An Overview – How Important is Telecommunications in E-Commerce and On-Line Business World

Telecommunication is the term use to refer to a vast array of communication technologies that send information over distances. It is one of the enabling technology behind the internet.

Telecom infrastructures and equipment transmit and receive information or voice and data packets over different modes over very long distances.

Telecommunication is a broad term as it also covers not only data communication such as the internet but includes voice telephony as well. Land line, mobile phone, satellite phones and even Voice-over-Internet Protocol (VoIP) are forms of voice communication under telephony technologies. Without Telecommunication services all e-commerce and internet business-related activities would come to a grinding halt.

There are now a vast array of telecom services that connects all type of devices including computer networks, public telephone networks, television networks and radio networks.

Telecom companies are like hauling companies. They can haul information from one point to another and vice-versa. It can dedicate one particular communication channel to connect a private computer network of one company say to its branch’s computer network located in another country. The service is called international lease line service. Telecom companies offer a variety of service, voice and internet access services are most in-demand.

To get the best and cheapest telecom service, check-out this page on best voice and internet rates. The importance of finding the best telecom service should be stressed especially for start-up internet business.

As mentioned, the internet is a system that interconnects computer networks across the globe and its telecommunication that makes possible.

The internet is a public network free for use by anyone. Users of the internet however will have to pay telecom companies for the service of bringing internet access to their areas and for providing value-added service. Telecommunication companies have to invest millions of dollars on telecom infrastructures

In rural areas,less-populated or less-dense areas, reliable access to internet is a major problem. Despite widespread advances in communication such as GSM/CDMA, Fiber Optics, Satellite and Wireless Systems, some areas are making do with low-speed dial-up access.

Internet business needs access to reliable telecommunication services (e.g- telephone and broadband internet access is essential). Access to voice and data communication is hard especially in rural, remote and isolated areas. Few telecom companies dare to venture in because of very low potential return on investment. Telcos just won’t expand in areas with low projected return on investment.

Internet access via satellite or VSAT is the easiest but not the most cost-effective way due to high cost of subscribing a VSAT service.

In remote regions, local communities and entrepreneurs bonded together to put up a local communication systems in order to have access to telephone and the internet. You can find telecentre or community technology centers that serve as communication hub for the community in remote places.

How International Payment Processing Services Can Help You Expand Your Business

What is the most transformative invention in world history? There are a lot of possibilities. Is it the light bulb? Perhaps the printing press? Or maybe it’s Eli Whitney’s cotton gin. They all rank up there among the very best of them all, but equally as strong a case can be made for the internet. The worldwide web has revolutionized business processes around the globe. That’s because, in addition to advertising to potential clientele half a world away, business owners like yourself can seamlessly accept online payments from them.

It’s all made possible by leveraging international payment processing services. But before we get into the nitty-gritty of what we do in terms of payment services and more, here’s some more information about international payment processing services, how you go about accepting international credit card payments as a small business and a few more details about the limitless possibilities at your fingertips through international payment solutions and the ways to accept payment of all types.

How do you go about accepting international payments?

With an estimated 4.8 billion internet users worldwide, according to the most recent figures available from Internet World Stats, online connectivity has dramatically increased business owners’ prospective pool of customers. The simplest, most straightforward way of doing this safely is through something called an international payment gateway. An international payment gateway is just like it sounds – it’s essentially a portal that opens the door (figuratively speaking, of course) to credit card or debit card payment authorization. This is done by confirming all the details on the card itself, including who owns the card and the company or bank that issued it. From physical card-reading devices at brick-and-mortar stores to tablets that double as point-of-sales stations, these are all types of payment gateways, which serve as the go-between for the customer making the payment and the credit card company or bank that issued the card originally.

Of course, when your customer is in London or Auckland and you’re in Osh Kosh, Wisconsin, accepting secure credit card payments isn’t as simple as inserting or swiping into a physical point of sales unit. What’s more, there are well over 160 currencies in existence – and that’s just the ones recognized as such by the United Nations.

“Multi-currency payment gateways make foreign exchanges simple and more convenient.”

The way around this is by leveraging a multi-currency payment gateway. From PayPal to Worldpay to Stripe and many more, multi-currency payment gateways make foreign exchanges simple and more convenient for everyone involved in the transaction. In particular, the buyer, but also the company that is selling the product or service.product or service.

