Introduction to Online Business.
Online Business is also known as e-business or electronic commerce or internet business. Which means the transaction of online business is conducted over the internet.
Introduction to Business.
“Any activity which is undertaken with the objective of earning a profit is called a business”.
The activities rendered by a person/person under legal frame world to provide goods and services to all group of persons for the interest of enjoying some benefits is called “business”.
Such as hawkers, peddlers, Radio dealers, manufacturers, repairs centres, dry cleaners, banking, transporting companies, producer of different commodities etc.
What is Online Business?
Transaction’s of online business is conducted over the internet. This includes the exchange of information of value in the form of products and services as well as payments, using web-based technologies.
Where the transaction is done in mixed mode but orders and payments are completed online, while delivery is done offline.
Examples: Online shopping malls such as Amazon.com, computer stores such as Dell, Lenovo, HP and Acer, auction sites such as eBay, online bookstores such as Barnes and Noble and numerous B2B sites such as Alibaba.
It is no changed from regular business, excluding that it is smoothed by web-based technologies.
An online transaction can be done 100% online for electronic products such as music, video clips, e-books, air tickets, cinema tickets, hotel booking, share trading, banking service and more.
Why should businesses Extend their Businesses to online?
- The World Wide web has fashioned electronic or virtual bazaars where trading can be directed without any physical and time barriers.
- Electronic markets have the advantages of greater reach and richness than the traditional markets.
- Improved distribution of resources, relationships, and efficiency of economies as well as increasing competitiveness and diminishing costs,
Example: Telecommunication costs have greatly reduced.
Internet Business Or Online Business.
Internet Business and online business both are the same, however, the reasons can be very attractive because an online business doesn’t have the old-style hurdles that most new ventures face.
The following are the Reasons Why Online Businesses are the Best Investment.
- Offers Unbelievable Scalability.
Not every single online business is going to automatically switch into a huge success with rapid exponential growth.
Many entrepreneurs (businesspersons) start an online business thinking customer are automatically going to find them and sales will decant in. because they have a small track on the Internet.
Once a successful Digital marketing strategy is going to identify. an online business can simply open up its target and increase to grow very fast
- Offers Unbounded Independence.
In online business limitless freedom is offered. Business can be operated by laptops, tablets, business apps and VOIP communication systems that allow businesses to be operated from any location.
- Access to a Worldwide Market.
The gorgeous thing about an online business is the skill to run it 24/7 without boundaries. There are no physical limits and there are no specific hours of operation.
An online business can produce income around the clock, even while you sleep.
You have control to the entire world right at your fingertips. The bonus of being able to target exact states, regions, and countries gives an upper hand to online-based businesses.
- 24/7 365 Hour Availability.
Some fast food restaurants, grocery stores, and gas stations, they all manage 24-hours service, but it is impossible for most businesses.
An important benefit to having an e-commerce website is that your prospects and clients read your products and also place the orders at any time (day or night)
- Better Customer Support.
Through the Internet, you can answer the questions of customers, give sales webinars at any time.
You can also create a video, about product specifications. or a create FAQ (frequently asked question) section once. In this way, you’ll be providing better service.
- Very Low Start-up Costs.
An online business can be started at very low costs. There is no need to construct of the building, no vehicles to buy and few (if any) staff to hire.
Simply you have built your website and start online sell (product or service). In case if you are already selling offline then the transition can be very smooth.
The products you sell offline, the same products you can online. Pushing your business online simply gives you a new foundation of customers.
- Live / Work from Anywhere.
As long as you have a compact internet connection you can live virtually any place although you manage your online business.
Many persons live in one continent, the have their hosting on another and their warehouse on yet another.
- Reduce Operation Costs.
Just one only job can make an important change in cost savings. For example, receiving orders online decreases the need for customer service staff.
With complete sales and product information online, you’ll simply receive purchase orders and payments via email or into your database.
- Target the Global Market.
Through having a good website, you can exactly have thousands, even tens of thousands of people visiting your online store at once.
Imagine the possibilities for your company, if you could expose your products and services to a possibly limitless number of interested people.
Learn how to increase blog/website traffic. Therefore, Content marketing is a great way to increase traffic to your site / online store.
Social media can also be a powerful and inexpensive (free) way to drive qualified prospects to your site.
- Increase Company Responsiveness.
The internet allows you to distribute your suggestion, purchase order, order confirmation quickly.
Online supplies/stores will process orders and check them to the client.
Due to the workload of the sales on staff, it can take hours, or even days to process the order.
With the help of online store application, you can automatically track inventory, sales numbers, outstanding orders.
All Faster response time means happier clients and less administrative work for you.