The business world has evolved over the years. The age where business was cumbersome and challenged due to market access has gone and in its place a new system has emerged. Businesses are therefore taking a global outlook and penetrating markets that they never thought of having they would so easily access (CNNUM 15). We may not give an answer as to whether online business is a good idea until we critically analyze it.
The benefits of online business are numerous. It is true that online platforms reduce the effects of geographical barriers. Online business ensures that there is access across the traditional markets in a more improved intensity than it was before where business could only operate within the borders of the country of origin (EU 5).
It is rather easy with online business to access increased funding in respect to expanded business field. Here some projects are able to attract investors who are motivated by the great returns from their investments.
With online business, the cost of structures in business is greatly reduced. It is because of the reduced workforce which is equipped to carry out manual duties. This is beneficial since the cost of maintaining the workforce as well as product promotion costs are greatly reduced (OECD 11). Some platforms such as Google and Facebook are common tools in online marketing. The platforms are used in arts industries even in the developed countries (R&D 9). This adoption is in support for online business.
Though online business is gaining popularity, there is the risk of interference and external intrusion born from the technological advancement. This poses a danger to ethical business practices.
The complexity of online business is threatened by different markets customized to different state economies that may cause some businesses to suffer losses (EU, 11) and thus limit the business returns. This is more common with economic slumps in different countries.
The social media platforms in use are also prone to hacking which can lead to distorted information being released to the customer.
In essence, though there are challenges in conducting online business, the advantages outweigh the disadvantages. This should be the next step to successful businesses. It is not in doubt that online business is a good idea. This is opening a new dimension in doing business and thus supports the argument that online business is a great idea. Measures to secure online business are getting better by the day.
OECD , ‘The economic and social role of Internet intermediaries’, April, http://www.oecd.org/Internet/ieconomy/44949023.pdf; and OECD (2013), ‘The Digital Economy 2012’, February, http://www.oecd.org/daf/competition/The-Digital-Economy-2012.
CNNUM, ‘Platform Neutrality: building an open and sustainable digital environment’, http://www.cnnumerique.fr/wp-content/uploads/2014/06/PlatformNeutrality_VA. (2014)
European Commission, ‘Consultation on Regulatory environment for platforms, online intermediaries, data and cloud computing and the collaborative economy’, 24 September https://ec.europa.eu/digital-agenda/en/news/public-consultation-regulatory-environment-platforms-online-intermediaries-data-and-cloud (2015)
European Commission, ‘A Digital Single Market Strategy for Europe,’ Communication to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions, COM (2015).
Digital R&D Fund for the Arts ‘Digital Culture: How arts and cultural organization in England use Technology’, http://artsdigitalrnd.org.uk/wp-content/uploads/2013
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