Digitalizing Traditional Business

 Digital business, also known as “E-Commerce” is the business conducted on online platforms. Most of the consumer-related transactions are conducted using the world wide web. In the dynamic and ever-changing business environment, it is the need of the hour to go online. All offline business houses are transforming their product catalogs to online to increase their popularity, increase goodwill and enhance customer satisfaction. With the growth of the internet, online business has formed a major chunk in the global business economy. In case of any doubt related to e-commerce, you can take help from Online Assignment help at a very affordable cost.

Introduction to Electronic Business

One can describe E-Commerce as a concept which enhances the reach of business without physically reaching out to various geographical locations. It helps a business to work on a global platform and perform functions like sales, sales promotion, purchases, Entity resource planning using the online platform.

Earlier the functions which were performed offline using physical mode are now taken over by online mode. Internal and external business processes are carried out using online mode reducing the cost and time involved in performing the functions. This has made the standard processes in the businesses effective, efficient and accurate.

In practical terms, E-commerce has enhanced business capabilities, improved customer relationships, improvised the business processes. It has also enabled the business to maintain the privacy and confidentiality of its operations.

Describing the types of online business

Various types of E-Business modules are present depending on the end user requirement. Some business models are illustrated below:

1. Business to Business (B2B)

Communication between two companies is categorized under Business to Business module of E-commerce. It helps the suppliers, creditors, debtors, and customers to improve communication. Thereby improving business efficiency.

2. Business to Consumer (B2C)

When the final customer interacts with the interface of the business, this is known as Business to Consumer module of business. Amazon and Flipkart are the major businesses who are involved in this module of E-Commerce. This is the business model in which the retail consumer purchases with the business.

3. Consumer to Consumer(C2C)

OLX being the biggest example of consumer to consumer business model, it introduced the concept of matching the need of one consumer with the other. In this business model, there is one customer who raises a request to sell a product and the other customer wants the same product, the platform acts as an intermediary to connect both the customers. Thus, the website is involved in providing services and does not provide any services. 

4. Consumer to Business (C2B)

In this type of business model, the consumer gives reviews or opinions about the business and the business uses the same to improve its products or services. It helps business take opinions from the public and develop its products or services in the same direction.

Conclusion

Technology has both pros and cons; E-commerce has given enormous advantages to the business to grow and prosper. However, it has posed various threats to the small business and thus leads to an increase in cyber-crime. For any help, feel free to reach Online Assignment help services.