Literature Review on Electronic BusinessIntroductionRecently, internet has grown and expanded to all parts of the world. The growth, which has highly been recorded in the developed economies, has resulted into a shift in the ways of trading from the traditional physical trading to a virtual form of trading that is commonly known as electronic commerce, electronic business or electronic trade. This paper is a literature review of what electronic business entails in terms of business module, products and services offered, its current development and chances of further development in future, and lastly the interaction between the electronic business and its clients and customers as perceived by different researchers. Electronic Business ModuleA business model is a logical structural design for information, product and service flows in addition to a description of the concerned business performers, their roles, and sources of income.
The electronic business models vary extensively depending on specific companies. This is due to variation in electronics services offered by different companies. According to Baghdadi (2004) the electronic market-reference model stands for vertical and horizontal dimensions. The horizontal dimension consists of three market transaction phases which are settlement, information and agreement.
While the vertical dimension contains four views which are classified into two chief blocks; the top two views centre on aspects of the organization while the lower two centre on technological aspects (Baghdadi, 2004). In their research work, Tsalgatidou and Pitoura (2001) urge that mobile electronic business transactions model engage several players, merchants, banks, typical customers and mobile network operation. The researchers also indicate that the participant workflow specifications are joined together with a single or a number of procedure specifications.
Therefore the mobile electronic business transaction model of abstract specification is a graph with a workflow specification nodes and it contain an arch, branded with procedure specifications, stipulating that protocol specifications is an etiquette, which is well-matched with first and second arch and might transmit a message between the two arch in a number of executions (Tsalgatidou and Pitoura, 2001). Electronics Business Products or ServicesIn electronic business, service is defined as any performance or act that a single party can give to another that is importantly insubstantial and does not yield into any form of ownership.
It can also be defined as an online utility that is offered for hire to customers, when perceived in terms of marketing, electronic service is defined as bits of value that assist individual in meeting needs and solving their problems. To some extent, electronic business can provide software functionality from one machine to another, which is offered independent of human view or interaction. Electronic business production can or cannot be attached to physical products. Contrary to the product, the services posse unique characteristics such as intangibility, simultaneity, heterogeneity and perish ability (Doukidis et al. , 2008).
Electronics business is an extensive business that deals with variety of services depending on the company preference. According to Cho and Park (2002) electronic business operates as three types of varying channels, which are communication, transaction and distribution channels. These channels work collectively to offer electronic business services which are classified as professional, supporting, interactive, and mass services. Cho and Parks also urge that this classification is based on online services proportionality and online interaction need. In their study, Doukidis et al.
(2008) state that electronic business entails carrying out business transactions through electronic means. Previously, electronic business was limited to World Wide Web and internet development, while today wireless communication and mobile technologies play an escalating role.