In addition to translating exchange rates from euros to pesos or to dollars, international payment processing services ensure that all the details on the credit card are accurate and that the transaction fully goes through electronically so it can seamlessly go through the merchant account and eventually to your business’ account. In short, without an international payment processor, cross-border buying and selling and your ability to accept payments become a whole lot more complex and inconvenient.

What are currency conversion services?

As previously noted, there are at least 160 different currencies that people use on a day-to-day basis. From the yen in Tokyo to the peso in Panama, currencies can be a moving target, as at any given moment, other countries’ currency valuation relative to the U.S. dollar is subject to change, sometimes quite significantly.

Currency conversion services specialize in, well, converting one currency to another. Generally speaking, financial institutions and processors involved in currency conversion usually charge a small fee. That fee is typically a certain percentage of the purchase price.

There is a slight difference between foreign transaction services and currency conversion services. The main distinction lies in who is performing the service. Again, generally speaking, foreign transaction services and fees are imposed by credit card issuers, such as Visa or Mastercard. Additionally, these are relevant when customers send money from overseas or out of the country.

“Currency conversion services are typically undertaken by credit card payment processors.”

Currency conversion services, on the other hand, are typically undertaken by credit card payment processors, meaning the companies that process credit card transactions well before they wind up in the merchant account. When fees are applied, they’re in addition to the foreign transaction fee. Who ultimately pays these fees – the customer or the merchant – is frequently dependent on the issuing bank or credit card company.

Are international banks or money transfers safe?

Identity theft is a major issue as cyber attackers are constantly reworking their conniving strategies to steal people’s highly sensitive information and their life savings. The more steps involved in relaying global payments, the greater the risk.

Fortunately, thanks to encryption technology, multi-factor authentication, and other defensive strategies, fraudsters are on the run. However, they’re clearly not hiding, as they’re always looking for ways to outmaneuver firewalls and exploit openings.

However, it is important to note that if your business is going to be offering your goods or services globally, it is always best to implement an IP enabled currency converter on your website so your customers will be able to check out in their local currency. Allowing your customers to check out with their local currency will ensure greater conversions and happy customers.

Why Ecommerce Website Is the Need of the Hour for Your Retail Business?

From new companies to expansive ventures with well-known brands, relatively every organization is picking up an advantage from their eCommerce site where they can offer their particular items or services. In the present focused society, buyers never again search for adventures on the high boulevards to purchase merchandise or items; instead, they use online assets for their shopping accommodation.

“According to Statista report, in 2017 eCommerce was responsible for around $2.3 trillion in sales and is expected to reach $4.5 trillion in 2021.”

This is the place internet business sites gain ubiquity in the market. Numerous retailers are favoring this choice to offer their items on the web. There are immense advantages of internet business sites and here are a few motivations to pick an eCommerce platform for your business:

Extends Your Brand

Consistently the number of online clients expanded by some rate and half of them invest energy in seeking and shopping of items. Thus, web-based business site can be a viable device to expand your brand image alongside internet showcasing services and eCommerce life utilities.

This will enable you to grow your items and administrations to a full degree while making your business famous in the online commercial center.

Comfort of shopping

Have you ever wish to go out shopping late at night or have required a few products on dire premise? Online business sites are accessible every minute of every day to buy products whenever and with quick coordination, it will be an additional favorable position.

Also, individuals don’t generally have much time to go out and look through the things they need to purchase, so they go online shopping for those things. This demonstrates the online retail business is exceptionally advantageous for shoppers since it has no time requirement.

Focus on a more extensive engagement of people

Web is a huge field where you can discover billions of clients web-based, hunting down something, or creating something applicable to them. A large number of clients may look for merchandise and ventures for their benefit. Ecommerce development can take your business to them and achieve a vast amount of online clients.

Subsequently, you can focus on a substantial number of engagement of people through your web-based business and satisfy their necessities with your items and administrations. At the point when clients discover your site essential and helpful, the movement will increment and draw in more groups of onlookers.

Displays launching of services or products

There are a wide variety of internet advertising devices and practices that can be used to make your site prevalent among online clients. Internet business is where you can get best-promoting open doors that can get quality movement on your website. Most conventional advertising systems are SEO and SMO, PPC, content showcasing and some more.

