Digital Business: Trends, Advantages, and Impacts of Strategic Technological Alliances on ONBUY

This report provides an overview of digital business and its advantages for ONBUY, an online marketplace in the UK. It covers trends and implications of digital technology for managing virtual business in the global environment, evaluation of emerging business models to tackle cyber security and theft, impacts of strategic technological alliances on the business and its activities, and e-commerce principles to help with the business of ONBUY.

Digital Business

Table of Contents
INTRODUCTION ..........................................................................................................................1
MAIN BODY...................................................................................................................................1
An Overview of Trends and Advantages of Digital Technology and Implications for
Managing Virtual Business in the Global Environment.........................................................1
Evaluation of Emerging Business Models to Tackle Cyber Security and Theft....................3
Impacts of Strategic Technological Alliances on The Business and Its Activities................5
E-Commerce Principles To Help With the Business of ONBUY..........................................7
CONCLUSION................................................................................................................................8
REFERENCES .............................................................................................................................10

INTRODUCTION
Digital business can be explained as the process that uses digital technology to redesign
models of business and innovate a company's products and customer experiences. IN this report
an insight of ONBUY, an British online marketplace that provides variety of its products and
services across UK and established in year 2016. This organisation is among the fastest growing
B2C commerce industry dealing in variety of consumer utilities through its digital operations on
millions of products from thousands of retailers. This report covers, advantages and trend of
digital technology for managing virtual operations of business in global marketplace. Moreover,
evaluation of innovative digital technologies for termination of online business issues like fraud
and cyber security is explained. This report also explains about the strategic alliances through
digital technology for helping in business activities. At the end this report covers about the E-
Commerce principles that could be used by ONBUY to enhance its business operations.
MAIN BODY
Digital Business can be said as the wholistic business transformation through digital
transformation for optimising business. By the use of digitalisation techniques and organisation
is able to transform its activities through enhancing consumer experiences and connecting people
with new insights, values, things and experiences (Aghimien, Aigbavboa and Oke, 2020). There
are many advantages of digital technology the first and foremost is helping the company to
engage its customers by creating disruptive business models.
An Overview of Trends and Advantages of Digital Technology and Implications for Managing
Virtual Business in the Global Environment
There are various means and approaches of achieving success through the use of digital
technology. This process includes scientific studies and researches, innovative and critical
thinking, emphasising on knowledge of various processes, and at the end combining the
scientific and process knowledge(Bordeleau, Mosconi and de Santa-Eulalia, 2020). The aim of
digital business model is to cover, attract and maximum number of customers through consumer
engagement who are willing to pay the best prices. There are various components that were
required by ONBUY for using Digital Business mode which are elaborated below:
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 Digital engineering and Scientific Study: It refers to the transformation or transaction of
customers journey, enabling the swift constant innovation that helps to boost new brands
and industry-first technology for enhancing customer expectations. Digital Strategy: It can be said as the tool to proliferate and assimilate customer demands
and internal pressure to deliver products and services online. Implementing an effective
digital strategy by ONBUY across the complete business functions crucial for being
authentic to the customers. Interaction with Prospects: This, in terms of online business can be said as linkage or
effective use of AI for improving consumer interaction with the business. ONBUY uses
artificial intelligence in its software to make the site more adaptable to consumer
behaviour(Carletti and et. al., 2020).
 IOT or Internet of Things: Smart solutions and products that are powered by the IOT or
Internet of Things along-with the arrival of 5G has touched everybody's lives. ONBUY
aligned its connective activities by creating AI and interlinked connection between the
consumers and businesses to achieve improved efficiency, productivity and
transformation.
Digital business with the people centric views enables its customers to operate with
successful business functions and make their business more effective and profitable. Through
improved digital strategies an organisation can adopt digital innovations that will help an
organisation to stay ahead of its customers. Digital model has its many advantages on the
Business of ONBUY which involves: Crating Values by Improving customer Satisfaction: To win in this highly competitive
business world is impossible but being strong and ahead of competition is possible.
