E-business has made shopping easy for us. We don’t need to go anywhere physically, we can shop from home and get great deals too. But do you know what are the types of e-business? What are its characteristics? Let’s find out more about e-business.
Introduction to e-Business
E-business or Online business means business transactions that take place online with the help of the internet. The term e-business came into existence in the year 1996. E-business is an abbreviation for electronic business. So the buyer and the seller don’t meet personally.
In today’s world, we are exposed to various forms of e-Business. Since its emergence, it has grown by leaps and bounds. Some predict that it may very soon overtake brick and mortar stores completely. While that remains to be seen, we cannot ignore the immense role it plays in the current global economy.
Features of Online Business
Some of the features of Online Business are as follows :
- It is easy to set up
- There are no geographical boundaries
- Much cheaper than traditional business
- There are flexible business hours
- Marketing strategies cost less
- Online business receive subsidies from the government
- There are a few security and integrity issues
- There is no personal touch
- Buyer and seller don’t meet
- Delivery of products takes time
- There is a transaction risk
- Anyone can buy anything from anywhere at anytime
- The transaction risk is higher than traditional business