By definition, e-commerce is simply known as commercial transactions that are conducted/carried out electronically/on the internet. When buying and selling goods takes place on the Internet, money is transferred online and sales are generated across online marketplaces, it is called e-commerce.
M-commerce by definition is simply the extension of e-commerce. In this model, products/goods are sold through wireless mobile equipment. Your consumers own smartphones which they use to purchase your products on the go.
An online marketplace by definition is also called an online e-commerce marketplace/website. It is a type of online portal where multiple third parties come together to provide products and services and the related information to willing consumers who visit this website to make purchases.
It is important to know more than just the basics of these concepts because your consumers do not have much time to go to physical stores and make purchases in person. They would rather open up their computers and mobile devices to access products and the leading brands from across the globe. You need to be able to provide them exceptional services whenever they require them. This is why you need to create a website that is more oriented towards sales and also reflects your level of expertise in e-commerce.
Now, there are plenty of other questions as well that are associated with these three concepts and we are going to shed a little light on what they are.
You are potentially qualified to sell online if you provide any form of products or services. If you are a retailer, you may choose to buy and sell physical goods online either to other businesses or to the final consumer.
Whether it is an e-commerce website or m-commerce platform, you will have to consider the following costs as a standard of any basic startup:
Yes, you can either go for the trial and error technique or opt for a formal training in selling your products and services online.
Absolutely not! There is no limit to your product or service size or your customer database. You can add unlimited products and catalogues to your product portfolio. You can grow your customer base as you grow your business. There is no restriction to growth and prosperity in the online scenario.
No, there is not one but several ways to promote and market your products and services as well as your e-commerce website.
This is a critical one. Creating just a website is not going to be enough. You have to let your visitors see your products the first thing they land on your landing page. Do not make the mistake of hiding your products and offerings behind complicated marketing copies. Remember to make a specific page for your terms and conditions so that your consumers can refer to it as they make a purchase. Always provide your contact details and other information such as return/exchange policies at the end of the page. This will make important information easily accessible to your visitors and would make them want to return to you.
Today, instances of cyber crimes and data theft, virus attacks, malware attacks, ransomware and many other internet security risks have become commonplace. As the owner of an e-commerce or m-commerce marketplace, you need to understand the three-dimensional nature of Internet security. All the information collected by your website regarding your users needs to be treated with confidentiality, integrity and is to be made available whenever there is a need to access it. Make your transactions secured and watertight. You need to take extensive measures to ward off any hackers and prevent other data thieves from gaining access to your confidential data. Invest in a strong and reliable firewall along with unbreakable encryption methods.
If you are aspiring to open up your very own online marketplace or want to venture into e-commerce or m-commerce, knowing the answers to these questions is just the first step. You need to make your customers aware of your offerings and keep them glued to your e-commerce/m-commerce platform. You want to keep them returning to you for more. And the best way to do that according to Harvard Business School and Bain & Company is by increasing your customer retention. A mere 5% increase in customer retention can result in a 95% increase in your profitability. Therefore, taking your business online and making your e-commerce and m-commerce platforms both user and mobile friendly is highly advised if you want to get your business closer to your target audience.
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