Having clear company values of optimising consumer experience and easy availability of
products and services to the consumers helped ONBUY to increase its operations.
Company has showed efforts to keep people safe during the COVID pandemic by
providing its services without hampering the lives of the consumers. Widens Connectivity: This is probably the most visible and conclusive advantage that
could be found out of the us of digital business strategy. The presence of digital
technologies such as use of internet, online stores, social networks, blogs, etc. has
provided opportunities to the company of wider visibility and operations across multiple
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sectors. For many companies including ONBUY the focus over their digital presence has
become important to cover and improve their digital strategy to shift their business from
traditional to advanced levels. Lowers Costs: Digital technologies can appear expensive, but in many cases it can be a
high cost efficient decision for the business. Digital technology can be a help in aligning
the overall activities and processes of the business which means that it helps to save
businesses funds (Corallo, Lazoi and Lezzi, 2020). Use of digital technology on business
could lead to long term growth as of seen with the ONBUY since the year 2019 to 2021. Better Decision Making: Digitalisation of activities helps to know every function of the
business by sitting at one place this means that knowledge will bring better decisions. The
digitalisation has transformed the impossibles into possibles, by making continuous
contacts with consumers and making the sellers and buyers know each each other.
ONBUY makes use of Big Data to make all decisions of the business and this affects
overall productivity of business. Access to New Technologies: With the development in digital technologism an
organisation could advance to the newer devices and gadgets such as microchips,
smartphones, mini computers, compact devices and drone technology. This would be
helpful in browsing, taking the organisation to the next level with the help of product
designing and placements.
 Automation: Virtual innovation uses electronic and semi electronic means to
communicate with the people and customers around the world(Del Giudice. And et. al.,
2021). Digital technology helps the customers to perform tasks by themselves. ONBUY
helps customers to access everything in one click and helped them to purchase things
without physically reaching to the shops.
Evaluation of Emerging Business Models to Tackle Cyber Security and Theft
Long before the emergence of digitalisation there were challenges related to the theft and
robbery of the products, services or funds, but now the scenario and methods has changed. In
today's world the dynamics in digital market and technological advancements aroused various
other ethical and moral challenges for businesses in regards to its activities with customers.
Some of the problems were like cyberattack that are faced by an organisation with its activities
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today. To overcome these challenges Businesses uses various models of Digital Business that are
marked below:
Models to Improve Digital Business Free-Model: This form of model is used by the most famous companies of the world
Google and Facebook. This model offers a service for free to everyone and when the
consumer becomes addicted that product is being Sold. On-Demand Model: In this model, no physical product or services are offered to the
customers. It shows the glimpse of certain products and/or services to be promoted on the
virtual sites(Dutta and et. al., 2020). E-Commerce Model: This form of business model is used by Amazon, Flip-kart and
ONBUY to place its products and services and offer physical products to the customers
on their demands. Marketplace Model: This is a type of two sided marketplace that can be found on the
web with almost every companies. It includes the companies such as Amazon, Uptown,
eBay and many others. ONBUY also uses this model to attract buyers and sellers to use
its digital business opportunities to connect with each other. Ecosystem Model: It is very complex but very powerful digital business model. Its
orchestrates are like Amazon, Google, Tesla and many others. ONBUY collaborated with
PayPal that uses Ecosystem Model which provided seamless payments and transactions
to its business. Experience Model: This model is brought up in resent years by TESLA an organisation
involved in many activities across the globe with its production of luxurious cars and
space exploration. They want to combine different experiences to bring new customer
centric ecosystem. Subscription and Open-Source Model: This form of model attracts consumers and get
them engaged to their services by providing subscriptions. This means that customers
needs to pay one time to access various services(Eller and et. al., 2020). Hidden Revenue Generation Model: Customers are key to every business and businesses
may not revel the incomes that they generate from their customers. Companies tries to
generate some extra incomes by providing online services that are not visible to
consumers.
