What Is The Future Of E-Business?
We all know that the Internet has become the lifeline of any business. The simplest definition of Business is – Any activity or transaction which involves the exchange of goods and services with an objective of earning an income by making a profit. If this very transaction is executed over the internet it is called E-commerce.
Welcome to the New Future. How are you going to cope with the most challenging business changes you have ever faced? What are the top trends you must know about today? How can you better plan for the future? Whether that future is one minute or one year from today you need to be prepared to face the future challenges and risks.
An understanding of key future trends will drive opportunity for business leaders world wide.Key questions that must be integrated into future business strategy are: What are the top technologies and business processes that will shape competitive advantage? How will future economic trends affect markets? What new opportunities does science offer? What role will globalization and trade play in the future?
Much of how business does business is still trapped in 19th century models. There are trillions of dollars of products that are in inventories worldwide. Models for distribution and supply chain optimization, from procurement to marketing are frozen in time, too often disconnected from the electronic web of the enterprise. Suppliers, customers, agents, producers still are paper and distance constrained. The next generation marketplace will find a convergence of applied artificial intelligence, super fast optical networks, wireless systems, smart agents and real-time communications.
#2 Business Futures
Complex and real-time changes will become the norm for business in the 21st century. At the same time we forecast going back to the future. Business leaders need to develop a capacity to envision future opportunities as well as challenges.Technology will be the major enabling force for business in the future transforming supply chains, value nets, business models, work styles and opening up new global markets for expansion.The full integration of technology into business will transform commerce, just as society is being altered. This is the first wave of digital global electronic economics, a new model. The convergence of artificial intelligence, data mining, the next Internet, supply chain engineering, business process change and wireless eBusiness will create both disruptions and opportunities.
In the next evolution of business, where every business is an e-business, software agents and avatars will play an important role. Agents will help us navigate commerce, find information, negotiate deals and even keep us company.
#3 E-business is the future of business.
E-Businesses offer many advantages over traditional business. They help businesses overcome the physical constraints like space. They can offer the widest range of products to customers without actually having them in their warehouses. They can also offer fast and accurate transactions to the satisfaction of their customers without making a huge investment. Though e-businesses have global access, they cannot assume that their products will be accepted globally.
They need to customize their sites, features, business models and strategies to suit the customers' tastes and preferences that differ from country to country. As customers favor one-stop shopping experience, the e-businesses need to ensure that they offer a range of products and related services.
Since service is no longer considered an after sales activity, e-businesses should be ready to offer service the moment a user interacts with the company (even before he purchases a product from the site). Further, e-businesses should allow them to configure their own products and make modifications even after they send their orders. The website should be user-friendly and allow users to compare various products on offer and select the best one. To emerge as a true virtual business, organizations need to outsource all the functions except the one where its core competence lies. In e-business, players need to be proactive and play an active role in the continuous developments in technology. Technology infrastructure companies are working on convergence technologies in order to enable transmission of data, video and voice through a single network.
The current trends show that the use of the Internet, smart phones and the confidence of the people in using their credit cards online is growing exponentially. Hence, ecommerce is here to stay, and we have to adapt ourselves to becom smarter online buyers and sellers and web entrepreneurs – because all the basic principles of the real world business apply to ecommerce also.
The e-commerce spending and online buyers and penentration of e-commerce will surely grow but the growth will vary from country to country and affect the online market at various time periods, but eventually when all the continent markets mature, the global market will shrink the geographic boundaries further – giving rise to further impetus for a favorable online scenario.
Ecommerce is largely about execution. If you get the maths right, the rest should follow, given enough traffic and time for your site to establish. But for anyone involved in the ecommerce game, it is an environment that is constantly changing and upgrading as technologies improve and companies battle against each other to win a greater share of the pie.Perhaps one of the most exciting developments in ecommerce is one we are already starting to see in testing – drone delivery. Drones will in the future allow companies to deliver packages much more efficiently and quickly, with delivery times of just 60 or even 30 minutes from order entirely plausible. Drones will be sent out from distribution centres and travel directly to the delivery addresses provided, at significantly lower cost and logistical hassle than at present. Amazon, among others, are already seriously close to making this a reality across the entirety of their business, and it seems that others will be clambering to follow suit as quickly as possible.
#5 Black Friday Month
Black Friday ad Cyber Monday will spread to all of November, and in the hectic Christmas period, retailers need to be prepared earlier and earlier. We already have seen big brands such as Amazon and Argos stretch their sales far beyond the confines of the long weekend. This is forecast to spread into an entire month of sales and offers earning the monicker of Cyber November. By spreading the deals and tailoring your prices you can avoid gridlock in your store, online and physical.
#6 Internet Is Crushing Department Stores
There is one simple truth, internet retail is booming while brick & mortar department stores are in a free fall. The chart below from Standard Chartered Research tells the story."U.S. private consumption has shown ongoing resilience," says a note from Standard Chartered Plc via Bloomberg, "but this macro story masks sizeable divergence at the micro level, and this explains the wide interpretation of 'how's the U.S. consumer doing?' The micro story is characterized by a parabolic rise in internet sales at the expense of 'bricks and mortar' stores, particularly department stores."Internet business guru and financial analyst Robert Peck sees a shift in online shopping toward specialty boutiques and well run mom & pop stores. He says that as the internet generation grew up they don't have reservations against online shopping like their parents did.
Presumably, one of the main drivers of online shoppers to Amazon was a belief that you wouldn't get ripped off or have your credit card info passed around. This fear has dissipated over time but is completely non-existent with those that grew up with the internet.
#7 Ecommerce Is Growing Fast but Represents 7% of All Retail Sales
Ecommerce marketshare, as a percentage of all retail sales, has doubled since 2008, according to the United States Census Bureau. But brick and mortar is still a dominant player, by a landslide.This unique combination of fast-growth and low market share means that there is an enormous opportunity for the sector to grow and for new dominant players to outpace industry leaders.Enterprise retailers need to watch who’s emerging, track who’s loved, and research what’s driving success. In addition, companies must continue to optimize their in-store experiences with connections between online and offline worlds.
If you have an online business, you might have already gotten a whiff of this new, emerging trend. How to present goods and services to mobile users in a way that carves a bigger portion of revenues for an ecommerce business is on everybody’s mind.
Despite the rising number of mobile shoppers, retailers are still a bit slow to provide solutions that correspond to the exponential growth of mobile shoppers. This opens a huge room of opportunity for businesses of all kinds.
#8 E-Business going on peaks
E-business can comprise a range of functions and services, ranging from the development of intranets and extranets to e-service, the provision of services and tasks over the Internet by application service providers. Today, as major corporations continuously rethink their businesses in terms of the Internet, specifically its availability, wide reach and ever-changing capabilities.
They are conducting e-business to buy parts and supplies from other companies, collaborate on sales promotions, and conduct joint research. With the security built into today's browsers, and with digital certificates now available for individuals and companies from Verisign, a certificate issuer, much of the early concern about the security of business transaction on the Web has abated, and e-business by whatever name is accelerating.