You might have heard e-business and e-commerce interchangeably, but are they the same?
E-business vs. E-commerce
In basic terms, e-business and e-commerce are the same. They are both online businesses that use electronic means to conduct business activities.
Let’s look at the term e-commerce first. The term refers to the business’s use of electronic networks to operate and deliver goods or services. Since then, it has become more popular than e-business.
Nonetheless, e-business is still widely used by business owners to describe any type of business that operates on the internet, including multi-channel businesses.
What is Ecommerce?
E-Commerce is a subset of e-business and covers the buying and selling of products and services over electronic systems such as the internet. Businesses that conduct their transactions online can be classified as e-commerce businesses. These include brick-and-mortar stores and online retailers that sell products or services on their websites.
Businesses that only have a physical presence but also have an online presence through their website are referred to as multi-channel businesses. Which includes both brick and mortar stores as well as online retailers. The latter can also be referred to as omnichannel businesses since they offer products or services using different channels such as in stores, online, or through mobile applications.
What are the Benefits of Ecommerce?
From a buyer’s perspective, there are various benefits when shopping online:
•Convenience – You can shop anytime, anywhere where you have internet access;
•Selection – You have more choices because they offer lots of different brands or products;
•Price – Online stores offer lower prices due to lower overhead costs;
•Reviews & Recommendations – e-commerce sites tend to have customer reviews and recommendations;
•Security – They have more security features compared to traditional brick and mortar shops;
•Support – You can easily get support from customer service agents when you have questions or concerns;
•Payment Options – There are various payment methods available for you to use;
•Refund & Return Policies – Online stores also offer money-back guarantees for items purchased from them. With so many options made available to you, shopping online has become a convenient way of getting what you want while saving time and money.
Why You Should Invest in E-Business?
The world has become increasingly dependent on electronic systems to conduct business, such as the internet.
The rise of e-commerce has led many brick-and-mortar business owners to wonder if they should move their business online or stay offline. To help you make an informed decision, we’ll compare some of the advantages of both businesses below:
Reaching Customers
• Online Businesses
Ecommerce companies can reach more customers all over the world because they can market their products using social media or through SEO (search engine optimization). Businesses with physical locations cannot reach as many customers as easily since they do not have access to these marketing channels or do not have enough resources to utilize them effectively;
• Offline Business
Brick and mortar businesses have physical locations which makes them more convenient for customers to visit. They also have a higher chance of getting repeat customers because these customers know that they can easily find them since they do not need to go through any hassle or inconvenience to look for them;
Maintenance Costs
• Online Businesses
Ecommerce companies do not have to spend money on maintaining physical locations which allow them to pass on those savings to their consumers;
• Offline Business
Brick and mortar businesses have higher costs due to maintenance costs and utility bills, among others;
Customer Service
• Online Businesses
Ecommerce companies usually offer 24 hours customer service that is easier for customers to access compared to offline businesses where the customer must go specifically at certain times when they are open;
• Offline Business
Brick and mortar businesses offer in-person customer service which is more convenient since customers will not have to wait on hold or send emails;