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E-Commerce and the Entrepreneur - Coggle Diagram
E-Commerce and the Entrepreneur
Changing the Face of Business
Speed and flexibility
Business basics still apply online.
Successful companies embrace the Internet as a mechanism for transforming their companies and for changing everthing about the way they do business.
Factors to Consider Before Launching into E-Commerce
It is too costly to operate
transform relationships with suppliers, customers
It is too difficult to create and maintain
time, money, energy, and talent
It is not necessary
Factors Essential to E-Commerce Success
Maximizing Web site performance
Ensuring a positive user experience
Optimizing conversions
Retaining customers
Acquiring customers
Using Web analytics as part of a cycle of continuous improvement
Ten Myths of E-Commerce
Myth 5: i don't need a strategy to sell online.
Understand customers' needs and wants
Create a strategy to set your site apart from others
Define the target audience
Myth 6: The most important part of an e-commerce effort is technology.
Business First, Technology Second
Understand the underlying business... then use technology to develop an online business model that provides customer value in a profitable way.
Myth 4: Privacy is not an important issue.
Privacy Matters
Myth 7:Customer service is not important.
Reasons for Shopping Cart Abandonment
Lack of product information
Unexpected delivery costs
Myth 3: making money on the Web is easy.
Success online requires a sound business strategy that is aimed at the appropriate target audience and that is implemented effectively and efficiently.
The same elements are required for success offline!
The Basics Still Apply
Myth 8: Flashy Web sites are better than simple ones.
Consistent colour schemes
Time to download a Web site
Simple design
Myth 2: Online customers are easy to please.
Experienced online shoppers tend to be unforgiving and quick click to another site if their shopping experience is subpar or they cannot find the products and information they want.
Satisfaction Is Important
Myth 9: It's what's up front that counts.
Virtual order fulfillment: A fulfillment strategy in which a company forwards customers' orders to a wholesaler or distributor who then ships the product to the customer with the online merchant's label on it.
Order systems and support are critical
Myth 1: If I launch a site, customers will flock to it.
Facebook and YouTube
Network - build relationship with other companies, customers, trade associations, online directories, and other Web sites to interact with customers
Promotion Is the Key
Include your URL on everything related to your business
Myth 10: My business doesn't need a Web site
A multichannel approach to selling is important.
brick-and-mortar store
Strategies for E-Success
Develop a community
Make sure your Web site says "credibility"
Focus on a market niche.
Responsive web sites
Social - local - mobile (SoLoMo) strategies
Promote your Web site online and offline
Use social media tools to attract and retain customers
Develop an effective search engine optimization (SEO) strategy
Building Web Site Credibility
professional look
easy to use (user-friendly)
honest, trustworthy people stand behind your site.
online transactions are secure
Skills, experience, and knowledge
Designing a Killer Web Site
Connect the Web site to social media pages so that posts on social media sites appear on the Web site.
Include a FAQ section
Include a menu bar at the top of the page.
Post prominently privacy and return policies
Use less text on your homepage
Avoid fancy type faces and small fonts.
Offer Web Shoppers a special all their own
Test the site on different browsers.
Provide customer ratings and reviews.
Create a fast, simple checkout process.
Use online videos
Assure customers that their transactions are secure.
Make your Web site easy to navigate
Consider hiring a professional to design your site.
Understand your target customer
Web analytics
Tools that measure a Web site's ability to attract customers, generate sales, and keep customers coming back.
Measuring Online Performance
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.
Bounce Rate
The percentage of visitors to a site who view a single page and leave without viewing other pages.
Search engine ranking
Shows where a company's Web site ranks in search engines' results pages.
Average number of page views per visit
Measures how much time visitors spend on a site
Cost per Acquisition (CPA)
The amount it costs to generate a purchase (or a customer registration).
Ensuring Web
Privacy
Privacy Policy
Security
Virus detection software
Firewall