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E-business or Online business means business transactions that happen online with the assistance of the internet. The term E-Business was coined in the year 1996. E-business is an abbreviation for electronic business. So the buyer and also the seller don’t meet personally.
In today’s world, we are exposed to varied sorts of e-Business. Since its emergence, it's grown by leaps and bounds. Some predict that it's going to very soon overtake brick and mortar stores completely. While that is still to be seen, we cannot ignore the immense role it plays within the current global economy.
Some of the features of Online Business / E-Business are as follows:
Some of the features of Online Business are as follows :
It is easy to set up
There are no geographical boundaries
Much cheaper than traditional business
There are flexible business hours
Marketing strategies cost less
Online business receive subsidies from the government
There are a few security and integrity issues
There is no personal touch
Buyer and seller don’t meet
Delivery of products takes time
There is a transaction risk
Anyone can buy anything from anywhere at anytime
The transaction risk is higher than traditional business
Types of e-Commerce
Now there are actually many types of e-Businesses. It all depends on who the ultimate consumer is.
Some of the categories of e-commerce are as follows :
Transactions that occur between two organizations come under Business to business. Producers and traditional commerce wholesalers typically operate with this kind of electronic commerce. Also. it greatly improves the efficiency of companies.
When a consumer buys products from a seller then it's business to consumer transaction. People shopping from Flipkart, Amazon, etc is an example of business to consumer transaction. In such a transaction the ultimate consumer himself is directly buying from the seller.
A consumer selling product or service to a different consumer could be a consumer to consumer transaction. For example, people put up ads on OLX of the products that they need to sell. C2C form of transactions generally occurs for second-hand products. The website is simply the facilitator not the provider of the products or the service.
In C2B there's a whole reversal of the normal sense of exchanging goods. This type of e-commerce is extremely common in crowdsourcing based projects. A large number of people make their services or products available for purchase for companies seeking precisely these kinds of services or products.
The Consumer-to-Administration model encompasses all online transactions conducted between individuals and public administration. Some examples of applications include
Education – disseminating information, distance learning, etc.
Social Security – through the distribution of data , making payments, etc.
Taxes – filing tax returns, payments, etc.
Health – booking appointments, information about illnesses online, payment to health services, etc.
This part of e-commerce encompasses all transactions conducted online by companies and public administration or the govt. and its varies agencies. Also, these forms of services have increased considerably in recent years with investments made in e-government.