Benefits of E-Commerce in Modern Times

In the last era, we have seen E-Commerce websites working on the Internet. Every businessman is looking to have an online store where they can sell their range of products and services by expanding the requirement for the E-Commerce industry. One can get a lot of benefits by opting for E-Commerce as it delivers a comprehensive range of benefits to retailers and merchants.

It benefits your company

It goes without saying that your company is your priority in this case; but without satisfied customers, there won’t be a successful company – which means that everything goes hand in hand.

The benefits your business will experience if you invest in an E-Commerce website for it are abundant. First of all, think about how expensive it is to rent out a shop space where your shop is well seen and in a prime area. If you have your shop online, anyone can see it; not only the people who happen to walk past it. This benefit saves you and your business plenty of money. We’re not saying that you should give up having a floor shop altogether, but it certainly saves you from having to rent out something extravagant in an expensive area or shopping center.

Low Operational Costs

To generate an E-Commerce website requires very little capital investment compared to purchasing business premises. The difficulty with ‘physical’ business premises is that there is a need for high visibility and the location will always be a key issue. The design and development of an E-Commerce website can be a comparatively moderate investment relative to a business’s turnover. The potential to save money on personnel as checkout, payments, delivery and all over operational processes can be fully automated in the E-Commerce website.

Convenience & Easiness

E-Commerce becomes one of the preferred ways of shopping as they enjoy they are online in today’s the world, because of its easiness and convenience. They are allowed to buy products or services from their home at any time of day or night.

The best thing about it is buying options that are quick, convenient and user-friendly with the ability to transfer funds online. The consumers can save their lots of time as well as money by searching their products easily and making purchasing online.

Selling Products globally

If you are running a store, it will be bounded to the geographical region for which you can provide service, but on the other hand with an E-Commerce website, you can sell your goods and services globally. Additionally, the remaining limitation of geography has dissolved by m-commerce that is also known as mobile commerce.

Expand Customer Reach

E-Commerce provides new channels for you to reach more customers. Whether you’re just starting out or an existing seller, there are new customers to serve.

Existing brick and mortar sellers can be limited by their location. Customers must travel to visit your store. With E-Commerce, you can sell to customers anywhere, anytime. This allows you to serve customers across or internationally.

Minimal Barriers To Entry

Any new or existing business has the ability to create and run a successful E-Commerce website. The technology is in position for any business to hold the Internet and enjoy the many benefits which E-Commerce offers. As discussed, the costs of running such a business are minimal and the initial investment is moderately low. Many of the barriers which are associated with having a physical business location are removed and a business only has to concentrate its efforts on creating a service which addresses the needs of its customers. At IT companies, we specialize in E-Commerce solutions and would welcome the opportunity to discuss your requirements.

Mobile App Vs Website for ECommerce

Nobody can ignore the importance of mobile platform, especially e commerce businesses who are witnessing an influx in customer visits to their site from a mobile platform. As per a study done in 2015, 85% consumers prefer mobile apps over websites and 41% smartphone owners had made at least one purchase from their smartphone. Further, the worldwide market share of mobile commerce is expected to touch 70% by 2017 and by 2020 it is expected that the revenue generated by mobile commerce will be around $ 284 billion.

However, that does not mean that the web platform can be entirely neglected in favour of the mobile platform, or having a web application will mean that you will tap a greater market share. As much as people prefer the mobile platform for ecommerce shopping, studies have also shown that of the 8.52% desktop users that add to cart, 2.78% make an actual purchase. On the other hand, on mobile platform the add to cart rate is 4.7% and conversion rate is 80%.

1. Responsive, mobile or both?

It has become imperative for all websites and web applications to be responsive or adaptive as they can be accessed from a desktop, tablet or smartphone, and business owners have to work with this assumption while embarking on going live with their solution. Also, Google marks down the page ranking of web solutions that are not adaptive to the varying screen size. The user experience and interface presentation varies for desktop and mobile platforms. Hence, the treatment of the web solution will vary based on the device it is likely to be accessed on. If half of the daily traffic to the website is accessing it from a mobile device, then the business is likely to lose a large chunk of customers. A Google survey of smartphone users in the USA revealed that over 65% preferred using a mobile website over mobile application for online shopping. Also, conversions have improved significantly for leading ecommerce businesses since adopting responsive websites since it offer better customer experience. Also, 40% web users abandon a website if it takes more than 3 seconds to load. Responsiveness trims the web interface to ensure that the website is not heavy and loads quickly.

2. Need for a mobile application

Established ecommerce businesses have a mobile application handy along with a responsive website for their business. Quite a few businesses have tried adopting mobile application alone instead of launching a website. Based on the type of product or service being offered, very few have succeeded, though even they did at the cost of losing a greater market share. As per a study by VisionMobile, over 55% mobile apps earn less than $500/ month. Another Gartner report suggests that 25% app users use it only once and about 80-90% of apps are eventually deleted.

Despite these demotivating figures, a mobile application makes sense and is even preferred in many scenarios by online shoppers because it is convenient, fast and easier to browse. Also, it is easier to push personalised notifications on new offers and the customer can also respond faster.

