Advantages of e-Business
- Save more – e-Business is about doing things faster, cheaper, and more efficiently. It’s about doing more with less. This means that you’ll be able to save time, money, and effort. In addition, the benefits of e-business are that it saves paper on forms and makes the process simpler for the customer.
- Instantaneous updates – Many people tend to feel that the only way to keep up with the increasingly fast-paced and complicated world of business is through communication. However, many people forget that one of the greatest advantages from electronic business is the actual speed at which information can be communicated. Today’s fast-paced society often requires quick decision-making in order to stay ahead of the competition. e-Business relies on electronic communication – which allows for timely decision-making and faster exchange of information than ever before.
- Virtual office – The office is not just behind the desk anymore. Today, offices are located in other parts of the world and may even be virtual. This is a fast-paced world that requires fast-paced decisions to be made, which is where e-business comes in. It allows for companies to take advantage of technology such as email and the internet to communicate efficiently with one another, using the Cloud for storage.
- Better marketing – As internet marketing becomes more and more prevalent, companies have been able to gain a lot of benefits. One of these benefits is the ability to get their marketing for cheaper. This allows for lower prices for consumers which in turn drives more sales. The other benefit that internet marketing has offered is more control over their brand. Companies are able to control how their company is portrayed on various websites through social media, which has led to an increase in positive consumer reviews and positive word-of-mouth advertising.
- More ways to make money – e-Business has many different avenues for making money. There are a lot of people who have been able to make a living off of the Internet. In most cases, the easiest way to make money on the Internet is through affiliate marketing. You can get started by creating an account and promoting products that will help generate traffic to your website. When people start visiting your website and buying your product, you will earn a commission from the sale.
- More accessible and more freedom – The freedom of e-business is that you can set up your own business from the convenience of your home and anytime from any location. All you have to do is purchase a domain, website hosting, and start uploading your own graphics. You can also utilise the e-commerce platform online. Moreover, e-Business is the new way of doing business. It has brought many changes, and it still has a lot to offer. Today, e-business is the fastest growing and cheapest form of enterprise. It has even been considered as an alternative to traditional advertising methods.
- Further Reach than brick and mortar stores – e-Business takes on many different forms, including small and large businesses. The Internet offers a wide reach for big companies that have an online presence, which is why it is becoming more popular for businesses of all sizes. Consumers can find these businesses quickly online, and the Internet has allowed these companies to reach out to a wider customer base. Not only does e-business give companies with a website the same opportunity as brick and mortar stores in terms of reaching consumers, but it also allows them to have more control over their business.
Disadvantages of e-Business
Not all e-business websites, platforms, apps, and businesses start off with a positive reputation. One of the biggest complaints people have is that they feel less secure because they don’t know who is on the other side of their transaction. There are also many cyber security concerns which can result in hackers stealing sensitive information from individuals or companies. Other disadvantages of e-business are as follows:
- No Personal Touch – The immediacy of online communication has a huge drawback for the small business owner. Customers can do their research in a matter of seconds, but face-to-face communication is very difficult to replicate online. For example, there’s no one to help you when you are looking for the right product; it could be the size, colour, or even if there’s a specific type of product that you need. You also can’t see what people are saying about your product or hear their stories. If a shopper has an issue with their order, they might have to wait days for someone to respond instead of just taking it back to the store and talking with a manager.
- Delivery or product/service is not fast – e-Businesses can be very passive, which means that customers who want to see a product or receive service are on hold for long periods of time. This is a big problem when it comes to making purchases. Customers may not want to wait around and get frustrated by the lack of action. Moreover, long delivery times for products are also a major turn off.
- Security concerns and privacy violations – The biggest disadvantage of e-business is the security issues it creates. For example, cyber crime is a growing issue that businesses are more sensitive about every day. Cybercriminals use many tricks in order to lure unsuspecting victims. One of their strategies is to create a fake website that looks like the real deal. They will offer a free trial or some other kind of gimmick that tempts people into clicking on it, and then they take over your account or steal personal information.
- Not accessible to all – There are many advantages to conducting your business this way, as there are very few barriers to entry. Moreover, we live in the Age of Information where we can access any information with just a few clicks or taps. However, e-businesses have the disadvantage of not being accessible by all people. Resources such as Internet access, computer hardware and software, broadband internet service providers, and even smartphones can be expensive for some people who might not be able to take advantage of the benefits that e-businesses offer.
