Technology has played an imperative role in business operations. The advent of the Internet has given a new methodology to conduct business faster and cost-effectively in a limited time and space.
Internet is wrapped up with thousands of interconnected networks connected worldwide. The deployment of the Internet in business has given rise to performing business worldwide to an unlimited audience, and it is one of the best methods for globalizing business. Internet is a powerful tool for winning a business strategy that assists companies in competing with their competitors and improving customer satisfaction. Hence, the internet business model has been formulated to help companies choose the suitable model at the right time.
Internet business is simply not designing websites to promote the products, and it has a unique process to automate. Internet business helps manufacturers understand the customer’s wants and needs by understanding their behavior when they visit company websites or research relevant information. This, in turn, allows manufacturers and marketers to produce customized and personalized products.
Internet business has changed companies’ marketing practices to a great extent, and hence marketers need to be more proactive and creative to reach and convince their audience to buy products.
Today many companies have also set up extranets with their suppliers to facilitate information exchange, transactions, and payments. Internet business has given birth to e-commerce which is more and more specific when compared to internet business or e-business. The term e-commerce encourages companies to sell their products or services through the Internet. To be more precise about internet business, it simply performs business using the Internet for a worldwide audience to globalize business.