Do you own online business and want to move ahead to enhance your profits? If yes, it is essential for you to stay well-aware of the roles played by e-business, e-commerce, e-marketing and e-management in the success of a commercial unit.
Roles of E-commerce and E-business for an Online Business Success
Most of the time, online businesses use the terms e-commerce and e-business interchangeably. However, if you go for a detailed analysis, you will find a significant difference between the two. This is because; e-business is a business intel domain, while it includes electronic transfer, supply chain management, and cross-collaboration among different online platforms.
E-commerce includes both electronic and online retail transactions, as it lets you selling and buying of products or approaching prospects/customers globally. Other than B2C communication, e-commerce also includes certain B2B communications.
Until now, both e-commerce and e-business have benefitted a lot to online companies and individual business owners respectively in many ways. We know that e-businesses possess low overheads, because of which they are convenient for individual shoppers to want to avail benefit from less possible inventory costs. In addition, e-business is helpful for a small business venture to approach a wide audience specific to their own operating niche. On the other side, e-commerce is beneficial for big companies seeking to enhance their existing customer base online.
Role of E-marketing for any Online Business
E-marketing is an effective tool often used by online businesses to access a relatively wider target market and in turn, satisfy the specific needs of customers effectively and efficiently. Particularly, a large number of online and e-commerce websites use social media and content marketing strategies under e-marketing.
Now, the question that comes to our mind is how e-marketing is effective? The reason for this is that it helps in strong Customer Relations Management. CRM mainly aims to achieve drastic growth in sales and retention of customers, both of which are critical for the success of your business. In addition, CRM lets you use data science, especially data analytics to obtain essential insights and information about the specific behavior of customers. This further brings improvement to your business and fine-tune your offerings to enhance your competitive advantage.
Role of E-management for the Success of an Online Business
Along with the steps related to brand promotion or marketing, information technology has changed the way, in which we manage our online business. The Internet has drastically improved various management functions, which include planning, controlling and organization of tasks. You will get tons of innovative apps to accomplish the task of e-management even with a few clicks of your mouse.
Other than this, information technology facilitates remote access, collaboration and video-conferencing activities. Because of this, companies may easily conduct their business meetings, hiring or training procedures online and in turn, save both time and money.
Internet and e-management helped most of the multinational companies across the world. This is because; it facilitates cross-cultural collaboration among team members. On the other side, e-management has provided various managers of small and medium enterprises a pool of opportunities to boost their efficiency and productivity levels in the near future.