- 16 Jul
E-Commerce and your business
When the internet has connected almost all parts and people of the world, the importance of having online business presence has become higher than ever. However, presenting your business on the internet requires not only a single aspect to think, but also multiple and complex considerations. This fact raises one important question: what should a business do in order to run an online representative on the internet? It is the first and critical reason that always comes to all business owners’ mind. This problem is also unique because not only it stands for its own, but also, it triggers other questions to come. The question includes the real effect of online presence brings to the market, competitors’ activities, people’s shopping behavior, online security methods, online payment method, and other similar questions. Luckily, Dow Group has put all these questions as the series of articles which you can see at this website.
If your business has inadequate experience, skills, and capabilities on e-commerce (even though you have built your own business website), soon you will learn strategic ways to convert your store. The transformation goes from the place where you previously sell your products and offer your service into an entire extension of your consumer base, images, and online business sales. You will learn that a thing which is as simple as internet will greatly transform your business to a market that is far beyond your conventional business world.
Why should you go online?
Questions are always rising about the importance of choosing the integration of business with e-commerce. While internet may provide you with various answers for this question, most people who have previously applied this strategy answer that the greatest aspect of this marketing strategy lies at its ability in giving huge impact to business sales as well as marketing efforts. It becomes more important than other business strategies when all these transformations take place in the immediate moment. You can immediately expand your business, not only in local stage, but also in national, regional, and finally international level. You can do everything quickly and without worrying about physical borders.
It is very interesting to know what e-commerce can do to your business. For this reason, Forrester Research performed a study on this niche in 2008. The particular study learned and analyzed online statistics and trends, as well as online retail market project. By using US market as its research subject, this study discovered that an e-commerce paid active participation in increasing US online retail market prospect into at least $200 million in 2008. At this level, US e-commerce market has reached about 10% of total retail sales businesses in US can expect.
The previous research shows us that as the ultimate marketing strategy, e-commerce is not also very powerful in increasing business potential customers for a business, but also in generating profitability to the related business. Within the same year, PayPal also commissioned a different study they call as IPSOS, which main task is to learn the e-commerce subject. Their discoveries soon learned that instead of becoming extra business ‘expense,' most businesses have successfully boosted their success even from the bottom line of the company. Here are some additional benefits IPSOS found after learning the impact e-commerce gives to business:
Among small businesses that choose to sell their product online, at least 64% of them believe that the world of internet plays an important role in boosting both their revenues and sales.
In United States, at least 45% businesses believe that internet is the ultimate tool in expanding their business beyond geographic borders
Another 73% businesses also believe that internet is a simple, yet powerful tool that helps them in improving the efficiency of their business administration.
Whether your business chooses to run e-commerce or conventional business strategies, cash flow still holds the important role for all businesses. When you come to the explanation for this fact, you will soon learn that the importance of cash flow lies at its ability in improving the speed of payment delivery and efficient business processes.
When your business decides to take online move, you should also realize that this decision will bring your business in establishing an entirely different environment where your company should compete with more competitors than you currently have. On the internet, company size does not give considerable impact on business success. Even a small company can far exceed the success of a big company as long as it has all the requirements to be a successful business on the internet.
Two resounding traits welcome all business owners and entrepreneurs when they choose to build a new business: business institution and assessment results of their company labor. The same case, however; also happens when you make your own physical store, you need passion as well as demand to set up your online shop, along with great optimism.
Passion is important in business because it helps you as the entrepreneur or the owner, to find a particular thing you love to do and create a career based on it. At the same time of this moment, you also need to think positively because it will help you in keeping your focus which is necessary when you face ‘business challenges’ such as cynicism that comes from peers, competitors, banks, and even your own employees. People will honor you as one of the best men in the field if you can show them the immense optimism you have.
Some people come to wrong belief about e-commerce. They think that an e-commerce is not worth for a company’s concern because it is a complicated process and, therefore, will drain all resources the company has, especial time and money. As a matter of fact, once you choose to run e-commerce, you are free from any arduous process. There are only three important points you should concern about business e-commerce:
Think and draft everything you want to know, consider, and then decide at this stage before you merge e-commerce with your business
2. Market strategy development
After getting the solid plan on your e-commerce, then you should start determining your marketing strategy. Think about how your business will deliver the word as well as build and maintain the relationship with your clients, colleagues, customers, and other relevant parties.
3. Learning and improving technology assets and resources
It is good when you have planned and developed your business marketing strategies, but it does not enough if you want to successfully merged e-commerce with your business. You need the presence of appropriate technology at your side. You do not need advanced technology at present, but make sure that all technology resources you have will help you with the purpose. You may have only simple technologies, but as long as these e-commerce technologies all the features you want, it is the successful result you will get.