Benefits and challenges of Online Business

Online business is growing very fast. It is mandatory for every business to come to online in order to gain more profit and for survive in this competition. As Bill Gates, the Founder of Microsoft said once “if your business is not on the internet, then your business will be out of business anytime”.

There are many advantages of online business but there are also some challenges.

I am briefly describing below the advantages and possible disadvantages respectively.

Advantages-

  1. Easy Access to Market- In many ways, access to market is not an easy task for a business. But there are some online platforms [1] to provide you a full access to the marketplace like MarketApp, Amazon and e-Way.
  2. Customer Intelligence – The reviews and feedback can be an useful tool in your business growth. You can get ideas from your customers how much modification is needed in your product or service.
  3. Widen your market / export – You can extend your business network to the local customers very rapidly and this can be game changer for your business.
  4. Potential for rapid growth – The retail sales is backbone for a business. Online platform can boom your retail sales.
  5. Reduced overheads – Online business is helpful to reduce your expenses in retail marketing. You don’t need to have staff for customer services.

Disadvantages-

  1. Website costs – It is a main issue in online marketing as creating, maintaining, hosting, and securing is not an easy task.
  2. Security and fraud – The risk of security and fraud is highly occurred as online business became in common.
  3. Advertising costs – Advertising is an essential thing in online marketing but it is very costly.
  4. Legal issues – In order to become a successful online businessman, you need to be aware from all legal issues attached with online marketing. There are various issues defined by government to protect the customer rights.
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