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E-business since time immemorial has existed and has been explored but the research report of several companies indicate that they did not reap benefits. And hence there should be certain web strategies to reap the benefits of E-business. E-business or Electronic business has been derived from the terms email and e-commerce and is the act of conducting and promoting business on the internet. It does not just involve buying or selling of a product on internet but also servicing the customers and connecting with business partners. And, so, the terms b2b and c2c came in vogue.

Most of the organizations today are building their businesses around this concept. While IBM was the first IT company to explore this concept, Amazon.com pioneered by way of selling books on the internet. Another company which reported huge profits was Dell computer.Today, we have traveling companies and even railways who are making big bucks out of E-business. The key to a successful E-business apart from effective strategies lies in realistic goal-setting and tactical planning. In contrast to the traditional business, E-business involves intangible assets. If certain web rules are followed, internet can be a very good medium for promoting business. Further, E-business offers the benefit of tracking your customer’s needs, details, their lifestyle and spending patterns.

The top businesses today are tapping a large number of customers by posing a threat to their competitors and by doing something extra and finding the real opportunities existing in E-business. It can not be ruled out that E-business has provided significant number of benefits.

· Better reach and penetration in terms of target segments.

· Resulting cost-effectiveness.

· Better communication between business partners and customers and more transparency in knowledge-sharing.

· Faster response as compared to other forms of media.

· No wastage as there is more control over the inventory.

· Better services and speedy delivery to clients.

· Enhanced productivity and efficiency.

· Better monitoring of customers.

But, it must be remembered that with out the successful implementation of strategy and integration of people with technology, E-business can not yield significant profits.

One must take up the following tips when pursuing E-business.

· Choose a product which will fit all class of target segments: Since, you do not know who are the internet users and your product viewer, you should try choosing a product which will suit all age-groups and all classes i.e. from premium to lower class.

· Prepare a customer profile: Once you have garnered the database reflecting their details, it becomes easier for you to devise a proper plan and marketing strategy.

· A well-laid out marketing strategy for each product you possess: After getting the response on one product and knowing consumer tastes, preferences, their attitudes towards the product, you can successively launch another product. Or you can think of promotional aids which will boost your E-business.

· Introduce your customers to new-age technology: Always make the best use of technology by resorting to online chatting, discussion forums, etc. to know and understand your customer.

· Never lose patience: This is something which is very, very important. In traditional forms of business, you may get quicker results since you can directly interact with customers, but promoting business on internet may take time as the customer may not immediately respond and further, the supply-chain mechanism also needs to be very strong. The business may come after a long time but the profits are enormous.

Managing your E-business by following the above tips is good from the viewpoint that E-business is the future of most of the organizations. The emphasis should always be on customer’s needs, understanding them and giving them what they want.

Article Source: ArticlesBase.com - For a Successful E-business