Role of E-Business in Business
E-business refers to any
business conducted online using the internet and related digital technologies.
E-commerce involves buying and selling products or services on the internet.
Think
of "e-business" as an umbrella term that encompasses e-commerce,
e-sales, e-banking, e-learning and online communication. It was first used by
IBM in 1996. Today, it plays a key role in the way companies do business,
shaping the global economy.
Reduced Business Costs
One of the primary benefits of e-business is its ability to cut
costs. This technology eliminates the need to have a physical presence, such as
a brick-and-mortar store or an office. Companies no longer have to rent a space
and pay for utilities unless they want to.
For example, if you provide PR and marketing services, it's not
necessary to rent an office. You can run your business remotely and reach
customers worldwide. Sure, you can expand your operations, rent a space and
hire staff but that's optional. You could just as well hire a remote team and
do everything online. The choice is up to you.
Additionally, e-business strategies like social media and online
advertising involve lower costs than traditional marketing which allows
startups and small companies to reach their target audience and compete against
big industry names without spending a fortune. Furthermore, technologies such
as AI and machine learning can help reduce your operational costs and increase
your productivity.
More Efficient Marketing
Over 93 percent of online experiences begin with a search engine.
Today, most customers look for information about products and services on the
internet. By implementing the best e-business practices, you can reach a wider
audience and increase customer engagement.
Modern technologies, such as programmatic marketing, use smart
data for more precise targeting which allows you to define your ideal buyer
persona and display relevant ads accurately. You'll no longer spend your
marketing budget on banners and digital ads that customers will either block or
ignore altogether.
Centralized Data
The latest e-business functions enable companies to store massive
amounts of data and keep it secure. Cloud hosting, for example, allows you to
take customer data, videos, contracts, employee records and other information
away from the office to a virtual storage location which means you’ll no longer
have to rely on USB drives or paper documents. Plus, you can access these files
on the go, regardless of your location.
Improved Inventory Control
In today's digital era, organizations can automate the inventory
of goods, process orders and accept payments without handwork. Modern
e-business practices allow e-commerce stores, logistics centers and other
product-based companies to gather information faster and have better control
over their goods.
Automated inventory management tools can free up your time and
eliminate human error resulting in lower operational costs and improved
efficiency. You can focus on the core aspects of your business without having
to worry about the small things.
Superior Customer Experience
Customer Relationship Management (CRM) software allows for more
efficient communication with your prospects and clients. With these e-business
solutions, companies can maximize upselling and cross-selling, get better
insights into their audience and improve customer experience.
If a customer contacts your team, they will be able to retrieve
key data related to past purchases and buying preferences within minutes.
Furthermore, CRM software automates everyday tasks, such as data entry, sales
tracking and reporting.
Higher Revenue
The latest e-business strategies can translate into higher revenue
for your business. They can not only reduce costs but also enhance
communication within your organization. Data-driven marketing, CRM software,
content management tools and other technologies contribute to your business
growth.
By integrating these solutions into your daily activities, you'll
get more done in less time. All of your employees, suppliers, customers and
processes will be interconnected. Your departments can share valuable
information in real time so they can achieve the desired result, whether it's
closing a sale or increasing marketing reach which can lead to higher productivity
and performance, increased customer satisfaction and efficient transactions.
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