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 Deloitte Model: It can be said as the transformation solution of the ways cyber security
is managed through algorithms and alignments in cyber security practices to achieve
operational excellence. This solution considers cyber security in wholistic manner
including security, governance, risk management and phasing.
Digital model has its own unique importance in improving the values, morales of
business and tackle the problematic situations(Hadjielias and et. al., 2021). Problems faced by
digital businesses are cyber security, product return and refund policies, feedback and customer
responses, degradation of technology, security in Payments, etc.
Impacts of Strategic Technological Alliances on The Business and Its Activities
With introduction of technology, digital partnerships are increasing day by day. It helps
companies to look ahead and make a major impact in digital era. There are various benefits that
ONBUY derived through strategic alliance with Pay Pal: Improved Efficiency and Productivity: Business success depends upon the efficiency
and productivity of business functions. Digital technology is vital to improve
management of operations, communication, social networking, content management, data
analysis and collaborations to improve consumer experience (Jabłoński and Jabłoński,
2020). Successful enterprises embraces use of technology to create digital work
operations that improves business cohesion. The availability of more information helped
ONBUY to make better and effective decisions and technologies makes this work easier. Encourages Innovation: It is a time for digital transformation for all the companies but
embracing complicated digital technologies can be a concern for many companies. In this
21st century, if a company wants to grow they need to be up to date with the digitalisation.
It can be termed as 'digital transformation' which can be explained as innovating the
business activities with the help of digital technology present. Emerging digital
technologies could help positively transform business performance with the aim of
increasing profits, enhancing consumer experience and cost reduction. Consumer Acquisition and Retention: The digital presence not only opens the pathways
for improving sales, but it also helps to develop new communication ways with the
consumers. Nowadays, the consumers needs direct contact options with their suppliers so
they can continuously interact with the company. Digitalisation is a way to increase
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loyalty, consumer interaction, experience and improve sales and entitles new
responsibilities. To generate chances in hyper-competitive market ONBUY deploys
digital technologies to enable personalised , unified and feedback experiences. Extends Reach Globally: Digital technologies does not have boundaries which eliminate
the barriers on trade on geographical locations. Consumers could communicate and link
to the company at anytime and anywhere when in need(Kharchenko and et. al., 2020). By
having advanced tracking technologies and IP addresses the ONBUY could place and
promote products that are needed at particular time at particular place. As the companies
are able to know the requirement and preferences of their customers they provide
specified list of those goods and products. Helps to Maintain Competitive Advantage: If a company uses digital technology, then it
will not fall behind competitors who do not choose to embrace it. If a company does not
uses digital-first then it could be low on sales, profits and would eventually go towards
downward trend. If the companies which do not use digitalisation early, they will fall
behind and try to catch those companies that are ahead of them. Embracing digital
technology or not embracing it could lead to the difference between a successful
company or unsuccessful one. Increases Sales and Profitability or Revenues: Digital technologies initially may look
expensive but these can be a highly cost effective decision. Digitalisation may be difficult
for any company but it will help an organisation to improve sales, profitability and
revenue by optimising the functions of the business. Digital transformation helps the
companies to tap larger market while delivering added values to the existing customers.
The efficiency and effectiveness of operations improves causing least wastage and
swiftness of work this helps in business profits(Leick, Eklund and Kivedal, 2020).
 Decreases Operational Costs: Investing in digital technologies and advancements an
organisation could easily spread its wings across multi-nation with a very cost effective
approach. Digital technologies helps to keep eyes over activities of the business by
ONBUY, which is important to streamline their processes, improve efficiency and
increases productivity by lowering wastages and time occurred. It can be hectic method
for an company to adopt digitalisation methods and techniques but this could help a
business to achieve long term growth of the business.
