-Great Customer Service
-Be innovative and Creative
-Understand the sector of business economy that you would be dealing with, hence setting reasonable prices.
-Have sufficient manpower to deal with influx of customers
-Understand how third party payment services works and search for a reliable one.
-Ensure that sufficient information about product is duly given on the site.
-Loyal Customer fanbase
-Catered to a certain consumer base
-Monitor sales and the more popular products that people are generally more interested in.
-Although it is an E-commerce business, ensure that organisation plans are properly laid out and the strategic execution of plans.
Top 10 examples of successful E-Commerce companies
- Reebok
-Le Coq Sportif
-Kipling
-Spyder
-Oak Street
-Noon Style
-Stella McCartney
-Mum's Made
-Vernier
-My Own Bike
Top 10 Reasons why some E-commerce failed
-Lack of strategic decisions
-Poor user interface
-Lack of trust
-No loyal customer base
-Payment gateway issues
-Insufficient manpower
-Lack of transparency
-Poor Product
-Poor service
-Overpricing
-Insufficient planning
Top 10 Failures
-Barnes and Noble
-HP
-Boo.com
-Webvan
-Beautyjungle
-Flooz
-SpiralFrog
-Digital Entertainment Network
-Boxee
-Shelby.tv
-Yoyo
How to make it a success?
- Deal with your customers in such a way that they are not intimidated by you.
- Be as transparent as possible when disclosing details about products on the site.
- Develop a good working relationship with your suppliers and ensure that they are trustworthy.
-Ensure that the web interface is easy to navigate.
-Should you be using a third party payment gateway, ensure that its a trustworthy agent.
E-Commerce is fast becoming a rising trend in the business world, as it is considered to be one of the fastest revenue raising businesses besides the stock market. Purchases can be made with simply a click, and details about the products are simply a click away. The convenience provided to people with the products being delivered to their doorstep after having paid for it online.
With E-Commerce becoming such a lucrative trade, many are jumping on the bandwagon without having proposals and business plans done up properly, hence leading to not such successful business e-ideas.
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Quick Price Shopping
Most people love to compare prices before they buy something, and the Internet has made it easy and quick to do just that. By typing in a few search terms, people can now compare prices from several vendors to see which one is offering the lowest price, the best shipping policy, and the highest quality products. Another reason that many people are interested in online shopping is because stores are offering great discounts to their online customers either with free shipping on orders over a specific price or with promotional codes to special discount offers.
eCommerce stores are becoming more popular each and every year, and business owners that are invested in their business are now looking to open online stores to bolster their sales and appeal to a wider market. The Internet offers exponential opportunities for growth, and marketing online is very cost-effective compared to outbound marketing strategies. eCommerce shopping is more than just a trend. It’s becoming the new way to shop. There has never been a better time to open an eCommerce business. With social media networking and amazing opportunities to create a branded, professional online store, business owners are able to increase productivity and sales by opening an online store.
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