Upon successful completion of this chapter, you will be able to:
- Define e-business and e-commerce and explain the difference between them;
- Describe advantages and disadvantages of e-commerce;
- Outline the business-to-consumer e-commerce cycle;
- List the major categories of e-business;
- Summarize the major models of e-commerce;
- Discuss the different technologies used for e-commerce;
- Define Blockchain technology; and
- Explain social commerce, and New Retail and the reasons for its increasing popularity.
As we learned in chapter 6, the internet has had a massive impact on the way we communicate and how businesses operate. Businesses have found new ways to reach customers, expand markets, and transact more efficiently in digital formats. Changes in technology have allowed new business models to flourish while also making it difficult for some industries to keep pace. In general, electronic business has created a revolution in business practices. However, if organizations are going to take advantage of electronic technologies, they must take a strategic perspective. Corporate strategy must align with the company’s e-commerce strategy. In this chapter, we will discuss definitions of electronic business and categories of e-commerce, as well as discussing the trends in e-commerce.