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Glossary

E-Business

Why E-Business?
There was a time when e-business was merely a word, a long distant dream but today, it is the need of the hour. Not much purpose is solved any longer by a website that does not facilitate online business. Providing an unquestionable edge over offline and traditional mode of business, e-business drastically cuts down on transaction costs and introduces your business to markets never imagined before. Internet has revolutionized the way you manage & service customers, the way you transact with suppliers and the way you combat your 'competition'. The trend of commerce in recent times has shifted to integration of existing and conventional systems and procedures to the Internet ones. The new technology wrapped as Internet-ready devices in the form of smart-phones, PDAs and other pervasive computing applications have so facilitated transactions that almost demands of all patrons, howsoever trying and seemingly arduous are met and business has begun to realize its ultimate goal of customer satisfaction. In this revolution, can you afford to hold your e-business-ising decision?

Benefits of the e-commerce revolution
e-commerce has evolved from consumers conducting basic transactions on the web, to a complete retooling of the way partners, suppliers and customers transact. Dealers and suppliers can be linked online, reducing both lag time and paperwork. Procurement can be conducted online by setting up an extranet that links directly to vendors, cutting inventory carrying costs and becoming more responsive to customers. Web-enabling billing and payment systems can streamline financial relationships with customers and suppliers.

Expanding Market Reach/ Sales Bandwidth
Breaking barriers of geographical locations, online business brings the World Wide Web in your stride, making you accessible to the widest audience ever, it generates strong visibility. It’s like putting up a hoarding the whole world can see, where the planet becomes your marketplace. With increased number of prospects, sales too begin to charter an upward flight and higher revenues pour in.

Strengthen your Customer Relationship
With a service center that is open 9 to 5, your customers suffer in the hours that are shut. But the Internet provides a platform where you can actually offer 24 hours a day, seven days a week’s support. With new technology facilitating voice and chat features, you can respond to your customers' needs immediately and dynamically. Regular users or interested clients may be easily kept up to date by announcing new services through e-mails or e-newsletters, thus deepening the bond between you and your consumers.

Enhanced Business Intelligence
Technology today enables you to know your customers better than ever before. You know actually which market likes you most, which aspect of your products or services are most accessed or preferred over which others and the like. Your online presence increases your accessibility to information - a better-informed person can obviously make better business decisions!

Efficient Supplier Network
The Internet has ushered speedy communications facilitating the implementation of Just In Time methodology. Resultantly lag time reduces and drastic cuts on paper work are seen, most information being exchanged electronically. A strong supplier network acts as a key to reduced transactional costs.

Bottom line-Beat the Competition
With increased profitability, enhanced customer services, amplified brand visibility, satisfied consumers and strong supplier network, what automatically results is a successful company that need only retain its position expanding markets and cutting down costs and obviously leaving a battered competition behind!