3. More on Mobile Technology and its advantage over website

On a mobile app, the user is always logged in, so shopping cart can be accessed faster and it is more secure to save credit card details. Further, in case of using net banking and other modes of payment where one time passwords are required, these get auto-filled, speeding the payment process. Device technologies also make a lot of difference in enhancing the shopping experience for the users. Some instances,

  • Mobile camera – the front mobile camera can be used by the buyer to load their image and check the outfit or accessory on themselves. The camera can also be used as a barcode scanner for making payments or finding products online
  • iBeacon – iBeacon sends real-time alerts to app user when they pass the shop and inform them of any new offer or which aisle they can find some specific product on.
  • iNFC – NFC can be used to make one-tap payment
  • GPS – the GPS and map can be used to locate stores, centres and even track real-time location of the package to be delivered.

4. Mobile and web strategy

Whether the business launches a mobile application immediately or not, it is essential to have a fully functioning mobile strategy. Whether it is a responsive design or mobile application, there must be a clarity in goals while designing the solution so that the user experience is enriched by the shopping experience.

A new business can opt for web development services in India or any of the leading web service providing countries in favour of mobile app development solutions in the initial days of their ecommerce solution launch. A responsive website or web application will be meaningful investment for the long term and will also give the customer a sense of permanency about the business. Extending the service with a mobile application thereafter will ensure greater number of downloads and establish brand loyalty, which is a fickle currency in times of such tough competition.

Getting Started in ECommerce – Part Two

In Part One we talked a little bit about what Ecommerce is, getting a domain name and setting up a merchant account. Ecommerce is more than that, much more. To have a really good online presence that gets people to stop and shop you need a strategy for success. Your strategy must include your USP or Unique Selling Position in the marketplace. What makes you stand out from all the other online entrepreneurs looking for the same type of customers as you? Can you stand out from the competition based on quality, price or benefits? Once you know your USP, you can begin the monumental task of telling the world about your site. A really unique selling position will give you an advantage over all the competition – well that and a lot of planning and investing of your time and money.

FOCUS

Emphasize the benefits and the results the customer will get from purchasing from you and using your product or service. You can discover the benefits by listing all the features and then converting them to benefits. List everything your product or service offers. For each feature list a relative advantage from the customer’s perspective. You can discover the customer’s perspectives when they buy. Simply ask them, ” Why did you place an order today or use our service?” BE very specific when creating your benefit statements. An example of this is, “You will save $100.00 sells better than “you will save money.” “You will loose 20 pounds in 10 days” sounds better than “you will loose weight.” Rank your benefits in order of importance to the customer. If you have enough of them, use bullet points for emphasis.

Emotion sells. People make most buying decisions with their heart and not their head. Paint a picture of the results the customer will get when they purchase from you. ” You will look 20 years younger.” “You will be $100 richer.”

Make sure you include a call to action. Want them to make a buying decision today? Give them a reason to do so. Offer a bribe (discount, bonus, something for nothing).

Your website must load quickly and function easily. If your site loads slowly people will get impatient and go elsewhere. Do all your links work? Have you tested your order page by running sample orders? Have you tested load time using different connection speeds? You can get a fr*ee analysis by visiting Submitplus.com.

Make your website easy to look at and read. I find dark background tend to be more difficult to read than do pale backgrounds. The overall look of your site should be clean and professional. When we were first creating the Women’s ECommerce Association, International we did everything in-house. Not being truly adept at HTML coding we thought we could just use a simple program to create a professional site. It was okay, but the one we now have is so much better. Why? Because we hired a professional. You can create a website with a good template program. We are using ECommerce Templates to create our new look for WUN Publications. It is simple to use and relatively inexpensive.

When it comes to graphics, be conservative. Sites that are laden with graphics and flash tend to take longer to load. If your site takes more than 3 seconds to do so, you will loose many visitors and potential buyers. If you must use graphics, make sure the files sizes used have been reduced as much as your image editing/compression software will allow.

View your site using as many different browsers as possible. In addition to Internet Explorer and Netscape, there is Opera, Mozilla, Lynx and those are just the ones that run on Microsoft Windows. WebMonkey has a chart of those supported by Macintosh, Unix/Linux and others. Also, many people will surf with their browser’s graphics switched off. Make sure you know what your site looks like without the graphics and that it is still easy for visitors to surf.

One last thought Make sure all your important information is above the fold. If you know that visitors are looking for something specific and you make them scroll down to find it, chances are they won’t.

Excerpted from The PMS Principles – Powerful Marketing Strategies to Grow Your Business © 2005 – Heidi Richards

How To Price Your Products As Ecommerce Businesses

Pricing your products as an ecommerce store owner can be one of the most difficult jobs you will ever do in that business. Although pricing is not always a deal breaker for consumers, as often they are not simply looking to buy the cheapest product, it’s always an important part of the equation.

In essence, you have to figure out the right balance of profit-making per unit and the optimum number of purchases. There are plenty of strategies to price your products and help you do the above, but the best way is to usually mix at least 2 strategies.

