Nowadays, more and more businesses move to the online world. Having its own website is a must for almost any company.
Even for tiny bakeries, the common standard soon will be to have an e-commerce or e-business website. Further, we will tell you about the future of e-Business, why it is so crucial and why you should have your business online.
What is E-Business
E-Business (or online Business) is any kind of business or commercial transaction that includes sharing information across the internet. (Source: Wikipedia). So, it is a business on the web, usually a website of a company, whether it sells goods or services, online or offline, it can be a news portal or a personal blog having a single ad banner. All of it can be called an electronic business.
What is E-Commerce
E-Commerce is a part of e-Business. It is about selling online: either goods or services. Most of the websites are not e-Commerce ones. They may just provide with information or be business cards for any kind of business. Electronic Commerce further splits into smaller parts. You can find out more about e-Commerce on Wikipedia.
Here is why the companies need to have their businesses online.
5 Benefits of E-Business
Having an online business or just an online presence of your company has many benefits and advantages. Here are some of them:
- It is another (cheap) way of finding new customers. With good SEO work, it can become a passive and a very cheap source of new customers.
- It is a new distribution channel. A new place, where you can sell your products or services. It can be very expensive to rent an office or a shop in the place, where your potential customers live, while an online shop is much cheaper and efficient.
- It is another source of income. You can not only sell the products or services of your ‘real’ business online, but also earn on ad banners, affiliate programs, subscriptions and much more.
- It is a place for your customers to know more about you. Before purchasing your product or service, the potential customers might want to know more about you, how trustworthy you are and what reviews you have. A well-designed website is a strong signal of trust for its visitors. It is also a great place to communicate with your customers, get a feedback to improve your service and, as a consequence,
- It makes some business processes automatic. You don’t need to have a person selling vacation tours in your travel agency’s office. Your customers can buy them online on your once created e-commerce website.
They were just some of the advantages of e-Business and e-Commerce. Depending on the type of your business, the benefits can be limitless.
But, what are the trends in e-Business and e-commerce.
Trends in e-Business
According to the Entrepreneur website (and we agree with it), here are the 5 current trends in e-Business and e-Commerce:
- Compelling content. Interesting content that your customers enjoy to read, it should be relevant to your business and the interests of your target audience. It means good content on your website’s blog, compelling descriptions of your products and interesting information on your social media.
- Consumer fragmentation. Online business can sell its goods or services to any people in the whole world, in small villages in Namibia and unsafe places with recent conflicts. Still, targeting the whole world, you will have to compete with everyone. You need to choose your target audiences and split them into categories. Each of them needs a special approach and means of marketing.
- Same-day delivery. This is a revolutionary concept and one of the main reasons of growth of companies applying it. The most famous example is Amazon.
- Measuring connected devices. Very often, the customer journey goes through different devices. Starting to search for a general information about the company, the customer might move to his tablet the next day to see their offer, and buy from his laptop in a week. Analytics is very important in every business, online it is also very easy to measure different KPIs (Key Performance Indicators).
To know, what device and what version of their e-business the company should concentrate on, they need analytics on the online customer journey. The implementation is on the way.
- Social commerce. Social media bring a lot of target audience to the website; they are also the way to retain customers. The global trend is embedding e-Commerce in social media. Just in a few years, it will be possible to purchase goods on all major social networks.
More and more people use internet, social media and buy goods online. Since 2017, the mobile phone usage overtook the time that people spend on laptops. To get the general statistics and more trends on e-Commerce, here is an edition of Digital in 2017 report made by We Are Social and Hootsuite companies.
Not to miss the current trends of e-Business and use its advantages for your company or a new project, order an E-Commerce website now! The future is in your hands.
If you liked our overview of the future of e-Business, share it on social media. Good luck with your business!