EXPLAIN FIVE BENEFITS AND LIMITATION OF E-BUSINESS...
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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.
Limitations of e-Business
But it isn’t all good news. E-business does have certain disadvantages when compared to the traditional way of doing business. Some of the limitations of e-business are as follows :
Lack of Personal Touch: E-business lacks the personal touch. One cannot touch or feel the product. So it is difficult for the consumers to check the quality of a product. Also, the human touch is missing as well. In the traditional model, we have contact with the salesperson. This lends it a touch of humanity and credibility. It also builds trust with the customer. An e-Business model will always miss out on such attributes.
Delivery Time: The delivery of the products takes time. In traditional business, you get the product as soon as you buy it. But that doesn’t happen in online business. This lag time often discourages customers. However, e-businesses are trying to resolve such issues by promising very limited delivery times. For example, Amazon now assures one-day delivery. This is an improvement but does not resolve the issue completely
Security Issues: There are a lot of people who scam through online business. Also, it is easier for hackers to get your financial details. It has a few security and integrity issues. This also causes distrust among potential customers.
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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.
Limitations of e-Business
But it isn’t all good news. E-business does have certain disadvantages when compared to the traditional way of doing business. Some of the limitations of e-business are as follows :
Lack of Personal Touch: E-business lacks the personal touch. One cannot touch or feel the product. So it is difficult for the consumers to check the quality of a product. Also, the human touch is missing as well. In the traditional model, we have contact with the salesperson. This lends it a touch of humanity and credibility. It also builds trust with the customer. An e-Business model will always miss out on such attributes.
Delivery Time: The delivery of the products takes time. In traditional business, you get the product as soon as you buy it. But that doesn’t happen in online business. This lag time often discourages customers. However, e-businesses are trying to resolve such issues by promising very limited delivery times. For example, Amazon now assures one-day delivery. This is an improvement but does not resolve the issue completely
Security Issues: There are a lot of people who scam through online business. Also, it is easier for hackers to get your financial details. It has a few security and integrity issues. This also causes distrust among potential customers.
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Hope it is helpful
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