Term Paper

“ Online Business Platform “

Course Code: ENG102 ( Sec 8 )

Submitted To:

Tara Shankar Sinha (TSS)

Senior Lecturer

Department of English

East West University

Submitted by : Group C

Group Members Name ID

Kaniz Fatema Tisha 2021-1-10-273

Awabin Hasan Pranto 2021-1-10-036
Akib Ahmed Arko 2021-1-10-039

Submission Date: 11.01.2022

Introduction:
Online business, often known as e-business, refers to any corporation or commercial transaction
that involves sharing information via the internet. The exchange of goods and services between
firms, organisations, and individuals is one of the most crucial parts of any business. Electronic
commerce refers to the use of information and communication technology to facilitate a
company's external operations and contacts with individuals, groups, and other businesses,
whereas e-business refers to conducting business via the internet.

Thesis Statement:
In this term paper we are going to discuss about target audience , economic system,
affect in daily life and digital development.

Target Audience:
Young people, people who work hard, and women are the primary target groups. Time savings,
the development of a secure platform, and the supply of indirect safety are some of the benefits
they will obtain from using an online business platform.

We conducted a survey on the subject of online business and it was discovered in this poll that a
large percentage of the target audience purchases from online stores and benefits as a result. For
example, 61% of customers buy online for home delivery, and 39% buy for convenience. Online
shopping is popular among young people and working women. We can also observe from the
survey that 52% of respondents buy things online on a regular basis. As a result, we can see that
the current generation of young people uses the internet to make things easier.

Economic System:
Bangladesh's economic growth is heavily reliant on businesses. Businesses nowadays are more
likely to sell things online rather than in traditional stores. Online businesses have exploded in
popularity over the last few years. This has greatly aided the economy's expansion. Here's how it
works: The online platforms are causing a significant shift in traditional company practices.
Going online has allowed the company to save a significant amount of money. Employees are
needed in smaller numbers in online firms. Online transactions are less time consuming and less
inconvenient. Product line management has grown simpler and takes less resources. Inventory
managers now have the option of shipping straight from warehouses. Customers' interactions
have become more convenient thanks to online platforms. All of this leads to higher productivity,
which helps the economy grow more.

Again, online enterprises assist organizations in reaching customers all over the world, allowing
them to conduct business internationally. As a result of online commerce, worldwide trade has
increased considerably. Small businesses can use online platforms to make themselves visible to
customers. Advertising can help you reach a wider audience, but nowadays, social networking
and content sharing platforms can also help you enhance your visibility for free.

The young and educated, as well as recent graduates, are more interested in internet business.
Their increased understanding is assisting this industry in becoming more efficient and
interesting. Even when it is not essential, people prefer to purchase new things from internet
merchants. One of the most significant advantages of online company is increased sales. This
business model may contribute to our country's overall economic progress.

Affect On Daily Life:

In terms of shopping and purchasing groceries in our daily lives, online business has made our
lives easier. The main advantage of internet purchasing is the time savings and ease of choices
provided by the online payment system. The majority of consumers nowadays choose to shop
from online stores since they offer a wide range of products in a short amount of time. According
to our survey, 42% of consumers prefer online stores and 28.6% are unsure about purchasing any
products. In this pandemic condition, health consciousness is the key reason for the large number
of internet consumers. People, on the other hand, typically use online platforms to purchase
things based on the occasion, as well as eye-catching advertisements in social media.
Furthermore, we discovered in our survey that the primary motivation for online shopping is
home delivery.
Despite the advantages of internet business, the platform has significant disadvantages. The
biggest disadvantages of using an online buying platform include being conned by internet
stores. Even though the online business owner is primarily accountable for providing original
products in terms of online products. Another concern is online company privacy protection;
occasionally, online platforms lack security in customer privacy, such as account information,
contact information, and address. Furthermore, when it comes to product delivery, the delivery
system is late, causing consumers to be dissatisfied, and in the case of everyday products,
consumer’s life can be hazardous.

Digital Development:
New features and a more secure payment method are being added to online businesses. In today's
world, most internet businesses rely on online marketing rather than television and banner
advertising. As far as online marketing goes, social media plays an important part. For example,
online business owners are holding live events on social media to attract customers and sell
products quickly and at a discount. As a result, the business spreads faster than it would through
traditional promotion, lowering marketing costs.

