The modern period is an era of technology, change, and globalization. Consequently, businesses worldwide are changing the way they are structured, operated, and use technology. There is a redesign of business procedures.
As mentioned above, e-business, e-commerce, and outsourcing are the three emerging modes of business that have hit worldwide trade.
E-BUSINESS
One of the best illustrations of how the current business world has changed is e-business. E-business, often known as electronic business, is the conduct of business, industry, and trade over a computer network using the Internet.
E-Business encompasses more than just sales; it involves a wide range of commercial activities and electronic transactions. From e-commerce to digital product development, production, inventory management, finance, HRM, and accounting, it shapes the modern business landscape.
Some of the major benefits of e-business include the transition to a paperless society, simple and quick setup, not constrained by geographical limitations, government subsidies, simple distribution method, reduced investment, and getting rid of middlemen.
E-COMMERCE
E-commerce refers to the process of trading over the Internet and includes a variety of ideas like online shopping, digital banking, online ticket booking, social networking, etc.
Establishing an e-commerce business necessitates the creation of a website – an e-commerce store, where products are displayed with descriptions and buyers can make purchases using payment options such as Razor Pay, CC Avenue, Authorize.net, and others.
The significant advantages of e-commerce include a quicker purchase process, establishing stores & product listings, cost-cutting, cost-effective marketing and advertising, unlimited reach, various payment methods, and simplified exporting.
OUTSOURCING
After having done with e-business and e-commerce, the chapter on emerging modes of business brings on the discussion on outsourcing. Outsourcing is the process of contracting a certain business function or activity to specialized firms or individuals.
Non-core areas such as software development, content writing, and client communication are typically outsourced to a company with greater expertise and resources. This allows the company to emphasize its core business and improve its bottom line.
The major benefits of outsourcing are cost benefits, exceptional services, zero setup cost, reduced labour costs, promotion of exports, employment, & entrepreneurship, and access to high-end services.
