Electronic business (e-business) has become an integral part of global economic activity. This study aims to identify the current stages of e-business evolution in South Korea and Ukraine using a quantitative research design. Data were collected through a survey questionnaire distributed to individuals involved in e-business activities in both countries. The assessment was based on social, economic, political, and technical factors and their corresponding subfactors. The results indicate that South Korea is currently positioned at the Transformation Stage, whereas Ukraine is at the Growth Stage. South Korea demonstrates relatively high performance across all assessed factors, while Ukraine exhibits moderate levels of development. An understanding of the nuances of each stage and the specific results for each country can help government authorities, corporate decision-makers, and interested parties develop targeted strategies to further advance e-business development in Ukraine, using South Korea as a benchmark.