The meteoric rise of e-business models has transformed companies across sectors. However, some stubborn myths of e-business prevail among many traditional enterprises. With digital becoming deeply entrenched in the business fabric today, it pays to evaluate properly and dispense with misconceptions around the what, why, and how of e-business strategies. In this blog, we’ll look into the common myths of e-business and dispel the truth regarding the same.
An Overview of E-business
E-business encompasses the complete spectrum of operating a business online. It covers buying and selling, customer service, collaborating with partners, managing supply chains, marketing, and beyond.
The common thread is leveraging the internet, mobile, and other digital technologies to enhance processes. Selling online is an excellent way for businesses to boost the visibility and credibility of their brands online.
It saves the hassle of setting up expensive online infrastructure while leveraging the marketplace’s massive consumer reach. Such platforms dispel common myths of e-business regarding substantial technology investments or website traffic concerns in the initial phases.
4 Common Myths of E-business
1. It’s All About Fancy Technology
An automatic response is to assume that e-business success depends solely on deploying the fanciest, cutting-edge technology tools. However, experts emphasise that technology only plays an enabling role. The focus must be on solving business challenges and identifying opportunities through incremental digitisation rather than automation.
2. Security & Privacy Risks Outweigh Benefits
As companies big and small have moved business processes online, cybersecurity has kept pace, too. Rapid advances have made internet communication and online payments more secure than ever through encryption, tokenisation, multi-factor authentication protocols, etc. Stringent personal data protection regulations have also forced companies to revamp privacy practices. While complete security cannot be assured, there is now a greater emphasis on responsible adoption.
3. Domain Only for Big Players
Many retailers believe that doing business is only for large organisations. But that’s not the case at all. Companies across various sectors can effectively utilise digital tools and platforms, regardless of size or digital maturity. Identifying the quick wins and defining a roadmap to tackle mission-critical processes is key to comparing to peers.
4. Requires Radical Business Model Changes
Adopting an e-business doesn’t mean throwing your existing business model out of the window. The objective is to enhance, not replace, core processes. An online presence complements a retailer’s physical stores. Similarly, technology can make manufacturing production lines more efficient. E-business solutions can solve specific problems without the need to transform everything simultaneously.
While there’s always some uncertainty with new technology, not embracing digital changes can pose greater risks for businesses over time. The sensible approach is to tailor digitisation efforts to specific business goals, rather than be deterred by misconceptions about e-business.
By thoughtfully assessing and methodically implementing e-business strategies, companies can drive growth. This includes reaching new markets, improving customer experiences, and making operations more efficient.