Several decades ago nobody could have imagined that development of technologies would lead to major changes in business management. Moreover, we did not even suppose that a usual process of buying and selling which was implemented through real communication between buyer and trader would become so convenient and accessible. Till some particular moment communication was the only way of holding negotiations we got accustomed to, which now is being gradually replaced by this new possibility to do business by using the Internet technologies. From year to year “online business” method that was intended only for privileged is becoming more and more demanded and available for everyone in the cyberspace. Electronic business has a significant impact on company performance and new ways of growth and improvement are opened for its subsequent prosperity. This improvement is achieved by changing the concept of operations and establishing closer relationship with customers. The economic basis of electronic business is radically expanding the audience, increasing marketing effectiveness, accelerating the process of buying and selling of all kinds of goods and services
It cannot be denied that the main benefits of online business are its low start up cost and fast development in comparison with the common one. There is no need in renting a physical space as the cyberspace is infinite area to some extent and the seller can suggest a wide range of products. Therefore the clients have more extensive choice.
Small businesses might only need an email address to communicate with their clients, customers and suppliers electronically. Other businesses might use their website to conduct their entire business online.
The many benefits of online business include:
- Global accessible, 24 hours a day, 7 days a week
- Flexibility to improve client service
- Low Cost For Operations
- Reduce paper waste
- Manage from anywhere in the world.
- Convenience And Quick Service
- Measure And Track Results
- Demographic Targeting
- Data Collection For Personalization
- Instant Transaction Service
Customers may prefer to visit your website to find out about your products and services, instead of visiting you in person. They will also expect to see your website address and your email on business cards and other promotional materials.
In conclusion I would like to stress that all the mentioned advantages of online business are very strong and have conclusive proofs that maintaining business with the help of modern high technologies is optimized as much as possible and continues to develop day after day. For those who have never tried it, electronic business could be perceived as not serious occupation but this system really works. Just look at the real examples of such successful online companies like Amazon or eBay as they are the parts of the list of online giants with overwhelming profit made since their creation. Unfortunately, we should admit the fact that deficiencies hamper subsequent progress of online business techniques and traders have to cope with them. In the near future it seems to be the full dominance of high technologies in the commerce sector and its improvements would be interpreted as a fertile soil for the effectiveness of people’s saving time.