E-Business: Definition, Meaning, Types and Components

These tasks include archiving information, deriving data insights, recording financial transactions and personalizing interactions with customers. Acquiring economic resources for producing goods and services is much easier when using business technology. Owners and managers can purchase the cheapest goods available using e-business websites. E-business, also known as e-commerce, is the avenue companies use to sell goods and services via the Internet. The past several years have seen an explosion in the world of business technology. Companies implement technology to create a competitive advantage in the business environment.

Improve customer service

Online procurement platforms such as SAP Ariba and Coupa are used by businesses to streamline their procurement process. The process of supply chain management is an important part of e-business. E-business enables businesses to manage their supply chains more effectively and efficiently.

1. First/initial wages are the highest cost for a business and capable workers may not be available all the time.
2. Businesses need to ensure that their website and payment system are secure to avoid data breaches and fraud.
3. Hotels, Airbnb and Vrbo are popular examples of rental e-commerce, but companies also rent cars, RVs, ice shacks and even puppies.
4. First and foremost, do your research and learn about the different e-commerce platforms at your disposal.
5. Opening an e-business means freedom – freedom of location, freedom to dictate the hours you work, and the freedom to push your company where you want it to go in ways that best suit your lifestyle, goals and needs.

Particular business processes or groups of processes that are required to implement the business concept are known as activities. The operational business model is used to identify the costs/expenses and outputs of each activity. E-commerce takes place through brand websites, apps, email ordering, social media and marketplaces. Just like traditional on-site businesses where no one building type fits every business, no single e-commerce style works for all. The goal is to match your e-commerce outlet to the needs of your customers and company. All types of businesses rely on effective marketing to drive growth and sales, but online marketing techniques are very different from traditional offline methods.

Benefits of e-business

Digital systems that power e-business can also extend an organization’s reach beyond its brick-and-mortar walls. Cloud-based business applications enable remote and hybrid workers to perform their jobs in the office, from their home and other locations. Similarly, cloud-based apps and the internet allow business transactions 24/7 so even solo practitioners and small businesses can conduct business globally. Therefore, make use of SSL to secure your customers’ online shopping experience. This will be not only be necessary for the customer’s business account but to use of even more sensitive data such as credit card information with complete peace of mind. Having an eCommerce store can be used to broaden your range of products/services for sale, expand your business, bring you more customers, and diversify your sales.

E-Business: Definition, Meaning, Types and Components

Any particular company cannot provide anything and they also need different products/services to execute their business processes. So, it is a kind of business model in which the customers or users create a service/product that is used by the company. For example, any freelance designer is creating a logo and any business can use his services as they need. Anyone can buy products or services by making online payments using credit cards, cash on delivery, and other payment methods. It is also known as supplier exchange in which business to business, business to government, business to consumer, and sales of services are made with the help of the internet. Basically, e-procurement is a way adopted by companies to reduce costs and efforts by sourcing products or services electronically.

So, any customer who has received the products with any technical or physical problems of products, can easily return their products within a specified period. It is the method to settle all the remaining charges, like delivery costs or extra products care expenditure. Billing is the process that enables customers to pay for the products by Visa, cheque, ATM, or other available payment methods.

Without importance of e business being tied down to a physical location, you can create a healthy work-life balance. E-business means you can be there for your family or go to school or pursue your passions while crafting a business that works for you. E-business allows people to communicate in several ways that facilitate understanding. Since then, the words “e-business” and “e-commerce” have been used interchangeably in common parlance, having become a part of the vernacular. The US Department of Commerce claims that projected retail e-commerce sales in Q are expected to account for almost 12% of total US retail sales, up from 4% in Q1 2010. Corporate strategies are also embedded in the e-business concept and describe how the business concept will be implemented and can be modified in order to enhance business performance.

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The products will be delivered within a given time slot at the right address. Once the order is confirmed, the company ensures the right item in the right quantity, time, place, price, and condition to the right customer. This phase includes the booking of products available on the website, such as desktops, laptops, or necessary accessories.

E-business is here to stay and will continue to grow in popularity in the years to come. If the customer decides to purchase the product, they complete the purchase through the organization’s e-commerce system. The e-business must have a sustainable business model that will generate revenue and profit.