Lesson 1
Impact of e-business Elements
No matter
e-business has either already affected, or will soon affect, virtually every business market on earth. e-business alters market dynamics, breaks down competitive barriers, changes business models, and enables new competitors to challenge long-established players.
The value of transactions processed by e-business is growing fast. In 1999, business-to-business (B2B) e-business transactions exceeded $150 billion in value, and by 2003 it reached trillions of dollars. Business-to-consumer (B2C) e-business, although less than B2B in terms of transaction value, is growing nearly as fast. Though the growth of e-business is one reason to care about e-business, ultimately the main reason to care about e-business is its impact on market dynamics. The decisions you and your competitors make about how to transact business online will have a great influence not only on the profitability of your business, but also on its durability. To care about e-business today is to survive.
In this module, you will learn why e-business is so central to today's economy and how it got that way. By the end of the module, you should be able to perform the following tasks:
- what your company sells or to whom it sells,
- where it sells or how long it has been established,
e-business has either already affected, or will soon affect, virtually every business market on earth. e-business alters market dynamics, breaks down competitive barriers, changes business models, and enables new competitors to challenge long-established players.
The value of transactions processed by e-business is growing fast. In 1999, business-to-business (B2B) e-business transactions exceeded $150 billion in value, and by 2003 it reached trillions of dollars. Business-to-consumer (B2C) e-business, although less than B2B in terms of transaction value, is growing nearly as fast. Though the growth of e-business is one reason to care about e-business, ultimately the main reason to care about e-business is its impact on market dynamics. The decisions you and your competitors make about how to transact business online will have a great influence not only on the profitability of your business, but also on its durability. To care about e-business today is to survive.
In this module, you will learn why e-business is so central to today's economy and how it got that way. By the end of the module, you should be able to perform the following tasks:
- Describe the market trends and drivers that make e-business a compelling business solution
- Trace the history of e-business
- Chart the directions in which e-business is going and how it will likely change
- Discuss the technological tools available for building e-business architectures and solutions
- Define the basic challenges common to e-business solutions
- Describe why standards are a principal concern in e-business practices
The e-business elements that have the greatest impact on e-commerce are:
- Online presence: This includes the business's website, social media pages, and other online properties. A well-designed and informative website is essential for e-commerce businesses, as it is often the first point of contact between the business and its potential customers.
- Product or service catalog: The business's product or service catalog must be accurate, up-to-date, and easy to navigate. Customers should be able to easily find the products or services they are looking for, and learn about their features and benefits.
- Payment processing: E-commerce businesses need to offer a variety of secure and convenient payment options. Customers should be able to pay for their purchases quickly and easily, without having to worry about their personal or financial information being compromised.
- Shipping and fulfillment: E-commerce businesses need to have a reliable and efficient shipping and fulfillment process in place. Customers should be able to get their orders quickly and accurately, and without any damage.
- Customer service: E-commerce businesses need to provide excellent customer service. This includes being responsive to customer inquiries and complaints, and resolving any issues quickly and efficiently.
In addition to these essential elements, there are a number of other e-business elements that can have a significant impact on e-commerce success, such as:
By focusing on these key e-business elements, e-commerce businesses can increase their chances of success in the competitive online marketplace
The next lesson is about the business necessities and opportunities of becoming an e-business.
- Marketing and advertising: E-commerce businesses need to invest in marketing and advertising to reach their target customers and generate sales. This can include online marketing channels such as search engine optimization (SEO), pay-per-click (PPC) advertising, and social media marketing.
- Data analytics: E-commerce businesses can use data analytics to track their sales, traffic, and other key metrics. This information can be used to make informed decisions about product development, marketing, and customer service.
- Security: E-commerce businesses need to implement robust security measures to protect their customers' personal and financial information. This includes using secure encryption protocols and storing customer data securely.
By focusing on these key e-business elements, e-commerce businesses can increase their chances of success in the competitive online marketplace
The next lesson is about the business necessities and opportunities of becoming an e-business.