Pricing can really make or break your ecommerce business, so it’s important to spend enough time here to get it right. Also, don’t forget that depending on your overall strategy you can add other tactics into the mix to increase the profit from each customer and their lifetime value.

Before we dive into the strategies, let’s get our facts straight first. You need to know the following before you develop a pricing strategy or formula:

1) The margins of your products.

This is relatively easy to do. You calculate the cost of each unit of a specific SKU (transit to your warehouse and any other fees included). Then you try different prices and you simply follow this formula:

(Price – Cost) / Price

This simple formula will give you your margins for each product. Under no circumstances should you put a price on that product that results in a negative number.

2) Cost of advertising.

Are you going to advertise your products? Chances are that you will and most probably online.

You should add to your costs the cost of advertising to promote that specific product or simply divide it between all your SKUs.

For example, if you spend $3K each month on Google AdWords to promote your products and your ecommerce store, you should divide that between all your products equally.

With those 2 basics out of the way, let’s move on to some simple pricing strategies for ecommerce businesses old and new. Remember that you can use any of them or ideally a combination of them. What works best for you will depend on your location and market, don’t blindly copy others.

Pricing Strategy 1: Cost-based Pricing

This is one of the most popular and simplistic pricing strategies both for ecommerce stores and brick and mortar retail stores.

The way it works is by simply taking the cost of a unit as identified in step 1 (transportation and other variable costs included) and then either simply add the desired margin on top of that or a simple fixed amount of money that you deem optimal. The total amount will be the final price of the product.

The 2 challenges with this approach are that you have to figure out the exact cost of each unit without forgetting any costs out and that you have to know that cost in order to always stay above it during promos etc.

If an ecommerce business has really nailed down its operations aspect of the business they can easily utilize this method with minimal effort.

How much overhead you will add is up to you, but usually, the employees’ salaries are left out of the equation.

The second tricky part is how much profit to add. A part of it can be done from experience and another part (or the whole part) from tracking competitors’ prices that sell the same or similar products.

Pricing too high or too low can cripple your sales. Doing a check of your competitors by hand first and then regularly with a software can help you stay on top of them.

Pricing Strategy 2: Market-oriented Pricing

Expanding from the last section of the previous strategy, this strategy is also called competition-based strategy and it factors in what your competitors are doing and in what condition the market is in.

This is a good strategy for commoditized products and if you can compete on price. Usually, this is paired with another pricing strategy like #1, cost-based pricing. In essence, it helps you identify when to lower your prices in order to get more sales, but without compromising your profitability from #1.

Not only that but when your products are too low, you can also increase that price, remain the cheapest vendor and squeeze that extra profit.

Pricing Strategy 3: Consumer-oriented Pricing

This is also called value-based pricing and it’s usually for non-commoditized products. In these cases, the value is usually sold and the price has just to be reasonable.

For example, a novelty product that might not have direct competitors can follow that pricing strategy, while highlighting its benefits over older or other competing products.

Conclusion

Focusing solely on revenue and number of sales might prove disastrous if you don’t have a solid and profitable pricing strategy. By utilizing pricing tools you can always stay competitive and paired with the right pricing strategy you can keep your sales and profits up and to the right!

5 SEO Tips For Your Ecommerce Website

SEO for the Ecommerce website can be quite overwhelming. There are various web design companies who are providing the SEO services to all large and small Ecommerce business websites. Whether it is small scale business or large scale business, your website should be easily found by your prospects. In the present day, creating a trading website is not only the solution, but it is required that your business should also appear on Google’s first page. Thus, SEO has become the essential requirement for the Ecommerce websites and here are 5 tricks to optimize your Ecommerce website and they are:

Keyword Selection: Selection of the right keyword is the key to rank up your business on the search engine. You should take the time to research your competitor’s keywords and pick the similar one that has gained the highest visibility. Remember, long tail keywords have more chance to rank up on Google’s first page.

Avoid Repetitive Content: This is true that content is king. You should write the unique and informative content, which is easy to understand and free from repetitive words. Do not try to copy the content from the competitor’s website because Google bots are smart enough to detect the plagiarized words.

Optimize Your Product Image: Ecommerce store rest on the bedrock of the product images. The product images can pump up your sale because images make the vision of the visitors clear and they become rest assured to deal with you, as they consider your company the right choice that can keep their users satisfied.

Optimize Your URL Search Engine Crawl: URL’s are very important for the SEO. The optimized URL’s allow the search engine robot to search what is written on your website if the content is relevant to your business URL’s ranked-up on SERP’s. Apart from crawling the website appropriate URL also increase your website indexation.

Avoid Broken Line: To give your target audience the great experience of browsing your website, broken lines should be avoided. It is no surprise that visitor is not expecting the error like “Page 404 Not Found” while clicking on a specific page. That is why broken links are a terrible idea.

These all tips can help to increase and maintain the visibility of your website 24*7 in a day on SERPs. Following these tips, your target customer can easily approach you and can be easily converted into the potential customer. So, don’t hesitate to contact the website designing company, but make sure you choose the right and trustworthy company, call now to share your requirements.