E-business stands for electronic business. Electronic business is also known as online business. Online business is a business where the transaction takes place online. Here, the buyer and the seller don’t meet personally. The term “e-business” was coined by IBM’s marketing and Internet team in 1996. E-business is a part of e-commerce. E-commerce means electronic commerce.
There are actually innumerable advantages of e-Business, the most obvious one being the ease of doing business. Some of the major advantages of e-business are as follows :
Easy to Set Up: It is easy to set up an electronic business. You can set up an online business even by sitting at home if you have the required software, a device, and the internet.
Cheaper than Traditional Business: Electronic business is much cheaper than traditional business. The cost taken to set up an e-business is much higher than the cost required to set up a traditional business. Also, the transaction cost is effectively less.
No Geographical Boundaries: There are no geographical boundaries for e-business. Anyone can order anything from anywhere at any time. This is one of the benefits of e-business.
Government Subsidies: Online businesses get benefits from the government as the government is trying to promote digitalization.
Flexible Business Hours: Since the internet is always available. E-business breaks down the time barriers that location-based businesses encounter. As long as someone has an Internet connection, you may be able to reach and sell your product or service to these visitors to your business website.