The world has changed. We are living in an entirely different era. Who might have thoughts that the bricks and mortar business model would be changed to the bricks and clicks model. Yes, everyone is going online. Online business has the following 5 additional advantages that physical businesses don’t-
Ability of conducting business at every day throughout the year- E-businesses also popularly known as e-commerce have the advantage of running their business 24X7 without actually having physical presence in the business throughout. The physical storefront need not be opened all the time to receive orders from the customer and suppliers when you are doing business electronically.
Access to wider market area- Perhaps the best merit of conducting an online business is by having wider access to foreign market without fulfilling any formalities which physical businesses have to fulfil. Therefore they can serve the requirements of the foreign customers thereby making higher profits by capturing higher markets.
Reduced cost- Starting of a physical business requires large chucks of money. Starting from the incorporation to the actual commencement of the business there is a lot of cost the owner has to bear. However this is not the case with online business. There is ease of entry and exit, reduced cost involved in transportation, inventory management etc.
Provides increased purchased opportunity for the buyer- just as an e-business increases its sales opportunity for the seller it also leads to increased opportunity for the buyer. Buyers get wide range of products to choose from. This wide variety is available to customers 24X7. Some of the products are delivered through the internet which provides easy access of the product to the customers who can enjoy their purchase.
Increased customer loyalty-shopping from online business makes customers build a loyal connection with the business. Thus if e-businesses satisfy their customers they ensure increased customer loyalty and service which physical businesses fail to establish.
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