2 E’s: Business and online!
“The secret of business is to know something that nobody else knows.”
Aristotle Onassis
E-commerce and E-business are the terms used interchangeably. Sometimes they may be misplaced due to the similarity of their literal meaning with a minute difference. But in reality, the two terms discriminate from one another in many aspects and are not interchangeable, considering the meaning of both.
E-commerce
E stands for ‘Electronic networks’ and describes the application of electronic technology. E-commerce basically envelopes the outward facing processes such as trading online, transaction online, inflation of products via internet etc. Thus all the offshoots of the ‘tree trading’ via an electronic medium, making use of the technology of internet, are discussed under this one roof of E-commerce.
It is a market entry strategy which does not require the presence of a company.
With the help of E-commerce, a company can earn profitable revenue to a much greater extent.
Online business, online shopping, instant messaging, instant transactions, communication with online efficient clients, communication among global personnel, enterprise content management, order tracking, social media marketing, online merchandizing, promotions, teleconferencing and electronic tickets, all can be done via a single provenience ‘E-commerce’.
“The e-commerce industry is a force that no investor can afford to ignore.” Cushla Sherlock
E-business
E in E-business also stands for ‘electronic networks’. E-business not only covers outward facing process i.e. E-commerce but also incorporates the functional inward facing processes. These functional inward facing processes not only confront online trading but also include a broader aspect of E-commerce along with the business strategies required for the mediation and forging of a particular business via an electronic medium. The term E-business was coined by IBM’s market and internet team in 1996.
This type of business is a highly profitable domain- one that generated a mammoth of $53.2 billion in revenue in the first quarter of 2012 alone.
The types of E-business models include B2B, B2C and C2C etc.
All the marketing strategies and other substantial activities that are indispensible for running a business are all included in E-business.
“People don’t call it e-commerce anymore. It is called Omni-commerce, and it’s the idea the digital permeates every step of the purchase chain from product discovery to trial to pricing to actual purchase.” (Co-Founder of the Jordan Edmiston Group).
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