Hundreds of opportunities with thousands of competitors on the other side of the door, it really has become a daunting task in identifying which door to knock on for marketers and businesses, and which door gives the best opportunity and expected output if correctly knocked. For most businesses today, that door is in the figure of e-business.
It’s no secret that the world has seen the potential of e-business in the recent few years resulting in it becoming one of the fastest-growing business models in the world.
Why e-business is an important tool for business today?
No denying, that the internet has got into a much deeper level of society as well as our lives today. With the boom in the IT sector and improving economic scenario retailing, banking and business have donned a new avatar.
The emergence of various online shopping portals, online booking of tickets, hotels, recharging and paying phone and electricity bills over the internet, and a host of other possibilities that the internet has opened up have made our lives manifold easier.
And it’s not just the consumers but businesses that are drawing profits from the form of e-business. E-business is the application of information and communication technologies (ICT) in support of all the activities of the business.
It eases the process of buying or selling goods or services electronically over the internet, fax or telephone where those goods arrive at the doorstep after ordering them.
“Electronic business is the application, communication, and information sharing technology among trading partners to the pursuit of business objectives.”
How e-business can prove to be a blessing and why is it so important for running any business today?
Let’s find out.
- Cuts down expense: An e-business site takes the role of a virtual showroom where people can go through the products and services and compare the prices without having to move an inch from their place. It cuts down the expense of managing a store as well as the staff needed to run it.
- Instant notification of arrival of fresh stock or new products or services: Earlier when e-business was not popular, people didn’t know about the arrival of new products or services until they came across any form of advertisements or only noticed them after walking into the stores.
But now, any new addition or modification to the business is reflected in the well-maintained websites which make everyone aware of it in no time.
- Advertisement Redefined: E-business has added a fresh dimension to the advertisement segment where it is no longer an expensive and time-consuming process.
It is a fast and comparatively cheaper way to gain traffic and increase sales. Latest offers, discounts, new products or services are instantly notified to the people through bulk email, text messages, e-banner or pop-ups.
- Solves complaints, and queries instantly: 24/7 customer care services have made e-business a boon for customers as they can call or email their complaints and get them resolved in an instant.
The customer care executives of today’s business world are well-trained and adept at handling queries in an efficient manner which adds to the image-building of the company.
- Builds good relationships with the customer: An interactive, user-friendly and attractive e-business pulls customers that help in building a good rapport with them.
Taking feedback, constantly trying to change and adapt to the dynamically changing market and working hard to cater to consumers’ demands make a good impression that goes a long way in building the business stronger.
- Convenient and Flexible: It is needless to mention how e-business has changed the way we shop or carry out our day-to-day activities today. At a time when everyone is too busy even to make a phone call, going out shopping or eating, standing in long queues to pay bills or buying tickets has become a nightmare.
Whether you are hungry and you order a pizza online, or you want to travel and book tickets from your office, or have run out of your phone balance and recharge it online; the e-business model has become an indispensable part of our lives.
And there is no reason why a business should not have an e-business site because it has almost become mandatory and a necessary tool in gaining popularity in the market as well as making more profits.
Author: Bipin Devkota
Also Read: eCommerce Business in Nepal: Challenges and Opportunities