E Business refers to financial transactions that are recorded or made electronically. In today’s world of evolution, you can easily deposit cheques without going to the bank. You can buy anything online without going to a shopping mall.
In this blog, we are going to discuss in detail all about online business. What is electronic business, and what is this business model? Moreover, we will discuss the types of e business, prose, and cons.
E Business uses the Internet, intranet, extranet, and web. This process involves selling and buying services or goods. However, E-Commerce is similar to E Business, but it is more than a simple process of selling and buying goods or services online.
It is the methodology of utilizing digital information and modern communication technologies to make smooth business processes. Additionally, electronic businesses have a lot of processes like CRM, online order processing, and supply chain management. Furthermore, E-commerce is a part of electronic business, so let’s explore more about e business.
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E business has many components like CRM (Customer Relationship Management), ERP (Enterprise Resource Planning), BI (Business Intelligence), SCM(Supply Chain Management), electronic transactions, collaboration, and online activities within the organization.
E-Procurement
E Procurement or Supplier Exchange is a way organizations adopt to overcome efforts and costs electronically by sourcing services or products.
Online Marketplace
The online marketplace is like electronic commerce that makes a connection between suppliers and buyers. Then, they can make deals for products or services over the Internet. Here is a thing: the operator doesn’t provide a thing or service itself, but he only presents the listing of other people and gives a transaction facility.
Online Store
An online marketplace is electronic sourcing for services or products like online shopping stores. It is also known as internet shops, e-shops, virtual stores, web stores, e-commerce, online storefronts, and web shops.
You can buy services or products through online payments by cash on delivery, credit cards, or many other payment methods. However, this type of store aims to reduce precious time and make more money.
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There are many types of E Businesses. Here, we have discussed some of them.
B2C (Business to Consumer) Model
The B2C business model provides services or products directly to the customers. They use websites or mobile applications to sell their products or services—for instance, Daraz, Uber, and Amazon.
B2B (Business to Business) Model
In this business type, some businesses provide their services or products directly to other businesses—for instance, ThomasNet, Salesforce, and Alibaba.
B2G(Business to Govt) Model
The business to Govt model sells services or products to government departments or agencies—for example, Oracle and IBM.
C2C(Consumer to Consumer) Model
The consumer-to-consumer business model allows customers to sell goods or buy things directly from each other—for example, eBay and Etsy.
C2B(Consumer to Business) Model
This model allows consumers or customers to provide services or products to agencies or businesses through gig-based platforms like Upwork and Fiverr or Freelance.
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Some of the main features of E Business are as follows:
Easy to set up
You can easily set up e business. You have a niche to work in and have a strong business idea. There are many business ideas for your e-business. For instance, you can make a clothing store online, you can make an online library, or you can provide online services like designing, writing, and development.
No Geographical Boundaries
In e business, you are free from organizational boundaries. You can set your business up anywhere and at any time. As a result, global clients will approach you very easily.
Cheaper than Traditional Businesses
You do not need to invest in business. In an e business, you should have just your website and your product or service. However, you can sell your service or products to your potential clients without having the stress of investment.
Flexible Business Hours
In this business, your working hours are so flexible. You are not bound to fix time. You can manage your time easily according to your schedule.
Cost Less Marketing Strategy
In this business model, your marketing cost is much less than your traditional business. You can create valuable content and share it on your social media accounts to inform your clients about your services or products. It can take effort, but it is a less costly strategy.
Conclusion
In conclusion, Electronic business is a method of conducting business activities on the Internet. Without a doubt, E business made everything easier and possible for everyone. It has enhanced the performance of the company and made online shopping possible.
Furthermore, if you want to make your E-business more successful, consult with Tkxelogics experts. They are superheroes for business consulting. Their commitment to clients is evident through their focus on efficiency, end-to-end reporting, collaborative approaches, and effective digital business solutions strategies.
FAQs
E-business is the term used to describe the electronic use of digital technologies for conducting business. E-enterprise refers to integrating e-business principles and technologies across the entire organization, covering all business aspects, including internal processes, external interactions, and overall business strategy.
As technology develops, it is predicted that e-business will continue to change. This will result in greater automation and better customer experiences through personalization and customization. However, cybersecurity, data privacy, regulatory compliance, and shifting consumer tastes might all present difficulties.
