Final answer:
The key features of e-commerce include ubiquity, personalization, and global reach, which are enhanced by advancements in technology and globalization. These allow for a wider competition range, personalized experiences, and connectivity for international commerce.
Step-by-step explanation:
The key features of e-commerce include ubiquity, meaning that shopping can happen anywhere at any time without the physical constraints of a traditional retail environment. Another feature is personalization, where e-commerce platforms can tailor the shopping experience to individual preferences. Additional features include the global reach of e-commerce, enabling consumers and businesses to buy and sell goods and services across the globe, greatly increasing the level of competition among retailers and suppliers.
Advancements in technology, especially in communications, have allowed consumers to purchase items from all around the world, elevating the level of competition faced by local businesses. The same technology enables business-to-business interactions on a global scale, as both buyers and suppliers can connect regardless of location. Alongside globalization and technology, e-commerce benefits from uniform product offerings, informed participants on both the buying and selling sides, and the freedom for sellers to enter and exit the market.
Globalization has also played a significant role in the expansion of e-commerce, with improvements in transportation and telecommunication reducing costs and facilitating long-distance economic activities. International agreements further encourage this expansion, by allowing goods, services, and information to flow more freely across borders.