There are thousands of internet business model acronyms going viral over the internet these days and many of us usually ignore them as some technical jargon used by ‘techie’ persons like web developers and programmers. But with the insatiable increase of online consumers, most businesses have evolved into the online realm, especially to survive with the on going global pandemic. Little did we realise that even we, the consumers of stuff, have been indirectly and practically living in and contributing to an internet business model all this while. Let’s review the basic business models on the internet these days.
Business to Business (B2B)
B2B is a very common business model that exists both in the physical realm and the internet realm. This model is basically where businesses or corporate entities get their front ends and back end works done by another business or corporate entity. However the B2B relationship has evolved more than just businesses dealing with corporate customers and suppliers. B2B has now evolved through services as well as illusive collaborative and coopetitive paradigms with integrated systems and channels making the world of B2B more complex than what is pictured in the physical realm.
Business to Customers (B2C)
B2C is another typical business model that was evolved naturally into the internet realm. But little did we realise again that the business transacted with us customers doesn’t have to only be sapping our dollars and cents from our wallets. Customer data is the new currency being transacted by businesses in trade for its products and services and is resold on the internet market hotter than your worldly freshly baked butter waffles. Ever wondered how Facebook knows you’re about to travel for your private getaway and how it drags a whole net of businesses offering travel essentials to your face before you go?
Customer to Business (C2B)
Who says business transactions go one way? With the ubiquitous internet realm, customers can now transact services or products to businesses directly. Entrepreneurs or creatives can offer their solutions and services to help businesses improve on their business model or approaches. These consumers themselves can offer new ideas and down-to-earth actual consumer feedback that businesses can effectively apply and improve their internet and physical realm approval ratings.
Customer to Customer (C2C)
Ever received a referral code or voucher from a friend of yours who also passed it on from another friend of theirs? C2C businesses are quick to go viral especially since they bank in on the level of trust each consumer has from their fellow recipient consumer. Multilevel and pyramidal schemes love to prey on such sympathetic business models. But don’t we all follow or fantasize our favourite celebrity or online influencer? Influencer marketing is a highly contagious C2C business model where social media and participative media platforms easily subdue consumer decision making based on the weight of their followers and approval ratings.
So now we know what the Bs to the Cs are. Many of these business models are replicated in the physical realm from the internet realm and vice versa. Nevertheless, they have formed the new socio-economy we live in and have been part of the way we live and have contributed to it, whether we actually realise it or not.
Next Read: Transmedia: How The Hook Became Hooked!
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Categories: Digital Media