Lecture Clsass : 1
Unit 1: Electronic Commerce
Unit 2: Supply Chain Management
Unit 3: Electronic Payment System
Unit 4 :Customer Relationshop Management
Unit 5 : Hypertect Markup Language
Unit-I: Electronic Commerce: Definition, types, advantages and disadvantages, E-Commerce transaction on World Wide Web. Electronic Market-Online shopping, Three models of Electronic Market - E-Business.
uAdvantages:1) Customer ) Organization 3) Society
uDisadvantages: 1) Technical 2) Non Technical
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Customer |
Business |
Government |
Peer |
|
C2C |
B2C |
G2C |
P2C |
|
C2B |
B2B |
G2B |
P2B |
|
C2G |
B2G |
G2G |
P2G |
|
C2P |
B2P |
G2P |
P2P |
Write the Test (Click the Link) :https://forms.gle/hwedUnWcCBgUUmiq8
Electronic business :(e-business) refers to the use of the Web, Internet, intranets, extranets or some combination thereof to conduct businesses-business includes a much wider range of businesses processes, such as supply chain management, electronic order processing and customer relationship management. E-business processes, therefore, can help companies to operate more effectively and efficiently.
Defination: Supply chain management (SCM) is the broad range of activities required to plan, control and execute a product's flow from materials to production to distribution in the most economical way possible.
3. Steven Holzner, HTML Black Book, Dream Tech Press.
Lecture No 2
Meaning of E-Commerce
E-commerce
is the use of modern communication technology, computer and network technology
as a socio-economic patterns, which aims by lowering the operating costs of the
community, improve social production efficiency, optimize the allocation of
social resources in order to achieve the maximization of the use of social
wealth.
Ecommerce,
also known as electronic commerce or internet commerce, refers to the buying
and selling of goods or services using the internet, and the transfer of money
and data to execute these transactions. Ecommerce is often used to refer to the
sale of physical products online, but it can also describe any kind of
commercial transaction that is facilitated through the internet.
E-Commerce
or Electronic Commerce means buying and selling of goods, products, or services over
the internet. E-commerce is also known as electronic commerce or internet
commerce. These services provided online over the internet network. Transaction
of money, funds, and data are also considered as E-commerce
à Increase sales - this is the first thing that people consider when dealing e-commerce
à Decreasing costs
à provide price quotes
à Increase profits
à Understanding that profits is not the same as sales
àExpands the size of the market from regional to national or national to international
à Reach a narrow market
à Target market segmentation allows you to focus on a more select group of customers
and therefore have a competitive advantages in satisfying them
à costs of creating the product ,marketing of promotional material,costs of distribution
eg. Netscape allowing you to download instead of waiting to get the CD by mail
à Pull-type processing
à Enables customization of products
à Allows for innovative business models
à Allows for a high degree of specialization
à Reduces the time exposure
à Supports BPR - Business Process Reengineering
à Increases productivity
à Improves customer service (in some cases)
better features at a more competitive price
1) Cocooning - More individuals can work offsite
2) This decreases HR costs for companies because they can have smaller office buildings,
less parking spaces, fewer IT services, etc.
4)Facilitates delivery of public services sending out bill payment info is a significant cost
for companies
Technical Limitations
1) Cost of a Technological solution
2) Some protocols are not standardized around the world
3) Reliability for certain processes
4) Insufficient telecommunications bandwidth
5)software tools are not fixed but constantly evolving (ie. Netscape 3,4,4.7,4.75 etc.)
6)Integrating digital and non-digital sales and production information
access limitations of dial-up, cable, ISDN, wireless some vendors require certain
software to show features on their pages, which is not common in the standard
browser used by the majority
7) Difficulty in integrating e-Commerce infrastructure with current organizational IT
systems
1) Customer fear of personal information being used wrongly privacy issues customer expectations unmet
rules and regulations.
2)Security and privacy and vulnerability to fraud and other crimes
3) lack of trust and user resistance
4) Fear of payment information being unsecure
5) legal issues outstanding such as jurisdiction
6) legal environment has many new and conflicting laws
7)Cultural obstacles,linguistic challenges,limitations of support services,financial cost
8)Sourcing tech support in foreign languages
9)Lack of critical mass in certain market areas for sellers and buyers accessibility outside of urban/suburban
and areas effects universality higher employee training required to be click and mortar
people's resistance to change people not used to faceless / paperless / non-physical transactions
à The companies include in the B2B ecommerce are manufacturers, wholesalers rather than
retailers only.
à High customer competence Often relationship-driven (little search)
à Mostly commodities and standardized goods
à Pricing is based on quantity of orders and is often negotiable.
à In this e-commerce type, business and consumers are involved.
à Business sell to the public typically through catalogs utilizing shopping cart software
à Highly search-driven (relationships hard to come by)
à Customer competence varies widely
à Many non-standardized goods sold here
à Depends on attractive electronic market places to entice and sell products and services to the consumer
à Also called demand collection model.
à It enables buyers to name their own price, often binding, for a specific good or services generating demand
à A consumer posts his project with a set budget online and often within hours companies review the customers’
à requirements and bid for the project.
à Then the customer will review the bids and selects the company that will complete the project.
C2C:
à It facilitates the online transaction of goods or services between two peoples.