With online banking and online payment systems, as well as newly integrated mobile banking,
the payment system has evolved in modern times, opening up a larger market. Paying with an
online platform has always been risky due to the possibility of having your account stolen, but
new security systems have overcome that problem. People may buy things from all over the
world with a single click thanks to online business platforms that accept a variety of payment
methods. Furthermore, current technology is digitizing the delivery system; for example,
Amazon uses drones to deliver their products door to door in a short amount of time.

Conclusion:
With online banking and online payment systems, as well as newly integrated mobile banking,
the payment system has evolved in modern times, opening up a larger market. Paying with an
online platform has always been risky due to the possibility of having your account stolen, but
new security systems have overcome that problem. People may buy things from all over the
world with a single click thanks to online business platforms that accept a variety of payment
methods. Furthermore, current technology is digitizing the delivery system; for example,
Amazon uses drones to deliver their products door to door in a short amount of time.

Despite all of the advantages, there are certain disadvantages that need to be addressed. The
following are some of the most common electronic business constraints: Time to Arrive: Instant
enjoyment is attainable in traditional commerce since you receive the thing immediately after
purchasing it; however, this is not possible in electronic business. There will always be a period
of time between placing an order and getting the goods. For example, Amazon guarantees one-
day delivery. This is not a complete solution, but it is a step in the right direction. Security
Concerns: Scams may contribute to people's apprehension of electronic commerce. Customers'
financial and personal information is easily obtained by hackers. Some clients are still hesitant to
trust electronic companies due to issues with security, reliability, and honesty. Overall, we can
see that there are numerous advantages and disadvantages to doing business online. Regardless
of this, the online business platform has mostly benefited us. This company concept has the
potential to contribute to the general economic prosperity of our country.

Abstract:
The online business platform is a new manner of doing company that is gaining traction. It has
altered traditional business practices and opened up a slew of new possibilities. Many benefits of
online enterprises have made them more appealing to new entrepreneurs. We've put some light
on some key aspects of online business. Because it is simpler to reach people through internet
platforms, the target market has grown and become more diverse. Shopping on the internet saves
time and has also revolutionized our way of life. Shopping convenience is a fascinating aspect of
online commerce. The economy has grown quicker as a result of increased productivity and sales
growth. As a result, the online business platform has the potential to make a significant impact
on the world.

Appendix:
Our Survey Questions was:
1. Do you think it is important to protect your privacy when selecting and ordering products
from an online retailer? Explain why

2. What do you think? When it comes to selling authentic products, online retailers are
trustworthy? Explain why you think that

3. Do you prefer buying products from online rather than going to a physical store? Explain
your reason below

4. Do you plan to make online purchases in the next six months? ( Those who have no
experience in purchasing online )

5. Do you plan to make online purchases in the next six months? ( Those who have
experiences in purchasing online )

6. How frequently do you buy from online?

 Once in a month
 Twice a week
 6 months
 Occasionally

7. Your reason for buying from online

 Easy to purchase
 Home delivery
 Reasonable place
 Easy payment

8. Reason for buying from online during Covid 19 pandemic

 Healthy protection
 Social distance
  Deliver whenever you need
 Online money transaction

9. Online suppliers behave in the same way that they do on an e-commerce platform.
 Agree
 Disagree
 Strongly agree
 Strongly disagree
 Neutral
10. During an online transaction, online suppliers know that a customer is a legitimate user of
a valid account number.
 Agree
 Disagree
 Strongly agree
 Strongly disagree
 Neutral

Reference:
  Islam ,Tanvir , Bangladesh’s potential e-commerce industry , The Independent
Bangladesh
https://m.theindependentbd.com/post/254295?
fbclid=IwAR2jUWZDVzRZ3qc6v2bavaJOD_MgQvI9r6_I8HDfIkCOMxPoO2o9T-5Tias

 Folk. Emily , How Online-Only Businesses Are Changing the Economy , ECONOMIC
JOURNAL
https://www.economicjournal.co.uk/2018/06/how-online-only-businesses-are-changing-
the-economy/?
fbclid=IwAR3kkZ6nJJ1zgmeQEs8_v60dUEcNjQibuUm1wxSrtY7J63Ov22aUYaKCT48

 Ovi , Ibrahim Hossain , E-commerce will boost national economic growth' , Dhaka
Tribune
https://www.dhakatribune.com/business/commerce/2017/03/05/e-commerce-boost-
economic-growth?
fbclid=IwAR2FZ_uM6HsE2g1wOt6PsPeDTwl4HjIxWEyuivEso49hNA6iVF6DVVNzm
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