The fast growth of the Internet, along with improvements in information technology, has changed the landscape of businesses during the last several decades. Several Internet-based firms were able to grow into today's worldwide behemoths by capitalizing on these advancements. However, the success of these companies may be attributed not only to the technological innovations they pioneered but also to the innovation of their business models. This inspires us to explore the factors driving these Internet-based enterprises, which have allowed them to develop swiftly and maintain strong market positions. The findings of our thorough literature study highlight certain crucial aspects that underpin these Internet-based business models. These are as follows: value proposition and target market, product-market fit, distribution, network effects, revenue models, and the role of technologies (cloud computing and recommendation systems) in enhancing business models.