The most popular E-business model is business to consumer that is B2C. According to marketer’s latest forecast, worldwide business-to-consumer (B2C) sales will increase by 20.1% this year to reach US$1.5000 Trillian.

E-business advantages

There are huge advantages of implementing E-business strategy to increase your market share and availability in the global business environment of the 21st century

• Buy and sell anytime and anywhere that is 24/7/365
• Fast and easy way of communication between participants
• Global market availability and access to new markets and participants
• Reduce your operating cost of doing business globally as well as faster access to flow of funds across the continents

E-business Paradigm

The e-business paradigm is bringing an enormous change in our social-economic life style. Those geographies and societies with high concentration of e-business participants are quickly overtaking others in production, productivity, and profitable economic growth.

E-business became available as soon as the Internet was freed from its academic and scientific limitations in 1992.

The first e-Store appeared in 1993 and by 1994 you could order pizza via the Internet. Amazon.com and eBay were both formed in 1995, and one of the most amazing booms in history occurred. By 1999 the worldwide e-business market was worth $40bn

In the global Internet Economy of the 21st century we have left only two choices that are either to adopt the e-Business culture as quickly as possible and become a market leader or go on rattling with the Stone Age economy and led by others. To become the leader or led by others

E-business is not a new concept rather it is an evolution of traditional business practices taking advantage of the new technologies of the Internet age to enhance business efficiency and productivity.

The emergence of integration and networking in the late 1990 made many think tanks believe that the rules and regulations of the old economy and the way we operate business were no longer applicable. This led most of the business gurus to believe in e-business as the only mantra for the enlightenment new economy of the 21st century.

The Global Landscape: Though the express highway to globalisation is fraught with many obstacles, but the results are quite encouraging. Across the globe almost every type of enterprise small, medium, large, and MNCs are aggressively pursuing for globalisation.

It looks like that that we all are moving towards a gigantic global village where many new types of entrepreneurs are emerging with different types of products and services and hardly people understand to whom they are talking whether Mr David from London or Bangalore or Miss Sarah from Hollywood or Bollywood.

The globalisation is not the province of USA and OECD (Organisations for Economic Cooperation Development) large and wealthy corporations to plunder wealth by exploiting their merging market economies, rather corporations in the emerging market economies are taking full advantage of their entrepreneurial skills, low cost structure, vast pool of well-educated and trained professionals, and emerging customers.

“India’s best known example is Mr Narayana Murthy who used a $US250 loan from his wife to pioneer Infosys for offshore software outsourcing a quarter-century ago that now has a market capitalisation of $20 billion” – (The Australian, Tuesday, 22 August 2006, Page 34).

The four major emerging market economies so called BRIC (Brazil, Russia, India and China) are drivers of globalisation. China is already a major player in globalisation and India is also becoming a significant force in software engineering and back-office processing services, whereas both Russia and Brazil have also experienced a significant growth.

“If things go right, in less than 40 year; the emerging market economies so called BRIC economies together could be larger than G6 in US dollar terms and by 2025, they could account for over half the size of the G6” – Australian Institute of Management Journal (September 2006, The Global Wage, Daniel Di Filippo, Page 40).

Thanks to the Internet economy where the giant telephone exchanges have become mobile phones, post-offices have become stationary shops, and banks have become ATM machines. We are becoming a free democratic and cashless society where an average Australian can travel the whole world simply by a plastic card and mobile phone.

Slowly and slowly we are becoming a very sophisticated society with the two most essential items of life – mobile phone and plastic card. Almost every public and private sector is experiencing a significant growth in online transactions. Online transactions on the net and by mobile phone are on the rise whereas traditional cheque and deposit books are slowly and slowly disappearing.

The Future Trend: In the new emerging business environment of the 21st century electronic business, the technology will drive the business and there will be a brave new world of business platform built on nano and quantum computing technologies.

All the business process starting from procurement to warehouse management, from order to cash and after sale service will be built on a single platform to enhance efficiency and productivity. Perhaps there will be more vocabulary and acronyms pouring from the cosmos that the human beings have ever heard before.

Organisations that will be able to implement e-business as the core component will grow much faster whereas others will just be struggling as a tiny drop in the mighty ocean that sooner or later eventually be dissolved and carried away by the mighty waves of change.

The emerging global infrastructure is reshaping our society and the way we operate business. National boundaries are disappearing. Innovation, well-developed entrepreneurial skills, excellent product knowledge, and better understanding of human beings will be the key aspects for the success of any enterprise.

The days of the hierarchical career path are over and we can see the emergence of a new value-driven corporate world. It is going to be a big challenge for any nation or society to educate and train its manpower to meet the challenge of the 21st century knowledge economy for the prosperity of its citizens or pull back to the stone age of the old industrial economy, misery, and slavery.

This is a wake-up call. Those who wake up in time will reap the rewards, while others will go on sleeping forever back in the Stone Age. The frustrated people either will tear apart the nation or will leave the nation to go elsewhere for better opportunities.

We hear the wake-up call. We firmly believe that we have a responsibility to educate and equip our manpower with the knowledge and skills essential for the transformation of our stone-age economy to the knowledge management economy of the gigantic and integrated global village for the welfare and prosperity of our society.

Disclaimer

The information contained in this article is a guide and for general information only. It is not intended to be a substitute for independent professional advice. York Global (Australia) P/L accepts no responsibility or liability for the correctness, accuracy and completeness of any of the material contained and recommends that users of this information should exercise their own skill, care and judgment in the application of the information contained in this article.