These myths have to be debunked, believes BCG. For example, on-line and off-line commerce will go hand in hand. But care will have to be taken that existing retailers are not offended. Instead they will need to be kept involved with the Net transactions by either giving a margin for each sale or empowering them with a particular responsibility only -- perhaps, after sales service in the white goods industry.

Eventually, the business model is going to be such that e-commerce will become the platform for all business divisions in a particular company. As e-comm continues to gain ground, the best strategies will aim to fill a latent consumer need-it could be a need for convenience, or a more customised product, or more choice.

Of course,venturing onto the Internet, like entering any new business, is a process with multiple stages, each with its own pitfalls. The most common traps according to BCG are: Failure to do essential analytical homework; insufficient breadth of vision with respect to potential e-commerce concepts; delayed attention to fulfillment and customer service; inadequate leveraging of core strengths; organizational inflexibility and too little focus on partnering; and failure to build in an aggressive `redefine' stage.

So what can a CEO on the threshold of e-comm do? Recommends BCG: Don't dabble, respond strategically. Move early and fast to position your brand. Exploit e-channel chaos. Partner aggressively. And of course, that old chestnut: confront the cultural and organisational issues.