Online Business (electronic business) is using technology to improve your business processes. This includes managing internal processes such as human resources, financial and administration systems as well as external processes such as sales and marketing, supply of goods and services and customer relationships.
The way in which you manage your business relationships has not changed but the way they are referred to when using eBusiness tools has. They are becoming more often known as:
Business to business (B2B)
Business to consumer (B2C)
Advantages of Online Business
Powerful, fast and efficient marketing and communication tool and medium
Low Start Up Costs
The internet is still a open market, lots of opportunities for new business models exist
Minimal startup time
Office & transportation cost savings
Unlimited possibilities for automation of your business. You can automate your order and payment processes
Super Fast Growth if You Right
Disadvantages of Online Business
Low barriers to entry which means that it is easy for someone to set up a website and compete with you
Business models can easily be copied
Can take a bit of time to train yourself, you need a bit of knowledge and skill for website