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E-Commerce Principles To Help With the Business of ONBUY
E-commerce principles refers to the preference about cultivating a two way dialogue with
customers. There are certain e-commerce principles which are used in the business for achieving
objectives into successful manner. These principles are : develop for mobile, ensure about speedy
performance, invest in design, put customers on priority basis and be local sensitive as well. E-
commerce principles could be used in business in the form of websites and online advertisements
and business can communicate with their clients that provides information on complete sales and
new products(Leong and et. al., 2020). These principles also saves time both for businesses and
consumers and also enhances the customers convenience as well. With respect to ONBUY
company, it is a British online marketplace that provides variety of its products and services
across UK. This organisation is among the fastest growing B2C commerce industry dealing in
variety of consumer utilities through its digital operations on millions of products from thousands
of retailers. The principles related to e-commerce plays a very important role for business.
ONBUY company can use these principles in the form of development of its business.
They should focus on improving the design of their website and think about how to perform in an
out of box manner. They have to continuously research the market so that they can understand
their customers in a more deeper manner. By doing this activity, they can modify their products
and will come into the market with different features. ONBUY also take initiative towards the
mobile app so that they can make shopping convenient for their customers. In this way, they can
attract customers on large scale which is beneficial for the business. Mobile app also provides
facility to their customers that they can do shopping while sitting in any corner of the world and
also they don't need desktop system for opening the site. Through mobile app they can easily
create a competitive edge in their niche. They can also reach towards higher customer
engagement level. It also build a direct and personalized marketing channel and can also uses
social media channels for checking the standard of company within the market place(Meng and
Saravan, 2020).
When company become sensitive on local level then it is easier to understand their
customers and can focus on understanding the basic needs of market place as well. When
ONBUY company website become user friendly then it is beneficial for the growth of business.
When website become easy to navigate then customers don't have other choice to switch so they
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retain with company for longer period of time. When customers feel comfortable with website
they want to visit that website on repeated basis manner because it not only saves their time but
also gives an option to explore themselves with respect to different kinds of products and
services(Mosteanu, 2020).
The principle of emphasis on security of website is also beneficial for growth of ONBUY
company because people trust on the website in a more deeper manner and can do shopping in a
comfortable manner. When customers receive surety from company that they have tight security
system then customers can easily go for online shopping where they do not worried about
payment gateway and regarding the data protection of customers as well. Security is the major
point from point of view of customers and businesses as well because this factor not only gives
customers a sense of satisfaction but also builds trust into positive manner on the company.
When company has tight security system with respect to website then they are protected from
financial fraud and legal penalties. Website security not only protects the business, brand but
also maintain a website reputation as well(Reinking, Arnold and Sutton, 2020). It also support in
terms of retaining customers and visitors as well. It also protects from malware and cyber
attacks due to which they can perform in a successful manner.
When company describes about their products in an innovative manner and it is
considered as principle of e-commerce then customers easily attract towards it. When ONBUY
company are aware about their target audience then it is easier to produce and make
modifications in their products according to customers choices and preferences. On the website
when company has described about products and services into innovative manner then it not only
attracts customers but also somewhere there are investors who are interested in terms of
investing into the company. That's why these principles related to e-commerce are important so
that they can achieve objectives of business into appropriate manner. These principles are
beneficial for growth of business and act as positive parameter for development of business. So
they have to give importance about the principles related to e commerce so that they can work in
a comfortable manner within this competitive world. In this way, e-commerce principles are used
in business(Stallkamp and Schotter, 2021)s.
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CONCLUSION
The above stated report concludes that in today's period of time digital business plays a
very important role. It has been concluded that there are different kinds of trends in this digital
market and advantages related to it help in terms of achieving objectives within a set period of
time. There are some implications for managing virtual business in the global environment which
are necessary for practical implementation. There are some models related to digital business
which support in terms of handling issues related to business such as cyber security, ethics etc.
There are some impacts of new collaborative relationship and strategic alliances through digital
technology. With respect to online business there are some principles related to e-commerce that
can be used within the business. So it has been concluded that digital business is very important
according to changing period of time so that it can give something unique within the market.
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REFERENCES
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