Online learning involves courses offered by post-secondary institutions that are 100% virtual, excluding massively open online courses (MOOCs). Online learning, or virtual classes offered over the internet, is contrasted with traditional courses taken in a brick-and-mortar school or business building. It is the newest development of learning in distance education that began in the mid-1990s, with the spread of the internet and the World Wide Web.
Learning experience is typically asynchronous, but may also incorporate synchronous elements. The vast majority of institutions utilize a Learning Management System (LMS) for the administration of online training courses. As theories of distance educational learning evolve, digital technologies to support learning and pedagogy continue to transform as well, creating more jobs in the online community.
One might wonder:
- What are the advantages and disadvantages of online business?
- What is online success?
- What makes an online course successful?
- Is online business successful?
- What kind of online business is most profitable?
- How can I succeed online?
What are the advantages and disadvantages of online business?
Online Business or e-business is any kind of business or commercial transaction that includes sharing information across the internet.
- Commerce constitutes the exchange of products and services between businesses, groups and individuals and can be seen as one of the essential activities of any business.
- Electronic commerce focuses on the use of ICT to enable the external activities and relationships of the business with individuals, groups and other businesses, while e-business refers to business with help of the internet.
- Electronic business differ from electronic commerce as it does not only deal with online transactions of selling and buying of a product and/or service but also enables to conduct business processes (inbound/outbound logistics, manufacturing & operations, marketing and sales, customer service) within the value chain through internal or external networks.
The term “e-business” was coined by IBM’s marketing and Internet team in 1996.
Advantages of online business
When looking at e-Business we have many advantages, which are mostly connected to making doing business easier. The benefits of implementing e-Business tools is in the streamlining of business processes and not so much in use of technology. Here are some:
- Easy to set up: electronic business is easy to set up even from home, the only requirements are software, a device and internet connection.
- Flexible Business Hours: There are no time barriers that a location-based business can encounter since the internet is available to everyone all the time. Your products and services can be accessed by everyone with an internet connection.
- Cheaper than Traditional Business: Electronic business is less costly than a traditional business, but it is more expensive to set up. Transactions cost are also cheaper.
- No Geographical Boundaries: The greatest benefit is the possibility of geographically dispersion. Anyone can order anything from anywhere at any time.
- Government Subsidies: Digitalization is very encouraged by the government and they provide necessary support.
- New market entry: It has a great potential to enable an entry to a previously unknown market that a traditional business could not.
- Lower levels of inventory: Electronic business enables companies to lower their level of inventory by digitalizing their assets. (i.e: Netflix does not sell anymore physical DVD’s but proposes online streaming content instead).
- Lower costs of marketing and sales: E-commerce allows the actors of the industry to advertise for their product/service offer (i.e: house rental) at generally lower costs than by promoting physically their business.
Disadvantages of online business
Despite all the advantages there are also some disadvantages that we need to address. The most common limitations of electronic business are:
- Lack of Personal Touch: The products cannot be examined or felt before the final purchase. In the traditional model, we have a more personal customer experience, while in electronic business that is mostly not the case. Another missing factor of personal touch could also be in online transactions.
- Delivery Time: Traditional business enables instant satisfaction as you obtain the product the moment you purchase it, while in electronic business that is not possible. There will always be a waiting period before you receive the product. For example, Amazon assures one-day delivery. This does not resolve the issue completely, but it is an improvement.
- Security Issues: Scams could be mentioned as a factor for people’s distrust in electronic business. Hackers can easily get customers’ financial and personal details. Some customer still finds it hard to trust electronic businesses because of the lack of security, reliability and integrity issues.
What is online success?
An online community, also called an internet community or web community, is a virtual community whose members interact with each other primarily via the Internet. For many, online communities may feel like home, consisting of a “family of invisible friends”.
Those who wish to be a part of an online community usually have to become a member via a specific site and thereby gain access to specific content or links.
An online community can act as an information system where members can:
- comment on discussions
- give advice or collaborate
Commonly, people communicate through:
- social networking sites
- chat rooms
- e-mail lists
- discussion boards
People may also join online communities through:
- video games
- virtual worlds
The rise in popularity of Web 2.0 websites has allowed for easier real-time communication and connection to others, and facilitated the introduction of new ways for information to be exchanged.
One definition of an online community is this:
- a virtual community is defined as an aggregation of individuals or business partners who interact around a shared interest, where the interaction is at least partially supported or mediated by technology (or both), and guided by some protocols or norms.
What kind of online business is most profitable?
E-commerce (electronic commerce) is the activity of electronically buying or selling of products on online services or over the Internet.
Electronic commerce draws on technologies such as:
- mobile commerce
- electronic funds transfer
- supply chain management
- Internet marketing
- online transaction processing
- electronic data interchange (EDI)
- inventory management systems
- automated data collection systems
E-commerce is in turn driven by the technological advances of the semiconductor industry, and is the largest sector of the electronics industry, making it the most profitable online business.
