Generally Electronic business referred to as "e-Business" or "e-business", or an internet business, may be described as the application of information and communication technologies in support of all of the activities of business.
E-business involves business procedure spanning the total value chain: electronic purchasing and supply chain management, managing customer service, processing orders electronically, and cooperating along with business partners. For e-business, Special technical standards facilitate the exchange of data among companies. E-business software solutions permit the integration of intra and inter firm business procedure. E-business can be conducted by using the Internet, the Web, extranets, intranets, or some combination of these.
E-Business permits companies to link their external and internal processes more efficiently and effectively, and work more nearly with suppliers and partners to better satisfy the needs and expectations of their customers, leading to improvements in whole business performance.
Whereas a website is one of the most common implementations, e-Business is much more than only a web presence. There is a huge array of internet technologies all of designed to help businesses work smarter not harder. Think regarding mobile, collaboration tools, and wireless technology, social media and Customer Relationship Management to name a few.
It is the biggest advantage of conducting business online. A firm engaging in e-business may have a nationwide or a worldwide presence. IBM was one of the first companies to utilize the term e-business to refer to servicing customers and collaborating along with business partners from the entire world. Dell Inc., too, had a flourishing business selling PCs throughout the U.S., only by telephone and the Internet till the year of 2007. Amazon.com is another success story that helps people buys internationally from third parties. Therefore, worldwide presence is ensured, if companies rethink their business regarding to the Internet.
Cost-effective Marketing and Promotions:
By using the web to market products guarantees worldwide attain a nominal price. Advertising techniques, such as pay per click advertising, make sure that the advertiser only pays for the advertisements that are viewed actually. Affiliate marketing -- where customers are directed to a business portal due to the efforts of the affiliate, in turn who receives a compensation for their efforts meeting along with success -- has emerged on account of e-business. Affiliate marketing has helped the business and the affiliates both. Firms have managed to utilize cost-effective online advertising strategies to their advantage.
Developing a Competitive Strategy:
Firms require having a competitive strategy to ensure a competitive benefit. Without an effective strategy, they will discover it impossible to maintain the advantage and earn profits. The approach that the firms can pursue can be a cost strategy or a differentiation strategy. For example, till the year of 2007, Dell Inc. was selling computers only through the Internet and the phone. It adopted differentiation strategy through selling its computers online and customizing its laptops to suit the needs of the clients. Therefore, e-business resulted in Dell Inc. managing to capture a chunky segment of the market by using the differentiation strategy.
Better Customer Service:
E-business has resulted in enhanced customer service. Several a times, on visiting a website, the customer is greeted through a pop-up chat window. Readily available customer service might help in encouraging the customer to know more regarding the product or service. In addition, payments can be made online, and products may be shipped to the customer without the customer having to leave the house.
Curtailing of Transaction Cost:
The nature of online business is such like that, the costs incurred for each transaction to go throughout smooth and sound, there is no acting middleman. Websites are adequately loaded with directions to facilitate stress-free transactions. Generally, Simple and succinct instructional tabs, save the potential purchaser from predicaments of any sort. The mode of payment is predetermined, promising security to the customer. Therefore, online payments are a no-ho-hum affair. All that you are left with, such as the proprietor of your online business, is to download the requirement order and ship it. This demands effort, too; though, the toil is far less than a tangible business profile.
Overhead Costs Are Reduced:
An E-business, in essence, is independent of costs that are incurred because to business having a physical entity. Utility bills and other cost are manageable. You also cut back on costs incurred for hiring personnel and retaining them with competitive incentives topped along with abundant facilities. Running an e-business is greatly convenient as the proprietor does not need rent another site to execute the business.
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