To set up an eCommerce website for your business, you will require certain things, for example, a group of best eCommerce business site designers, online advertising techniques, a god spending plan and some an opportunity to actualize your thought effectively. Internet business has everything that can make your image mainstream through online assets.

After everything, you need to decide, go for something which you can control in the future when your business will expand. Don’t be in a rush. You can check our blog on things to remember before developing a website.

Read more about Magento vs Shopify: Select the best platform for your eCommerce

The Future of eCommerce Business in Sri Lanka

eCommerce is not new to the world but it is relatively new to Sri Lanka. There have been the global players of the eCommerce market who have been serving the needs of a few Sri Lankan people, but that was not enough. The need of the people, the vacuum existed in the market and some skilled businessmen made it possible for the eCommerce business to emerge in the country. The local players are still at their beginning stage.

Considering the world market for eCommerce , the Sri Lankan market is pretty small. This is one of the major facts that are in favor of the local players. If it were something like the Indian market with several millions of customers for eCommerce , the local players would have been taken away by the international players. However, the fact is that the Sri Lankan eCommerce market is still considered by many international players.

It is well recognized by the Sri Lankan companies that the future of Sri Lankan eCommerce business is very positive and hopeful. Some people at the higher management levels from these companies think that it is only a tip of the iceberg now. There is much to be experienced in the future.

It is quite true that the market has not been reached by the local players. In fact not even five percent of the market has been reached by all local players combined. Within the reached market, around ten percent is covered by the international players. What this means is that although the international companies are not giving considerable effort to keep targeting the Sri Lankan market, they still have an impact on it. One reason for this trend might be the spreading of Sri Lankans who live all around the world. These people have a worldwide presence so that makes them to order products through internationally known eCommerce businesses to be sent to their friends and family back in Sri Lanka. This in turn gives exposure to the locally residing people who then start continuing.

Sri Lanka is one of the developing countries in Asia. Especially the post conflict conditions have favored businesses to hype in an exponential rate of growth. If you had visited Sri Lanka within the past two years, you could have witnessed new building projects everywhere; specially in the capital city, Colombo.

People are moving from a third world status to a more advanced status. The lifestyles of people are changing dramatically. For a country that was affected by internal conflicts for over half a century, the literacy rate is surprisingly high at 92 percent. This is another important factor that makes eCommerce more than possible. These people are moving towards a more technologically advanced lifestyle. Also the global impact of technology has made it possible for people to carry the entire internet literally in their hands. People can just place an order online from their phone while they are travelling. Someone might not be wealthy enough to own a car in this country but they still place an order while travelling in a public transportation bus.

One of the other major reasons why eCommerce is going to skyrocket in Sri Lanka in the coming years is that the businesses of the country which have developed enough to contribute new products to the local market. There have been many restrictions in the last decade for imports. Now that the country has come out of the internal mess, the international businesses are more than welcome there. There have been many foreign business vendors who have placed their products in the market with quite a few successful business stories.

Sri Lanka does not have a greying population unlike most developed countries. This is another opportunity for the nation to adapt to new trends. It is relatively hard for elderly people to adapt to new trends. Youngsters are instinctively inclined towards adapting to new trends. Since the Sri Lankan population consists a larger proportion of youngsters, it is clearly visible that their fashion would change towards an eCommerce market than a traditional shopping place. This is already happening in the country, but not the eCommerce is not perfect yet.

The market has not been reached in full because most of the internal players are beginners and have no sufficient funds to meet a bigger portion of the market. Apart from the financial concerns, the local eCommerce businesses do not have enough experience to learn from and then adapt to new tactics. Despite lack of adaptation from the local eCommerce businesses, the customers do change their service providers. This is one of the indications that not all the customers are satisfied with just one such service provider. It is common for almost all Sri Lankan eCommerce businesses because they are indigenous and have no place to build a business model based upon. They cannot simply copy the international businesses and their business models because the conditions on the ground are not similar to what existed while the international players started their businesses.

