Reece Jewelry has 45 stores in major malls around the country. The company is considering starting...

Reece Jewelry has 45 stores in major malls around the country. The company is considering starting an online business, ReeceJewelry.com, which will require a substantial investment in technology. Identify a potential benefit of the online business that would be difficult to quantify in a net present value analysis. (Soft Benefits)

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Expert Solution

Soft benefits of Online Business

The range of target customer is wide. A retail shop can target customers of a particular area but online business target customers all over the world.
Business is open for 24 hours a day for all 7 days which is a little difficult for a physical shop.
Online business provides greater satisfaction to customers by faster delivery and better quality product. Customer does not have to wait in queue. His transport cost is reduced as he gets home delivery of product. Customer’s time is saved. All the varieties of products are in front of customer. He can look for review of other customers to chose his product wisely.
The online Business owner gets to know every single detail of his business online. No matter where he is, he just need internet to access records.
Online business works alongside an automated software which does the activities on behalf of human but error free. Millions of transactions are entered and processed in glimpse of a second which was impossible for human being.
Apart from being cost effective online business is Paperless and is considered Environment Friendly.
Payment system through Debit cards, Credit cards, makes transaction quick and secure when doing an Online Business.
Managing an Online Business is easy with the use of EIS softwares.

ekkarill92 answered 1 year ago

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