The business is ever evolving. As the market sphere increases in size, not only in terms of physical shape but also in terms of reach of customers the business or the market expands its usual meaning. Now, business is not restricted to a land, rather it spreads all over the world where the customers can access the market space with the help of the internet.
This new form of market is the emerging mode of the business, known as E-Business. We will further our discussion on the same topic that is – Emerging mode of Business.
E-business or Electronic Business means the conduct of business on the online platform. The e-business processes include buying and selling of goods and services. Through this e-business model customers are given services, payments are processed, production control is managed, all these are done over the internet collaborating with the business partners by sharing information over the internet itself. Automated employees’ services are also provided with the process of recruiting and more.
In the E-business mode, a range of functions are included including the development of intranets and extranets as well with the provision of e-services over the internet by service providers providing various software applications. In recent decades e-business has grown in leaps and bounds and thus it has given rise to new requirements of this new business. Now the consumers expect personalized services, they demand speedy and secured transactions of both money and products.
E-commerce is supported by the electronic business or the e-business. E-Commerce is the activity of buying or selling of goods or services on online services or over the internet. Electronic Commerce engages technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet Marketing, Online transaction Processing, Electronic Data Interchange and other automated services and data collections.
The technological industry in turns drives this E-Commerce Industry. Electronic Commerce typically uses the WWW. (World Wide Web) in any of its transactions. Example: To buy any goods, we do online purchase from Amazon, Music download and purchase can be done from iTunes Store. There are three areas of e-commerce - Online Retailing, Electronic Markets and Online Auctions.
B2B e-commerce or business-to-business electronic commerce is the sale of goods or services between two or more businesses via the online platform. This is actually used to enhance a company’s sales effort. Sales Representatives manually attending calls from the telephone are digitally replaced by e-mail orders received electronically. This is also effective in reducing the over-all over-head costs.
B2B business means business transactions between two businesses rather than business and customers. In the wholesale lot, the transaction is usually Business to Business while in retail level, the transaction is from a business to an individual consumer. The Business to Business is recognised by the fact of the high value of transaction both in terms of goods or services and in terms of money value. While the business to consumer consists of less value than the B2B.
There are various types of e-business that are now common in our daily parlance. Let us have a quick glance at all the types of e-business.
This is the most common type of Business, where transaction occurs between two businesses with their goods and services. A textile industry ordering fabric from the fabric industry is an example of B2B e-business.
The most common type and popular among other e-business models is this B2C e-business. Example: Netflix works in a B2C e-business model where it provides services to the viewers, and in turn they earn their money from the consumers itself. The transaction obviously occurs online.
Nowadays, with the growth of technology, the mobile we use in our daily use has been upgraded to a wide extent, now from this gadget we can shop and sell online, this means it paves the way for the B2C e-business as well. Mobile friendly sites and checkouts are also booming the M-Commerce growth.
Being the biggest social platform for the world, Facebook took the initiative of creating a world wide platform for online shopping as well.
In the Customer-to-Customer e-business model an intermediary is mandatory to be present. Like in ebay safe transactions are done on this site.
We see, the module of a business is ever emerging. Now we have the e-business that caters the need of online shopping and selling, not only this, other functions to run a business now are done electronically. This emerging form of business is as useful as it is risky. In seconds purchasing and selling is done, in a matter of a few minutes we can sign into documents and launch our unique product. Also, the cyber-crimes are slowly heightening its pace as well. Frauds and cheats are taking place online. Fraud in e-commerce is a regular news now, hence stricter online securitized mode is to be conducted to transact the business.
Emerging modes of business is this e-business or e-commerce that have hit the world wide trade. In the upcoming years, figures of this business are expected to be multiplied.
1. What is Electronic Business?
Electronic Business is the expanded form of e-business. In this type of business, the sellers and customers transact their operations online over the internet. This is an evolving business model in this generation. Electronic or e-business have their own pros and cons that need to be analyzed before transacting any operation.
2. What is Intranet and Extranet?
In business, intranet is used by the company’s employees to create a corporate life virtually over the net. They communicate, collaborate and get work done over the internet itself. While extranet, is where the customers are engaged with. The company extends to their customers or anyone, outside of their company with the use of extranet. The company uses extranet to connect with the vendors, customers or business partners.
3. Is it safe to do transactions online?
Nothing is safe in this world if it is done without any knowledge. People engaged in e-business must know the loopholes of the transaction and take adequate care that they are not stuck to the same loopholes. They should always double ensure and check the transaction.
4. What is the scope of e-business in the near future?
In the near future there is a very bright scope in this e-business. As the world pushes towards the realm of technology and promotes digitalization, it would be compulsory to engage your business in online mode as well. Also, with the recent pandemic, the noble coronavirus we see, virtual business that is the e-business has grown enormously.