It is a unique field where the first ones to enter the right position will harvest more than half of the potential eCommerce market in Sri Lanka. There will be not much competition between the first ranking service provider and the second ranking services provider. This is because of the smaller population of the country and the trust is mostly built by word of mouth in the culture. Once the first ranking service provider reaches the first rank; the people will spread the word.

It is a peak time now in Sri Lanka than ever before. As mentioned, the market was very open and was very much unattended in the past. Now the local players are starting to attend the market. In the process, the people are experiencing first hand and first time experience. This is very important that the service providers must retain their reputation. If a customer comes to an eCommerce business for the first time, and the first experience is not satisfactory then it is more likely that the customer will not turn to that particular provider again. So, the real competition between the local players now is not to build up their sale volumes, but to build up their reputation by fulfilling every single order to the highest of expectations from the customers.

Once the customer base is built, the sale volume will automatically take over. If the customer base is destroyed, then the effects will be long term. A not so satisfied customer will always be spreading the negative thoughts. We humans have a tendency to listen and to be worried about negative things. This will lead potential customers to turn away from the service providers.

The exponential growth of the eCommerce business will be there for a time until when there is nobody left who has never heard about eCommerce business. There are enough people in Sri Lanka that have no idea of what an eCommerce business is. It is these people who are the potential customers for the exponential growth. Once these people are all reached, the exponential growth will cease. Given the media, the campaigns run by the local eCommerce businesses and the population of Sri Lanka, this would continue up to the first quarter of 2017. That is the possible timeline when the exponential growth will cease.

After that time, it would be impossible to change the ratings of the service providers. Whoever leads at the time when the exponential growth ceases will remain the market leader. The reason is because even if the second leading provider made enough efforts, there will be no fresh customer base to support the growth. There would still be growth, but not an exponential one. It is now, that everyone in the eCommerce business should build up their reputation so that they become the leaders in two years and then remain so for almost ever.

Product Listing Tips For a Highly Successful E-Commerce Business

Every online seller must know that the presentation and marketing of their products / services directly impacts the sale and revenue models for their Ecommerce business. Unlike a retail store, an E commerce platform cannot provide their customers an opportunity to handle the commodities physically and feel the quality. This is precisely why the significance of product listings and presentation becomes even more important. Online entrepreneurs can successfully help their online customers make an informed decision regarding their purchase by providing correct product listings.

Here’s how you can improve your product listings for your E-commerce business in 4 easy steps!

1. Provide a Detailed Product Description

Although photos are a must, do not underestimate the value add of written words. Your virtual customers will still require a useful description that offers information regarding product pricing, specifications, product care, shipping and various other essential details. The E-Commerce regulation requires that the price must be clearly mentioned. An informative product description is a great way to persuade your online customers that your product is worth purchasing.

2. Make the Product Description More Enjoyable To Read

Keep the product description a focused piece to help you make a sale, instead of lengthy creative writing. You can easily witness your sales soar by improving your online customer’s experience for your E-Commerce business. If you are not proficient with words, consider hiring a copy-writer to add polish and persuasion to your listings.

3. Include Long Tail Keywords to Make Your Products Easy To Find

If you find yourself struggling to attain good rankings in the search results, you can overcome this and get more search traffic by including long tail keywords. Four keywords or more are adequate. The longer the keyword, the simpler it is for you to rank high for that keyword in search engines. Find the most in-demand relevant keyword and expand it for longer variations. For instance, if the long tail keyword you are targeting is ‘Weight loss guide for beginners’, you can generate many more daily visitors through long tail search for fitness niche such as:

• best weight loss guide for beginners

• beginners weight loss guide

• free weight loss guide for beginners

• download weight loss guide

4. Tell A Story and Talk About the Product Benefits

In addition to mentioning the features, it is important to present the product in a way that is appealing and engaging. Customers want to know why they should buy a product, so it must clearly explain ‘what’s in it for them’. A straightforward headline and an engaging story will add personalized appeal and highlight the product benefits. The font size must be just right, and an array of colours can skilfully draw attention to the headlines and bullet points. Some brands tell the whole story behind the product so the customers know how it’s made and how it will add value to their lives.

Remember, your product listings must successfully ‘Engage, Persuade, and Sell’. Your product copy must not simply offer a product description on ecommerce platform and tell the online visitor what it does. It must persuade the readers to click on ‘BUY’.