Assessing Consumer Trust in Traditional vs. E-Commerce Platforms: Implications for Innovation in Biotechnological Markets

Abstract

This research paper delves into the comparative impacts of e-commerce and traditional business models on consumer trust, focusing on India's biotechnological sector. It examines the influence of Management Information Systems, Finance and Accounting, Marketing, and Computer Sciences on business operations through e-commerce, highlighting its potential to transform traditional economic activities. The study explores the integration of e-commerce within various sectors, including communications, finance, retail, education, health, and government, emphasizing its role in revolutionizing marketing strategies and enhancing consumer engagement. Additionally, this paper assesses the current Indian legal framework governing online consumer protection, reflecting on the effectiveness of new regulations in safeguarding consumer rights and fostering trust in e-commerce. It discusses the prevalent consumer preference for cash on delivery and the importance of reliable website information and customer service in building consumer trust. The research also touches on the social and psychological dimensions of trust in e-commerce, investigating how cultural factors influence online consumer trust and the need for clearer conceptual definitions of trust in digital transactions. By analyzing these aspects, the study aims to provide a comprehensive understanding of the dynamics between e-commerce and traditional business practices in enhancing consumer trust within the biotechnological industry in India, identifying both the opportunities and challenges presented by the growing e-commerce landscape.