Glossary

What is E-Business?

Electronic business management is the process of conducting any business using the internet, extranet, web, or intranet (E-Business). Moreover, buying and selling goods or services via electronic commercial transactions, as well as providing customer or technical support via the internet, are all examples of this.

E-business is similar to E-commerce in that it entails more than simply purchasing and selling services or goods over the internet. In fact, it is a method of streamlining various business processes – from the planning stage to the implementation phase – by using digital information and advanced communication technologies.

Additionally, e-business includes online order processing, CRM (Customer Relationship Management), supply chain management, and other business processes.

Several Models of E-Business

1. B2C (Business-to-Consumer) Model:

In this model, buyers buy products and services that sellers sell directly to consumers over the internet.

2. Business-to-Business (B2B) Model:

Companies use the internet to conduct business transactions. In contrast to B2C transactions, B2B transactions usually involve multiple online transactions at each stage of the supply chain.

3. C2B (Consumer-to-Business) Model:

In this model, the value and demand for goods and services are determined by consumers. Two examples are reverse online auctions and airline ticket websites like Priceline and Expedia.

4. Consumer-to-Consumer (C2C) Model:

On third-party-facilitated online marketplaces like eBay, consumers buy and sell. Furthermore, in these models, revenue is generated through personal ad fees, membership and subscription fees, and transaction fees.

What are the Key Components of E-Business?

Business Intelligence (BI), CRM (Customer Relationship Management), Enterprise Resource Planning (ERP), SCM (Supply Chain Management), collaboration, online activities, and electronic transactions all are components of e-business. However, for e-business, the following areas are more essential. So, let’s come to the points directly.

1. E-Procurement:

E-procurement is also known as supplier exchange. Moreover, it entails using the internet to facilitate business-to-business, government-to-government, consumer-to-consumer, and service-to-consumer transactions. In essence, e-procurement is a method for businesses to save money and time by sourcing products and services electronically.

2. Online Merchants:

It is a website or application that provides electronic access to products or services, such as online shopping stores. Online stores are referred to as e-shops, internet shops, web-stores, virtual stores, web-shops, m-commerce, and online storefronts. Hence, these online stores' main goal is to save you time and money.

Therefore, by using credit cards, cash on delivery, or other payment methods, anyone can buy goods or services online. This is because the Payment Card Industry Security Standards Council (PCI SSC) requires it for those who accept online payments, online store owners should host their eCommerce websites on PCI-compliant servers.

3. Online Marketplace:

It is a type of electronic commerce that uses the internet to connect buyers and sellers of services or products. Also, keep in mind that an online marketplace's operator does nothing but display other people's inventory and facilitate transactions.

4. Social Networking Sites:

Online communities that are also known as web communities or internet communities are groups of people who communicate via the internet and share common interests or goals. Besides, it is used to plan out transactions between individuals and businesses.

5. Online Companies

Individual companies are linked together by the electronic business cooperation, which creates a virtual business with a common transaction offer.

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