Industrial Revolution (IR) 4.0: Opportunities and Challenges in Online Business

Abstract

This article aims to foster an understanding of Industrial Revolution (IR) 4.0 and the opportunities and challenges it creates for online business. This study employed a qualitative approach using library research. Google Scholar and ResearchGate were used to collect and search past studies. The article selection process focused on relevant recent research and used keywords such as Online Business, Industrial Revolution (IR) 4.0, and Opportunities and Challenges in Online Business. Approximately 80 articles were found in the Emerald Insight database. The ProQuest database contained 20 articles, 100 articles were found in the Google Scholar database, and 10 articles were found in the ResearchGate database. Following the screening, 24 publications were chosen for further discussion. It was discovered that few studies had been conducted on this subject. The results revealed that internet-based companies will be assisted in developing their smartness and efficiency through IR 4.0, also known as the new industrial revolution. Organizations will be able to use data in real time within supply chains and economies that also operate in real time. They will become more sustainable and their operating conditions will improve, earning them the contemporary consumers’ trust and loyalty as they offer opportunities for personalization. Online companies were anticipated to grow tremendously because not only were easier and more convenient transactions permitted, but also significantly improved product offerings were made feasible by the IR 4.0 system. Online businesses should seize these opportunities and overcome the challenges to maximize their business performance. When examining the potential advancements, researchers have foreseen that IR 4.0 features both opportunities and challenges, although the opportunities to be gained far outweigh the challenges. Thus, further research should be conducted to gauge the impacts of the opportunities and challenges associated with IR 4.0, and a proper course of action should be suggested.