Business online- The Innovation in Trading
Business is no more limited to local or national market with the advent of Internet. The impact of internet technology in conducting business is huge and has been a catalyst in improving the overall business environment globally. Whether a small business unit or a Global Conglomerate, everyone has benefitted from conducting business online. Listed below are some of the benefits of conducting online business:
- One gets the opportunity to access the global market.
- Business can be conducted throughout the year and it can be kept open for 24 hours.
- Conducting business online gives you the opportunity to address customer concern in a better way due to the flexibility available with the internet.
- The biggest benefit would be savings in conducting a cost of business as one can deliver services anywhere in the world without setting up shops/office in every place.
- Business can be conducted with zero paper which helps in making the environment better.
- Online business gives one the opportunity to manage one’s business sitting anywhere in the world. Customers get the opportunity to navigate and learn about the products and services offered by you from your website instead of visiting you in person and will be able to place an order and purchase their desired product or services being in the comfort of their home. Business opportunities are many if one is serious to establish a business online. Some of them are narrated below:
- A trader engaged in trading activity would be required to establish a shop incurring a capital expenditure, appoint some staff to run the shop, incur maintenance of the shop and then face the limitation of the local market and limited customer. These issues are solved if the shop is run online. The business can be extended anywhere in the world and access to customers across the globe without having to establish shops at every place of business.
- The flexibility of managing your supplier as one gets access to suppliers all over the world and chooses the one with the best utility. One gets the opportunity to get goods at a much lower price and better quality. Also, it gives the opportunity to get rid of the monopoly of a supplier as supplier all over the world will be accessible.
- Communicating with your existing customers and your target customers has never been easier and less costly before the online business era set in. By means of sending emails and requesting to participate in surveys, one can target their customer online. Addressing the concern of customers and availing their feedback at real-time speed is also possible in online business only.
- Pricing, one of the most important elements of any business is based on the prices of products offered by competitors. Knowing our competitors is important to succeed in business. The Internet allows the opportunity to research on the strength and weakness of our business competitors to gain an advantage.
Online business has given a better opportunity to many entrepreneurs all over the world and has marked the advent of new business empires like Amazon, Flipkart, and Snapdeal. Even professionals offering services are now conducting business online. As we have discussed earlier, conducting online businesses gives a certain advantage then to run the business in a conventional manner. It is expected that in the near future we will find more and more online business ventures getting started and the existing business entities will also start to provide their services by online means. We can definitely say that the future is in online business and it gives the opportunity to anyone in the world to become a new age entrepreneur.
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