E-commerce is the combination of traditional business models and new technology, allowing online stores to sell physical goods without maintaining a storefront. While the concept of an e-commerce store is easy enough to grasp, the execution is very tough.
While tech skills play a key role in your success on the Web, several other critical factors impact your ability to generate revenue and make a profit.
Web Traffic A starting point to succeed in eCommerce is traffic to your website. Just as a brick-and-mortar store can't sell to non-existent customers, you can market and sell to online users who don't come to your site.
This point helps emphasize the importance of marketing in the development of an online business.
You have to include a marketing plan, a budget and a commitment to communicate with your targeted customers as part of your business development process. User-Friendly Website To make money online, you have to make it as easy for your customers to buy.
Easy navigation, clear headers, correct spelling and a visually pleasing look all contribute to a site that people visit and stick around to explore. Links that take users to sales pages contribute to converting visitors into customers.
You also want a clear shopping cart or buying process spelled out to get the sale when the customer is ready. Build Reputation and Establish Credibility Partly driven through your marketing, eCommerce success grows as you build a solid reputation and establish credibility.
Small businesses with a proven brick-and-mortar store can often more easily convert to the Web with an established reputation. A secure website, which includes clear symbols of security commitments, is part of online credibility. Statements of commitment to guaranteed satisfaction can also put online shoppers at ease.
Rapid responses to customer services inquiries and complaints help you build long-term relationships. Clear Value Proposition One mistake some e-businesses make is the assumption that the "if you build it, they will come" mantra applies to the Web.
You can't just have a nice, tech-driven website and make money online. You also have to understand basic business facets involved in delivering an excellent value proposition. Knowledge of your targeted customers, a distinct product or service offering, an efficient distribution or delivery system, revenue optimization and cost controls and Web maintenance all contribute to customer-oriented value propositions.
How to Build a Successful Online Business About the Author Neil Kokemuller has been an active business, finance and education writer and content media website developer since He has been a college marketing professor since Kokemuller has additional professional experience in marketing, retail and small business.Published: Mon, 5 Dec Introduction.
This report shall examine Coles Supermarket, Western Australia Based, Australian grocery retailer, and its position in the Australian supermarket industry.
Figuring out a cost efficient shipping solution is critical to the success of your e-commerce venture. In a Deloitte study from , 71% of holiday shoppers said they were more likely to buy from retailers who offer free shipping.
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Vol.7, No.3, May, Mathematical and Natural Sciences. Study on Bilinear Scheme and Application to Three-dimensional Convective Equation (Itaru Hataue and Yosuke Matsuda).