The Rise of E-Business:

E-Business has evolved wildely within a short time. It was virtually non existent until 1995, but by the strarting of the new millennium, $1 trillion worth of e business transactions (including business-to-business and business-to-consumer) took place.

The success of this electronic form of business is relay on customer trust and the availability of suitable technology. Organizations use e-business for a number of reasons. Some of these reasons are defined below:

• Transaction management: It is possible to completely integrate suppliers and  customers  using e-business, thus bringing down the transaction costs of purchasing. E-Business also does away with the problems related with time and distance.
• Business efficiency: E-Business relates to companies because of its ability to achieve efficiencies in distribution and production . Efficiency may be increased in the entire value chain, right from the procurement of goods to customer service.
• Reshaping customer relationship: The collection of data through the Internet helps organizations give better customer service. It also helps in targeting right customers for their services and  products.
• Reaching new markets and segments: The Internet creates it possible for companies to explore new markets by giving global reach. Foreign markets may be explored without a physical presence in the market. Moreover, time differences do not pose a hindrance to the study of those markets.
• According to studies, e-business may benefit organizations in various ways: increase revenues by about 10-20%, reduce costs by 20-45% and reduce working capital needs upto 60%. For example, Dell has been able to increase its revenues by 20% and profits by 85% by doing business online.

PricewaterhouseCoopers has denoted four distinct phases of e-business. The first phase is shown by the implementation of a website that will enable the concerned organization to buy and sell online. The second phase adds putting supply chain management processes online by linking suppliers with the enterprise, using extranets and intranets. In the third phase, the organization forms alliances (content, marketing and commerce) with other online players showing the adoption of e-business as a commercial tool. This changes the way in which the organization operates. In the fourth and final stage, there is a convergence that will lead to innovative products and services. Some of the key characteristics of e-business are:

• Customer is king: Customers have more choices since they can collect information on a range of competing products.
• Entry barriers are low: Entry barriers are low since the online model can be easily replicated by competitors at a lower cost. Although, conducting business online is relatively easy, digitizing the entire value chain and reaping the benefits of doing so is a difficult task.
• E-Business leads to disintermediation: In e-business, middlemen are replaced by infomediaries. Infomediaries offer information on products and services on behalf of the manufacturers. They link manufacturers and customers.
• Economies of scale: Since the fixed cost incurred on servicing customers comes down with the increase in the number of customers, organizations have to look for ways to attract more customers to their website. When the number of transactions increases, organizations can obtain economies of scale.

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