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Topic 8: E-Commerce and the Entrepreneur - Coggle Diagram
Topic 8: E-Commerce and
the Entrepreneur
Factors to Consider Before Launching into E-Commerce
Developing deep, lasting relationships with customers takes on even greater importance.
Creating a meaningful presence on the Web requires an ongoing investment of resources - time, money, energy, and talent.
Web success requires a company to develop a plan for integrating the Web into its overall strategy.
Measuring the success of a Web-based sales effort is essential to remaining relevant to customers whose tastes, needs, and preferences constantly change.
How a company exploits the Web's interconnectivity and the opportunities it creates to transform relationships with suppliers, customers, and others is crucial to its success.
Factors Essential to E-Commerce Success
Maximising Web site performance
- make sure website says "credibility" and make the most of the web's global reach.
Ensuring a positive use experience
- achieving customer satisfaction online is just as important as it is offline.
Optimising conversions
- web search strategies have become an essential part of online companies' promotion strategies.
Retaining customers
- writing product reviews, asking questions, posting comments, writing blogs and others.
Acquiring customers
- focus on a niche in the market (geography, customer profile, product, product usage, and others).
Using Web analytics as part of a cycle of continuous improvement
- report important statistics on a website, such as where visitors came from, how long they stayed, how they found the site, and their online activity while on the site.
10 Myths of E-Commerce
I don't need a stratefy to sell online.
The most important part of an e-commerce effort is technology.
Privacy is not an important issue.
Customer service is not important.
Making money on the Web is easy.
Flashy Web sites are better than simple ones.
Online customers are easy to please.
It's what's up front that counts.
If I launch a site, customers will flock to it.
My business doesn't need a Web site.
Strategies for E-Success
attract visitors by giving away "freebies"
sell the "experience"
listen to your customers and act on what you hear
develop a community
make creative use of e-mail, but avoid becoming a "spammer"
focus on a market niche
make sure your Web site says "credibility"
go mobile
promote your Web site online and offline
use social media tools to attract and retain customers
develop an effective search engine optimisation (SEO) strategy
Building Web Site Credibility
update your site regularly
be vigilant for errors of all types
make sure your site has a professional look
post the seals of approval your company has won
make it easy for customers to contact you
Designing a Killer Web Site
offer suggestions for related products
add wish list capability
make your web site easy to navigate
use online videos
give customers what they want
create a gift idea center
understand your target customer
provide customer ratings and reviews
Tracking Web Results
Web analytics
- tools that measure a Web site's ability to attract customers, generate sales, and keep customers coming back.
Types of information
visitor segmentation measurements
content reports
commerce metrics
process measurements
Measuring Online Performance
Average number of page views per visit
- measures how much time visitors spend on a site.
Bounce rate
- the percentage of visitors to a site who view a single page and leave without viewing other pages.
Cost per Acquisition (CPA)
- the amount it costs to generate a purchase (or a customer registration).
Conversion (browse-to-buy) ratio
- the proportion of visitors to a site who actually make a purchase.
Cart Abandonment Rate (CTR)
- the percentage of shoppers who place at least one item in a shopping cart but never complete the transaction.
Search enging ranking
- shows where a company's web site ranks in search engines' results pages.
Ensuring Web Security
firewall
Secure Sockets Layer (SSL) Technology
intrusion detection software
charge backs
virus detection software