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Page 1 Emerging Modes of Business E-Business Definition: Buying and selling of goods and services over the internet Scope: Global reach, available 24/7, low operational costs Benefits: Convenience, wider choice, cost savings, personalized offerings Limitations: Lack of personal touch, need for technology competence, security concerns Online T ransactions: E-tailing, online marketplaces, electronic payments Resource Requirement: T echnology infrastructure, online marketing strategy, customer support Outsourcing Concept: Contracting business processes to third-party providers Need: Cost savings, focus on core activities, access to specialized skills Scope: Wide-ranging, from customer service to back-office operations T ypes Business Process Outsourcing (BPO): Customer service, HR, accounting Knowledge Process Outsourcing (KPO): Research, analysis, decision making Advantages: Cost efficiency, flexibility, quality improvement Concerns: Data security, loss of control, employee opposition E-Commerce Activities: Online buying and selling, electronic data interchange, automated data collection systems Framework: E-tailers, online marketplaces, peer-to-peer networks Advantages: Ease of transactions, global access, reduced costs Limitations: Security issues, limited sensory information, system and data integrity concerns Modes Business to Business (B2B): T ransactions between businesses Business to Consumer (B2C): T ransactions between businesses and consumers Emerging T rends E-Business: Innovations in digital marketing, customer analytics, cloud computing Outsourcing: Expansion to diverse fields, increased automation, ethical considerations E-Commerce: Mobile commerce, social commerce, electronic wallets, real-time consumer analyticsRead More
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FAQs on Mind Map: Emerging Modes of Business - Business Studies (BST) Class 11 - Commerce
| 1. What are the emerging modes of business commerce? |  |
Ans. Emerging modes of business commerce refer to new and innovative ways in which businesses are conducting their transactions and operations. This can include e-commerce platforms, mobile commerce, social commerce, and other digital channels that enable businesses to connect with customers and sell their products or services online.
| 2. How are emerging modes of business commerce different from traditional commerce? | |
Ans. Emerging modes of business commerce differ from traditional commerce in several ways. Firstly, traditional commerce typically involves physical stores or brick-and-mortar establishments, while emerging modes of commerce take place primarily online. Secondly, emerging modes of business commerce often offer greater convenience and accessibility for customers, as they can shop anytime and anywhere using their mobile devices. Lastly, emerging modes of commerce often involve the use of advanced technologies such as artificial intelligence and data analytics to enhance the customer experience and improve business efficiency.
| 3. What are the advantages of using emerging modes of business commerce? | |
Ans. There are several advantages to using emerging modes of business commerce. Firstly, it allows businesses to reach a wider audience and expand their customer base beyond geographical limitations. Secondly, it provides convenience for customers, as they can shop online and have their purchases delivered to their doorstep. Thirdly, emerging modes of commerce often offer lower costs for businesses, as they eliminate the need for physical stores and reduce overhead expenses. Lastly, these modes of commerce provide opportunities for businesses to collect and analyze customer data, enabling them to personalize their offerings and improve customer satisfaction.
| 4. What challenges do businesses face when adopting emerging modes of business commerce? | |
Ans. Businesses may face several challenges when adopting emerging modes of business commerce. Firstly, there may be a need for significant investment in technology infrastructure and systems to support online operations. Secondly, businesses may face competition from established e-commerce players or other businesses that have already established a strong online presence. Thirdly, businesses need to ensure the security and privacy of customer data, as online transactions are vulnerable to cyber threats. Lastly, businesses may need to adapt their marketing and sales strategies to effectively reach and engage with online customers.
| 5. How can businesses overcome the challenges of adopting emerging modes of business commerce? | |
Ans. To overcome the challenges of adopting emerging modes of business commerce, businesses can take several steps. Firstly, they can partner with technology providers or e-commerce platforms that offer ready-to-use solutions, reducing the need for significant upfront investment. Secondly, businesses can differentiate themselves from competitors by offering unique products or services, providing exceptional customer service, or leveraging their existing brand reputation. Thirdly, businesses can invest in robust cybersecurity measures and comply with relevant data protection regulations to ensure the security of customer data. Lastly, businesses can invest in digital marketing strategies, such as search engine optimization and social media advertising, to effectively reach and engage with online customers.
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Nov 24, 2024 Last updated |
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