Importance of E-Business in Today’s World
In today’s century, everyone is aware of the term Electronic Business. When business operations are conducted through the internet is known as e-business, e-commerce, internet business, or online business. People utilize online platforms for buying & selling goods and services. E-Business means freedom of conducting business from anywhere at any time.
There are several technological tools are used in e-business process i.e.:
- File Transfer
- Mobile Phones
- Online Platforms
- Video Conferencing
- Web Business Application
- Electronic Data Interchange
- Internet, Intranet, and Extranet
E-Business is ruling the digital world. In 1996 this terminology came into existence. Since then it has blessed our lives in numerous ways. E-business has opened new avenues for making money from any part of the world. It has saved time, energy, and money for both businessmen and consumers. E-commerce owners can quickly sell goods 24/7 and people can conveniently buy goods from their home premises.
The United States, China, Japan, UK, and Germany are the top countries in generating online money through different e-business platforms. At the end of the year 2020, online e-commerce sales are predicted to reach $4.2 billion. Amazon, eBay, Walmart, Alibaba, Naspers, Otto, Newegg, and Flipkart are the popular e-business sites globally.
Starting an e-business keeps the owner in touch with what buyers want to purchase and what are the new market trends and fashions. E-Business helps in conducting electronic retailing, market research, managing different business activities, performing online communication through emails, electronic marketing, and e-learning of staff.
Dimensions of E-Business:
- Business to Business (B2B)
- Business to Consumer (B2C)
- Consumer to Consumer (C2C)
- Consumer to Business (C2B)
- Consumer to Administration (C2A)
- Business to Administration (B2A)
More Business Opportunities
Electronic Business has brought wider business chances for all small to large size merchants. E-Business is getting much popular in entrepreneurs and startups CEOs because they start their new venture within a limited budget. It is quite peaceful to start work for small business entities.
New businesses are popping up on the internet every single second. Online banking, stock control, blogging, social media consultancy, electronic marketing, online course creator, and customer relationship management, etc. There are many business opportunities possible through an internet business. Mobile phones have drastically changed the business arena and with the internet embracing smartphones it’s opened up a wide range of possibilities. Nowadays while designing a website, designing the mobile interface too equally importantly has become a common norm - that much is the influence of mobile.
E-commerce Store Trend
To shape up the business, people are now transforming their traditional stores into web stores. Technology has increased the ratio of e-commerce stores from the past few years. The main advantage of e-commerce stores is they engage online buyers to make more purchases.
Product and services owner’s design web store by accessing different e-commerce software on the internet. WooCommerce, Shopify, Magento, Wix, and BigCommerce, etc. The most widely used software is WooCommerce which allows its users to design online stores the way they want. Its plugins, themes, extensions, templates, flexible customization, easy setup, and reliable functionalities create professional e-business stores. Woocommerce has thousands of free plugins available in the market including big and small ones. There are many top notch free plugins like:
- Woocoomerce Custom Fields
- Yoast SEO
- Woocommerce Checkout Field Editor
- WooCommerce Google Analytics Integration
- Woocommerce Dynamic Pricing
E-business success highly depends on the appearance of an online store. A perfect store look and user-friendly interface can attract many consumers. E-commerce stores help the owners to efficiently handle their online stock, sales, and revenues.
Global Reach to Customers
An online business allows the businessman to reach a borderless community. When a workforce correctly applies the e-business strategies it helps the company to grow the potential customers. It has brought easiness and comfort in the lives of sellers that they can sell digital and physical products to both local and international customers through making web pages. Selling good quantity and reliable quality of goods helps in gaining more digital consumers
Eliminated Travel Time
In shopping, buyers do not need to go anywhere. It is the best thing about e-business. An internet connection and electronic device build links between sellers and buyers. People are not required to visit physically to check the product. They can easily swipe the images on web stores and read the product descriptions.
No Time Restriction
People who provide services and products through the World Wide Web can sell their services & product 24/7. There is great flexibility in online work. Live chats, fast customer service, selling through web pages, and mobile apps have eliminated the time restriction. Buyers can upload products anytime and seller can also order any product even at mid of night
Quick Transaction & Delivery Time
Generating financial transactions is the main goal of any online company. There are many online gateways present that allow both sellers and buyers to do transactions. PayPal, Stripe, VISA, GPay, Amazon Payment, WePay, Authorize.net, WorldPay, Dwolla, and many more payment gateways are frequently used regularly.
Customers can quickly transfer payment through their debit cards. Companies provide the fastest delivery within a few days to build a strong trustworthy relationship with buyers. A customer can track the product details online.
Every single day the world economy is developing due to business based on the internet. A few decades back no one had ever imagined that e-business would bring so much change to the world’s economy. Economic trends are showing the positive role of e-business.
Global economic sales are expected to reach $6.5 trillion by the end of 2023. Electronic business has made trouble-free to make money from home premises. Business owners are gaining more net profit. Collectively online brands are making the world economy stronger.
Reduced Cost on Traditional Business
Starting an ecommerce business is less expensive than traditional modes of selling. There is a huge amount of money required to build and maintain physical stores. The most satisfying thing is through e-business maintenance of stock and handling of the web-store is much cheaper. There is less staff required in an online business which saves massive money.
Faster Online Marketing
Research reveals that online marketing makes a business flourish. The right use of online marketing strategies expands e-business like:
Have you ever wondered why Electronic business is gaining importance in the world? Here are the reasons below:
- E-mail Marketing
- Getting Subscribers
- Social Media Promotions
- Creating Backlink on Blogs
- Hiring a digital marketing consultant
- Affiliated and Associate Programs
- Higher Search Engine Optimization
Enhance Online Employment
The online business opens doors for people. E-business is valuable because it opens new employment opportunities for people. Many students can find jobs easily like social media handling, resume writer, freelancer web designer, online tutor, content writer, consultant, online marketing manager, and business analyst, etc. Any professional can acquire an online job according to his skills and capabilities.
In the 21st century, no one can deny the significant role of electronic business. E-business has transformed business methods. Efficient e-commerce management would create more success opportunities for people all around the world.