It is an open fact that businesses today are experiencing a big digital transformation. Owing to the pandemic situation, there has been a steep rise in digitalization in all businesses. This has had adirect impact on the balance of the physical business world versus the internet-focused commercial transactions. No doubt, the lockdown has catalyzed an e-commerce boom, and the subsequent pandemic situation has further accelerated the shift away from physical stores. This clearly indicates thate-commerce and e-business are here to stay for long, even after the pandemic gets over.
If you see, the increasing use of the Internet for commercial transactions has brought in a number of benefits for businesses,including business productivity, cost reduction, consumer convenience, and greater efficiency. As a result, the Internet has caught up with all businesses, and not just the big ones, catalyzing the emergence of e-commerce and e-businesses in the post-pandemic world.
E-commerce and e-business: Understanding the Terms
As the Internet starts to seep into every aspect of the modern lifestyle, e-Tail, e-commerce, and e-businesses are getting popular. Basically, all these terms are related to any product or service sold over the Internet.
e-Tail is internet-based retail business, which uses digital platforms and the Internet to sell products and services directly to consumers. E-commerce has a wider scope than e-Tail, which includes digital transactions and activities like transferring of money, m-commerce, online supply chains, digital marketing, and more.
On the other hand, e-business is a much wider and broader term that is inclusive of all forms of the digital version of business. E-business includes a diverse set of online activities that supports everything prepared for the implementation of business processes. One of the primary reasons why businesses today are making a shift to e-business is that it is easy and affordable to set up with no geographical boundaries and flexible business operational hours.
The Impact of the Post Pandemic Shift on the Business World
In the post-pandemic world, it would be virtually impossible for any kind of business to refrain from the power of the Internet. With a greater number of consumers shopping online directly and more frequently, it is high time businesses make the shift. It is estimated that the retail department stores would decline by over 60%, while the e-commerce businesses will grow by nearly 20% in 2020. The resulting shift will see a major move for businesses from their traditional business model to the one that is grounded on the Internet. Not only small but big companies have been challenged to survive;nevertheless, the crisis has presented a few prospective opportunities for businesses to tackle and successfully transition to the new e-commerce reality.
The current pandemic is rapidly changing customer behavior towards online channels, and this shift will likely travel to the next few years. With the world becoming more digitalized by the pandemic situation and physical restrictions, the Internet is giving out to businesses an opportunity to boost their sales online. The contactless pickup options, hassle-free crowd-less shopping experience, and the preference for home delivery over a store visit, have all increased the online shopping habit among consumers. Thus, it has become a necessity for so many businesses today to extend their boundaries to the online platform.
With the businesses adapting to the new normal, having your knowledge updated to the trends and norms that will work in the post-pandemic world would serve as a vital benefit for all those aspiring to make their place in the arena of business management. In that sense, it is important that management professionals acquire the necessary know-how of the modern-day business world, and that’s exactly what we, at the K.R. Mangalam University, positioned among the Top Management Colleges in Delhi,are known for. We, at our School of Management and Commerce, are driven to develop sound management professionals who have the skills and practical adeptness toshoulder the responsibilities of the modern business landscape. We offer a holistic approach to pedagogy with a strong emphasis on concepts and theory,thereby deliveringan all-inclusive learning experience through fieldwork, case studies, and instrumented feedback. With the business environment prepping up for its digital transformation in the post-pandemic world, we, at KRMU, are here to produce professionally qualified business managers who are well prepared to embrace and work as per thenew and emerging business trends.