Business Development Plan for e Business
The term E-business or electronic business is derived from email or e-commerce where buyers and sellers used to communicate and offers opportunities to build a new marketplace. E-business not only provides E-commerce (buying and selling products through online) but also covers various internal processes of the organization like product development, finance, marketing, HR, knowledge management and inventory management. The E-business strategy offers various cost savings technique as well as improves productivity and efficiency of the organization. This strategy improves internal business operation by online and provides a good customer relationship.
There are various challenges for implementing the E-business strategy by the Company. When any company moves from existing business to E-business; it may face lots of hurdles related to Security, cost, value and interoperability. The various critical success factors in case of internal includes information technology awareness of the staffs, financial readiness, firm strategy, firm size, firm culture, management support and anticipated benefit. The external barriers for developing the E-business includes global and local competition, trust and culture, IT infrastructure of the organization, laws and regulations related to IT as well as new Govt. policy and rules.
In spite of various challenges, the E-business is growing today globally and it has major opportunities over traditional business.
Critical evaluation of the role of e business
The e-business tools are not only in the use of technology but a combination of business strategies like digitized products store, global trading, order management, price manipulations, advertising, sales promotion, customer management, online store setup, marketing, drop shipping, shipping, invoicing & packaging and payment options.
The new market findings are the main theme for e-business. The various roles are communicated through e-business and strengthen by quicker and easy communications, easily reach in the target segment, increased working hours as 24×7, assessing customer information easily, lowering transactions costs by online banking, minimizing stationary costs etc.
The new relationship between business and customer as well as performance improvement and creating values are done by E-business which is the front end of e-commerce. The speediness of global economy depends on E-business that is able to find new markets and new revenue opportunity. Several researches showed that e-business in several fields like airline tickets save 87%, banking sector saves 89%, e-bill payment saves 70% and e-purchasing of software saves 88% cost than traditional business.
The main category for E-business can be described as, E-banks, E-trade, E-learning, E-mail, E-marketing and E-transactions. The integration of information and communication technology (ICT) in business reveals the facility of encouraging greater customer participation, enhancing productivity, enabling mass customization as well as reducing costs.
The chosen marketplace is E-retailing platform that obviously help retailers for reducing costs, e-procurement in a common platform. E-retailing companies can also communicate for buying parts and supplies from other companies, collaborating sales promotion activities and also they can involve research about new products or markets through online. The e-business has various roles in e-retailing industry but there are various critical factors for opportunities, challenges, drivers and barriers in e-retailing industry. These are discussed below,-
- The selling is done through online in 24×7 manners with flexible time and place where multi-channel facility must be obtained.
- The operating cost savings policy and one-one marketing is obviously a great role.
- E-marketing: Information distribution about consumers and various market segments is achieved.
- Quicker sales are done in an efficient manner.
- The economic return from e-business is a great challenge.
- The uses of internet, buying by website access as well as online payment are a major challenge for most of the people.
- The competition is very high as most of the retailers are adopting the e-business strategy.
- New mechanism for company is accepted where most of the companies can do both retailing and e-retailing in parallel way.
- The supply chain relationship is increased if e-business strategy is accepted by the company.
- Due to increasing lifestyle change, new system should be accepted by the retailing company.
- Due to lack of awareness of Internet based application by the staffs as well as critical online selling and manual shipping; most of the retailers are disinterested for this strategy.
- Most of the retailers may face lots of trust and security issues.
- The ICT (Information and Communication Technology) skill gaps between the consumers and retailers.
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