Introduction

Online platforms such as Google, Amazon, and Facebook play an increasingly central

role in the economy and society. They operate as digital intermediaries across interconnected

sectors and markets subject to network effects. These firms have grown to an unprecedented

scale, propelled by data-driven business models Gawer, A., & Srnicek, N. (2021). The internet

has revolutionized the way businesses operate, enabling them to reach a larger customer base and

conduct their operations more efficiently. In recent years, there has been a surge in the popularity

of online business platforms as they provide an effective way for businesses to reach their target

audience and expand their customer base. Such that, firms can increase sales revenue as e-

commerce platforms help leverage existing consumers and attract new ones, build social groups,

and ensure compatibility with legacy systems (Lee et al., 2018).

Several studies have been conducted in recent years to determine the effectiveness of

online business platforms on businesses. With the benefit of being fast, E-commerce has

facilitated the buying/selling procedures. A key advantage of cyber shops is saving time. In other

words, while shopping online, customers would not need more than 15 minutes to perform their

purchase. Add to that, providers are so careful as to deliver the products to customers’ doorsteps

within a week Taher, G. (2021). People shop online to avoid traffic going to malls. They also

prefer online shopping because they can shop anywhere and anytime using their mobile devices.

It’s a lot easier and convenient Briones, C. (2015).

E- Commerce business have significantly lower operational costs and better quality of

services, in comparison to the actual stores. There is no staff to employ and recompense, no rent

and has a reduced fixed operating expenditure (Aonerank, 2019). In a normal conventional store,

customers might get lost while wandering from aisle to other browsing for merchandise.
However, with e-commerce services, clients can search the merchandise categories, or they take

advantage of the webpage’s search tool and can, in no time, find the desired product (Searchcio,

2019).

E commerce has broad array of merchandises and amenities; consumers can get to see a

varied choice of products and services to choose the best of them, unlike traditional marketing

system, one can see only a limited stock McKinsey & Company, (2019). Being a very

convenient way to do shopping, E-commerce has become the easiest and most popular way for

shopping. Products can be ordered anywhere on the planet with just a simple tap on the mobile

device connected to the Internet (Aonerank, 2019).

It is clear how Online Business platforms give hassle-free to customers. Online business

platforms have become an essential tool for companies of all sizes to market and sell their

products or services. Online platforms allow businesses to operate on a global scale and provide

an opportunity for smaller enterprises to compete with larger ones. The purpose of this study is

to evaluate the effectiveness of online business platforms in improving the financial performance

of businesses and to determine how third-year financial management college students perceive

these platforms.

References:

(Lee et al., 2018). The effect of online shopping platform strategies on search, display, and

membership revenues.

https://www.sciencedirect.com/science/article/abs/pii/S0022435918300344
Gawer, A., & Srnicek, N. (2021). Online Platforms: Economic and Societal Effects. European

Parliament. https://kclpure.kcl.ac.uk/portal/files/149143202/EPRS_STU_2021_656336_EN.pdf

Briones, C. (2015). As more Filipinos shop online, e - commerce becomes game changer.

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Aonerank. (2019). Benefits of e commerce for customers, digital marketing learning. Available:

https://www.aonerank.com/digital-marketing-learning/benefits-ecommerce-customers/.

McKinsey & Company. (2019). ‘True Gen’: Generation Z and Its Implications for Companies. Available:

https://www.mckinsey.com/industries/consumer-packaged-goods/ourinsights/true-gen-generation-z-

and-its-implications-for-companies

:Taher, G. (2021). E-Commerce: Advantages and Limitations. International Journal of Academic Research

in Accounting Finance and Management Sciences, 11(1), 153-165.

https://hrmars.com/papers_submitted/8987/e-commerce-advantages-and-limitations.pdf