What are the advantages and disadvantages of e-business?

Ease of Formation

 The investment necessary to launch an e-commerce firm is almost non-existent. This is because it does not require a large amount of funds or resources to build the firm physically. As a result, it becomes a more straightforward style of commerce than the old mode.

Global Access

 E-commerce enables businesses to conduct business on a global scale. Entrepreneurs can reach a vast number of people with their products. Similarly, shoppers have a range of things to pick from. Thus, one could argue that e-commerce has shrunk the world to the point that international boundaries no longer matter.

Consumer-Friendly

 Consumers benefit from e-commerce because it saves them time and effort. It offers its customers a variety of payment methods, including debit cards, credit cards, cash on delivery, and EMIs. All of these alternatives are quite safe and secure.

The Disadvantages of E-business

Lack of Personal Touch

 In comparison to traditional commercial methods, e-commerce lacks a human touch, as neither the buyer nor the vendor are physically present at the time of the transaction. As a result, direct dealing of clothing, shoes, and jewelry is favored over e-commerce.

Lack of Security

 Online business and transactions are particularly vulnerable to internet dangers and cyberattacks. Possible hazards include the disclosure of credit/debit card information to third parties, the traders' anonymity, virus assaults, and hacking phishing.

Technical Drawbacks

 Online trading demands a basic understanding of computers and the internet. This frequently causes anxiety for those who do not understand how to utilize a computer. Additionally, this frequently creates a schism in society (dubbed the 'digital divide') between computer literates and computer illiterates. Additionally, websites may cease to function occasionally owing to technical difficulties or server downtime; this adds to the consumers' aggravation and may even deter them from returning to the website.

B. . Which do you prefer, putting up a branch in different countries or engaging e-business internationally? Why?

E-commerce and e-business.

It is more economical. Cost reduction is one of the primary benefits of eCommerce for businesses that keep sellers engaged in online selling. Numerous vendors are required to pay substantial fees to retain their physical business. They may be required to pay more upfront costs such as rent, maintenance, shop design, and inventory.

eCommerce enables vendors to make purchasing things as convenient as possible for purchasers. Increase sales by going where your clients are. If the majority of your clients shop online, you should as well! eCommerce enables you to meet your clients' shopping expectations.

In a physical store, merchants can only present a limited quantity of information about a product. Whereas eCommerce websites have, greater "space" to incorporate additional content such as demo videos, reviews, and customer testimonials to aid in conversion.

C. What would be the preparations before entering e-business?

. Before You Start Your Online Business, this must be the important things

1. Plan way ahead

While the first year of business is the most difficult, consider developing a year one-business plan and a five-year long-term strategy. The widespread belief is that enterprises collapse during the first several years. The plans for the first and second years can include extensive descriptions of what is required to achieve a positive balance, such as meeting quarterly revenue targets. Your five-year strategy should contain significant annual investments but be flexible once your business is up and running.

2. Take initial action steps

While preparation is critical to the success of your organization, time and action are critical in business. If you spend too much time in the planning phase, you risk becoming engrossed in the minutiae and planning indefinitely. Take specific, actionable activities that eliminate hesitation and forward your plans. For instance, begin by registering a business and a business name, and then leverage that momentum to get a domain name. Following that, you will need to select a hosting provider and begin developing your website. And so forth. Each action clarifies the next step, though you may always pause and return to your intentions. This simple technique enables you to complete some preliminary tasks and get started in the right path.

3. Plan your online marketing strategy

Marketing is critical for startups. How else are you going to get the word out about what you are selling? Develop a marketing strategy that utilizes all accessible platforms, including social media, paid advertising and pay-per-click (PPC), and SEO. This enables you to ascertain the consumer psychology of your target audience and the locations where they are most likely to congregate, giving you a competitive edge in retail. Additionally, a marketing plan provides an accurate estimate of the marketing budget and the amount of money required to fund those initiatives.

4. Acquire funding for startup and operations

Any firm requires cash to get started. In addition, while it may be far less for a business that conducts the majority of its operations online, you must still develop a financial strategy and raise the necessary capital to get started. Calculate the cost. Include startup costs such as technology purchases and web design, as well as ongoing costs such as software subscriptions, fees, and salaries. Make it as conservative as possible in order to optimize expectations while minimizing risk. After crunching the figures, you can anticipate the amount of revenue required to maintain a healthy financial balance. Not to mention, you will have a clearer idea of what your pricing strategy should be. Only when you have developed a strong financial plan can you begin looking for funding and determining the best route to take, whether it's a bank loan or withdrawing funds from your savings account.

5. Start with services then develop the product

Consider beginning your business by selling a service and working your way up to selling a product. In general, service-oriented firms require significantly less investment and development time than product-oriented businesses. Once business owners have survived the first couple of years, they frequently lose sight of the importance of strengthening their business model and scaling their enterprise appropriately.

Tips for an Efficient E-business

•      Communication

Maintain consistent communication and discourse with customers (via customer feedback and contact forms) regarding enquiries and complaints.

•      Software

You must develop sophisticated Customer Relationship Management (CRM) software that includes capabilities for online chat and ticketing. This CRM will aid in the facilitation of ecommerce communication.

•      Web Controlling Solutions

It would be beneficial if you added additional tools to analyze website traffic, user behavior, and to enhance the quality of your online store.

•      Regular Testing

You must enlist both internal and external resources to conduct a test of your complete ecommerce solution and operations to ensure that adequate security measures are in place for your online store.  Patience

It would be ideal if you dedicated a significant amount of effort to developing your e-business. The time it takes to build an internet brand might range from few months to several years! Ecommerce is not a silver bullet to success.