What Are The Benefits of E-Business Technology
The internet has greatly changed the way business is done today and your company can actually take advantage of different new E-business technologies in-order to achieve a competitive advantage on the global or local market. In fact, the several innovations in technology and communication today have enabled businesses to operate globally through eCommerce which involves creating an online-store where you can sell different products and services. All in all, by understanding the benefits of e-commerce, your business will be capable of competing with other businesses and even grow at higher rate than never before.
List of Benefits of E-Business Technology:
- Improved inventory management: Today, there are multiple real-time inventory management softwares that allow businesses to monitor stock and even allow customers to make orders from the any company at any time of the day. In fact, inventory software saves companies a lot of money that would have been spent on hiring sales staff and also reduces on the risk of making errors during the ordering-process.
- All businesses are equal: with the use of E-Business technology, clients or vendors won’t be able to tell how big your business is and this actually allows small, medium and large businesses to compete favorably on the same market. For example small-business with a professionally developed and maintained website can look impressive on the internet hence giving it a chance to compete with large corporations. All in all, the internet is a platform that helps create opportunity for small businesses.
- Improved customer care/service: With E-Business, you can easily create a customer-service section on your business-website that allows customers to request product-returns or even use chatting-software to respond to customers in real-time. So, this allows businesses to improve on customer-service levels while reducing on the cost of doing business since companies won’t have to hire a support-team to respond to their clients.
- Improved marketing: E-business technology will help your company to get in touch with different online-customer easily than never before. In fact, more consumers are using the internet to get product-information, buy products and to even find vendors. So, using online advertising platforms like Google-adwords and Facebook-marketing will help to get your company in touch with different customers locally or globally.
- It saves small businesses a lot of money on startup: With E-business, small-businesses will be able to save a lot of money at startup because they won’t have to pay for storefronts, utilities and building-maintenance while even saving the time it takes to manage all that. In fact, some small-businesses today don’t need warehouses or stores but they actually sell products directly from the manufacturer to the customers’ cart which saves them a lot of money on shipping-costs and even makes products cheaper.
- Cheap Advertisement: Traditionally, businesses used to rely on advertising agencies to promote their brands to customer which was actually expensive and some small-businesses couldn’t afford it. However, today there are several online advertising platforms that are very affordable and convenient like Facebook-marketing, Google-adwords and a lot more. Additionally, these online-advertisement platforms will allow your products and services to reach a wider audience thus leading to rapid growth of your business.
- Improved communication: with E-business technology, businesses can easily and quickly communicate with customers and other business-associates hence leading to faster decision-making which saves time and money. In fact, there are several ways businesses and customers can communicate today and these include; Video-chats, phone-calls, instant-messaging and emailing but there are also translation software programs that allow people who don’t speak the same language to communicate when doing business. All in all, improved communication with businesses has led it improved customer-support and easy decision-making.
- It allows businesses to operate for 24Hrs daily: With E-business technology, companies’ no-longer have to wait for day-hours to open and even customers no-longer have to wait for stores to open in the morning. This is because technology allows customers to shop whenever they want and allows companies to operate for 24-hours a day through the use of online-stores/websites.
- Easy monitoring of consumers buying habit: with E-commerce, businesses can easily keep track of their customers buying habits and interests in order to provide them with right products and services all the time. In fact, by satisfying customer-needs constantly, businesses will be capable of building a long-lasting relationship with customers leading to business growth.
- A wider market base: with E-business/E-commerce, you will be able to market and sell your products/services all-over the world compared to a physical-store that limits your business to a specific geographical-area. So, this will allow your company to sell different products without any geographical-limits thus leading to an increase of customers and profits made.
- Easy Brand Awareness: With the use of E-business technology, you can easily boost awareness of your business/brand and the products/services you offer. This can be achieved through creating company websites/blogs, social-advertisement and even through Google-advertisement in-order to optimize and enhance a target-audience to your website/online-store. For example online-businesses like Amazon, eBay and a lot more use the internet to market their brands to customers all-over the world and this has actually allowed them to grow into big online-companies.
- It eliminates Travel costs: with eCommerce, businesses no-longer have to travel long-distances to buy products from wholesalers and even customers don’t have to travel to reach a desired store because they can simply visit an online-store and make purchases at anytime without travelling thus saving them a lot of time and money.