Traditional Business vs E-Business:
Traditional or brick-and-mortar businesses were product-centric, with companies competing on the basis of product innovation and differentiation. But in the e-business era, companies focus on customers and take a customer-centric approach. In the traditional business, companies created products and customers purchased them. But now customers are a part of product design and they dictate terms to create with regard to the features of products. Procter & Gamble (P&G) has prepared the "P&G Advisors" program to collaborate with customers in developing new products. Customers wants new products and provide feedback, allowing P&G to define products and marketing plans. Before using the Internet, P&G spent $25,000 to test each product concept and took two months to take a test. Now, P&G may do the same test at a cost of $2,500 and obtain results in two weeks. P&G is also using the Internet to give these new products to market. For example, when launching its Physique load of hair care products, P&G invited consumers to register on its Physique.com website to sample the new products. Within 12 weeks, more than five million consumers visited the site.
Information is essential for conducting e-business. Thus, information storage, capture and dissemination are important activities in organizations that have related e-business. The volume of data that is collected and analyzed is substantial in e-business. Although data was available, even before the Internet age, organizations could not analyze and cleanse the data to get meaningful information. But now modern technology has made real time information processing possible. This has improved the productivity and efficiency of organizations and enabled them to offer high quality customer service.
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