Modern electronic commerce typically uses the World Wide Web for at least one part of the transaction’s life cycle although it may also use other technologies such as e-mail. Typical e-commerce transactions include the purchase of online books (such as Amazon) and music purchases (music download in the form of digital distribution such as iTunes Store), and to a less extent, customized/personalized online liquor store inventory services. There are three areas of e-commerce: online retailing, electronic markets, and online auctions. E-commerce is supported by electronic business.
E-commerce businesses may also employ some or all of the followings:
- Online shopping for retail sales direct to consumers via Web sites and mobile apps, and conversational commerce via live chat, chat-bots, and voice assistants
- Providing or participating in online marketplaces, which process third-party business-to-consumer (B2C) or consumer-to-consumer (C2C) sales
- Business-to-business (B2B) buying and selling;
- Gathering and using demographic data through web contacts and social media
- Business-to-business (B2B) electronic data interchange
- Marketing to prospective and established customers by e-mail or fax (for example, with newsletters)
- Engaging in pretail for launching new products and services
- Online financial exchanges for currency exchanges or trading purposes.
How can I succeed online?
Online success mainly depends on its users, in theory, everybody can succeed, but does the theory hold true in practice?
The idea is that the online community is a special group of people who have special characteristics. To account for these special characteristics, I have provided the following factor model:
- Computer skills
- Flat hierarchy
- Type of knowledge
- Fast changing rate
- Peer review
- Easy usability
- Fast access
- Infinite reach, multilingual
- Flexible structure
All of these factors play together to accomplish the goal of successful knowledge creation and knowledge sharing.
I hope that you have really enjoyed this post,
Please Leave All Comments in the Comment Box Below ↓
14 thoughts on “Online Success”
There are many things to do online, one can learn and earn online especially now during this pandemic, the best place to work on is online, there are many ways to succeed online, and as you rightly said online success depend on the user.
The factor model is cool especially the user factor..
Thanks I really enjoyed the post.
Thank you so much for reading, commenting and enjoying reading this Online Success Post. I agree with your comments whole heartedly.
Many Blessings To You My Friend!
Just read your article “Online Success”. I enjoyed reading your article. If you have determination and patience, you will get online success for sure.
There are many things to do online, Blogging, Affiliate Marketing, Freelancing and many more things. One can learn and earn online. It is not that difficult to learn new skills online.
As you have mentioned, Online success depends on the mentality of the user.
Thank you for committing a portion of your time to read, comment, and considering this Online Success post, a thought provoking, enjoyable article that I have written.
Blessings To You!
More people are starting to consider building a business online.
The advantages to working online far outweigh the disadvantages. As you mentioned it is easy to setup, flexible business hours, no inventory and let us not forget the commute to your office in your own home. How nice is that. All you need is discipline, good work ethics and a do not give up attitude.
Thank you for your comments about Online Success.
There is value to be found in everyone where love and tolerance is exercised. The economic measure put around the harvest gives us a view that communal and equitable solutions can be found when we have peoples interests at heart.
Have A Blessed Day!
Well, I agree with you here.
The popularity that online business can bring, can help a lot with having your say over a number of things. Being able to actually influence a lot and doing the very major things too. I value all you have shared here and it is quite great. For anyone willing to get started online, Wealthy Affiliate can be the perfect avenue to kick-start the business.
Good one here
Thank you so much for your kind words. I will definitely have more information that will be continue to be helpful for you. Stay tuned!
Many Blessings Unto You!
Definitely a great opportunity, but you must be willing to put in the work. Wealthy Affiliate is a great program for starting your marketing business. You can sign up for free and step-by-step training is provided. I have been with WA approximately two months now. I am enjoying the journey.
Thank you for the reiterating comment.
Thank you for emphasizing succeeding with an online community.
While many people start online businesses, few succeed at it. There are a lot of reasons why they fail.
But the majority of people who belong to online communities grow. They are a group of like-minded folks who do things in common and encourage each other.
If I will start my online business again, the first thing I will do is to belong to a relevant online community of like minds
Thank you for taking the time to stop by and comment about your interests concerning Online Success.
Have A Blessed Day,
Hey, how are you Brother?
First, I must say I love that you included God in part of your platform. Not something you see very often and it testifies that God is part of your daily life, Hallelujah.
I absolutely love, the little video boxes and the interaction boxes. I think you have a good understanding of how to engage people. This is a fun site to visit.
They are great.
I was able to listen to your about me video while checking everything else out. So much going on here, and so much content, and yet neat and organized. You have so much content, it is obvious you have been doing this for a while.
One thing I looked for and didn’t find was any ongoing classes offered by you in the area of online business success.
I am doing well, and I hope that you are?
Yes, GOD is absolutely the center of my life.
I haven’t personally created ongoing classes in the area of online business success, however, I followed the steps in the Wealthy Affiliate program to create my websites to look like they do now.
Thank you so much for your comments and interests.