important to the company. When customer deals with the product, they deal with the company people also that too on digital space i.e. electronically (Kumar Sharma and Madhumohan Govindaluri, 2014). Muscat is having the very wide scope of having the quality people at the company who provide the customers with the quality services and a good experience which checks the loyalty of the customers on the digital platform.
Enhance the experience: the role of the company is to provide the experience to the customers. With this motive of the quality service, people trust the brands and the technology. There are many tools such as customer relationship software, marketing tools, web trackers and the online survey, which gives the best experience to the customers and checks the sustainable growth of the business.
Man to man experiences are created by long term relationship with the customer to develop the loyalty of the customers. And give them customized experience. It is very important for a company to interact like a person with their customer. It is always to be remembered that while giving the quality experience to the customers, it is always the experience that is being remembered not the brand.
Value preposition: for a company it s very important that they should segregate the customers on the basis of needs and demand. For this type of segregation different types of the value proposition is also required. To achieve the targets the tools of the CRM must be used for the sustainable growth (Alalwan.et.al.2015). The company should have the option of cash on delivery and self collection option which are a great help in the growth if e-commerce in Muscat.
There are many advantages of E-commerce in way of doing the business on the basis of the cost and the environmental. The one of the biggest challenge for the company in doing the e-commerce is the cost of logistic, which is very high. But it is the important factor for the business. The advantages are:
Increment in the sales: with the help of e-commerce, the company has the wide scope of expansion in terms of the business as well as the turnover and doing trades in different parts of the country without any operating cost.
New market accessibility: the company can run its business from one place and others can access over digital market place globally. The only requirement is the warehouse and collaboration with the logistic companies in which they supply the wider range of the people. This type of cost is not present in the e-business selling services.
Continuity of operation: the e-commerce business runs for 24 hours 7days. That means there is the availability of the product at any point of time. The customer is not supposed to wait for the same.
Reduction in supply-chain: in e-commerce industry, the supplier is directly in contact with the customer of the buyer of the product. The company need not to hire the supplier or incurred the extra cost.
Restriction on the direct cost: the company can reduce the cost on publication and the communication in the printed form. The costs which are involved in the promotion of business are cost of advertising, cost of operation, cost related to the communication which gets reduced as the company moves to the digital plate form pr uses the e-commerce (Sharma.et.al.2017).
Improves the image of the company: with the help of e-commerce and the and the faster movement of the goods and services by the quality logistic services on said timing will indirectly improves the image if the company in the eyes of the customers and able to gain the competitive advantages and will able to fulfill the needs and the desire of the customers.
Communication policies: with the help of online transaction, the company is able to build the mutual relationship between itself and the customer. By this mutual relationship the company will able to collect the information from the customers over the digital space and try to understand the taste and preference of consumer.
Proper management of the products and the orders: the transaction over the digital space or online helps the companies to cut short the delivery time and production related to service and other information. The electronic communication helps in speed up the transaction and increase the flexibility in regards to the supply.
As per the reading and understanding of the research paper, there are following factors that are considered to be the cause for not using the E-banking in Oman.
Trust factor issue: in any sector you go trust is the big main factor we will come across and due to this many of the work or the businesses do not work properly. And it is very important to impart trust in the user whenever the new services are introduced. The trust issue is the biggest issue when it is compared to the traditional concept of banking as the information given by the customer is only to the bank not to be shared online. There is the fear of information leakage and misuse of the information in some fraud. In the observation it is being observed that with the passage of time the concept of retail banking is failing as customers are refusing to believe it as the system (Musaev and Yousoof, 2015). And the customers also do not believe in the e-banking system as the customers have the fear that the banking people will misuse the information and the data will not be kept securely.
E-BANKING AND SECURITY: there are many risk involve when we talk of e-banking in terms if the security concern. The risk may arise due leak in the information, due to fraud and the presence f hackers who are very active and knowledgeable in terms of hacking. The customers are also in the impression that the e-banking is not the secure form of banking because they think that if the banking transaction happens via internet. There is, by someone can get the information by the hacking. The study in the research paper tells that there are almost 70% of the people who have not opted for the concept of e-banking due to the security reasons. In the customer there is the fear that this e-banking process can have the monetary loss. And in the other part of the minds they think of the threat which concerns with the cyber security attacks. These types of traditional thinking is taking Oman as the country one step back and destroying the whole system of banking by not trusting (Alhinai.et.al.2013). The future of the e-banking is also in vain.
AWARENESS LEVEL: the awareness about the e-banking is still a challenge. For adopting the e-banking the customers has to follow the process of belief, knowledge, confirmation and the power of decision making before taking the final services or the decision. The foremost task is to educate the customer regarding the concept of e-banking and making them confident in using the e-banking. In Oman, education in the field if the technical changes, the education system in this regards is very less as compared to other nations. Because of this reason e-banking concept is failing in Oman. The bank should do efforts in terms of marketing and promotional activities to educate the mass and some aid should be taken by government for the support of e-banking.
Educating the mass: the bank should use the strategy to educate the people and the existing customer regarding the new concept of e-banking and its advantages like it is very fast, easy transfer of money etc. The strategy of educating the employees should be taken at the initial start of the business when tapping in the new market place. There should be use of advertising and the media to give away the benefits or the advantages of the e-banking to make people aware about the new concept and adopt it. To maximize the approach all the techniques to be used of marketing, that will help in covering the large mass of audience.
Removal of usage barrier: the website and the application should be made very user-friendly as most of the consumers cannot understand the high profile and complex e-banking application and website. When using the website or the application, there should be a helping note when initially starting the website or application, which will help us understand the way of using the e-banking application (Takieddine and Sun, 2015). Use of language is also one of the usage barriers. So to remove such barriers, the application should support all the local language which will be very fruitful for the banking people in the new concept.
Removal of value barrier: many customers have the misconception that the use of e-banking will cost us more, so this is one of the reasons that they neither are nor even trying to adopt the concept easily. For this situation the bank should be ready with the answers to all the queries of issues. They should also use the promo codes and the other types of cost to lure the customers to use the service of e-banking. These are known as the value preposition technique. They should also get the all possible customer services to develop the confidence in the terms of quality of services that are being offered by the e-banks.
Removal of security barriers: security is the biggest and the foremost concern of any of the industry. The same prevail in the e-banking also. The customers are afraid of using the services of e-banking due to the security concern. The consumers have thinking that electronic media is not safe to use and to share any personal information as the information shared will be leaked or misused. Because of all these reasons the customers are not ready to adopt the concept of e-banking. The cyber security attacks also the main reason. It is very important of any of the bank to ensure to the customer that their data is secured with them. The company needs to have some strict policies and the procedure in regards to the usage of the data. There should be the security against the cyber attacks which can be solved by anti-viruses and other software to keep the data safe in the banks (Al-Ajam and Md Nor, 2015). The banks should introduce with the clause of confidentially to guarantee customers that the data is safe and secure with bank and the back up plans are also made regularly to recover the data easily in case of any of the attacks.
Effect of demographic variable: the demographic variables are measured in terms of age, gender and the education level of the human being. It is very important to make sure that the rights of the men and women are equal in holding of the bank account and online banking as the transaction medium. The design of the application should be in such a way that people with the different educational qualification can understand and adopt the e-banking. There are many people who are not so techno friendly for them the formation of this concept and application should be made to support their needs
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