à However, there is no visible intermediary involved, but the parties cannot carry out the transactions without
the platform, which is provided by the online market such as eBay.
à Advertisement of personal services over the internet.
à Selling of knowledge and expertise online.
à Like C2C but without the platform commercially involved.
àMay need software for communication on the common platform.
Examples: Craigslist, Napster, Minneola
1) Advent of Online Naukri and Shaadi:
à In 1995 marked the beginning of e-commerce in India
à In 1991 after economic reforms attarcted MNC and growth IT Industry
à Liberalization of License,High Taxes and Import Restrictions
2) B2B Directory
à It was launched in 1996
à Liberalization of International Trade Policies
à Buyers and Sellers easily connect with their global counterparts
3) Online Matrimonial
à In 1996 matrimonial portal started in India.
à It changed the process “marriages are made in Cyber Space.
à It cover various segments of the population such as NRI’s and H1B visa holders,Widowers,divorcees.
4) Online Recruitments:
à It started in India from 1997.
à After Economic reforms additional jobs were created.
à Internet supported to create Job Portals and all job seekers to conect Job Portals
à Aftre IT downfall in India in 2000 led to collapse of more than 1000 e-commerce business.
* Marketing
* Analytics
* Customer Service / Advocacy / Loyalty
* Business / Product Management
* Miscellaneous
I consider Marketing to be the soul of the business. You need great products, and you need great management and customer service – but no matter how great your products or customer support are, you need someone whose focus is finding your customers and figuring out how to speak to them in a way that convinces them your products are the ones they’ve been looking for.I look at it as less of a Jedi mind trick and more of a cobbler, delicately inspecting, tweaking, and improving your store’s language, pricing strategy, customer personas, and more.
1. Optimize – To boost conversions and improve visitor experiences, you can use Optimizely to create, launch, and analyze tests on your ecommerce website. With Optimizely, you can easily and quickly test copy, colors, product placement on sales pages, and even entire pages.
2. Google AdWords – To increase brand and product exposure, you can use Google AdWords to create campaigns that drive more customers to your website. With Google AdWords, you can target specific audiences based on location or keywords, and you only pay for actual results.
3. Photoshop – To boost interest in your products and drive more sales, you can use Photoshop to create professional-grade product images to insert throughout your website. With Photoshop, you can customize and edit photos and graphics to establish a sense of consistency and branding that will differentiate you from competitors.
4. Canva – To drive more engagement on your social media channels, you can use Canva to create compelling images and graphics that relate to your products or business. Canva is a good tool to use if you have little or no experience using a more robust tool like Photoshop.
5. Hootsuite – To build a stronger
and more authentic brand presence for your ecommerce business on social media
channels, you can use Hootsuite to schedule updates
and interact with current and potential customers. With Hootsuite, you can watch what
people are saying about your brand or products, schedule social media updates,
and get access to powerful analytics and insights that can help you get more
ROI from your efforts.
6. BuzzSumo – To develop compelling
content that attracts new customers, you can use BuzzSumo to come up with the
right blog post ideas. With BuzzSumo, you can search for a specific topic and see the most
popular articles written about that topic. You can also get access to social
media followers who have shared articles about similar topics in the
past.
7. MailChimp – Another email marketing service provider, you can use MailChimp to create and send regular email updates about your products to your list of subscribers and customers. For example, you could create email campaigns that offer special coupons to new customers, or you could use email to fill customers in on new products that they might be interested in.
8. WordPress – To connect with new audiences and potential customers, you can use WordPress to create and produce helpful blog posts about your products, industry, or specific pain points that relate to your target audience. If the tool you use to manage your online store doesn’t have a blog feature, WordPress is a good option to explore. It’s free, extremely easy to use, and very versatile.
9. Facebook Ads – To connect with new
customers and drive them to your ecommerce site, use Facebook Ads to launch
campaigns that target specific users or types of users. Facebook Ads is a great
option for ecommerce businesses because the cost is relatively inexpensive
compared to other options.
Business / Product Management Tools
Too many times managing your business gets in the way of growing your business. We’ve all been there – and it just gets more annoying the larger you grow. These tools can help you manage your time, finances, people, channels, and even competitive analysis so you can stay ahead of the in business.
1. Kin – To spend less time on
tedious back-office tasks, you can use a tool like Kin to manage all the HR
needs at your ecommerce business. Kin manages onboarding, employee data and
files, time off, and performance reviews in one easy-to-use cloud-based
system.
2. inDinero – This tool can help
you streamline accounting tasks and responsibilities at your ecommerce
business. inDinero gives you access to
a full finance and accounting team who can prepare and maintain financial
accounts, manage the books, review and categorize transactions, and handle tax
filings.
3. Zirtual – This tool can also
save you time and make it easier to focus less time on back-office tasks and
more time growing your ecommerce business. Zirtual is a service that connects you with your own personal
assistant who can help you with everything from scheduling meetings and booking
travel accommodations to fulfilling personal errands and managing your email
inbox.
Business / Product
Management Tools
4. ShipStation – To streamline,
automate, and scale fulfillment and shipping at your business, you can use a
tool like ShipStation to import, manage,
and ship product orders. ShipStation integrates with a
number of ecommerce shopping carts, platforms, and tools — including Sellbrite. You can see the
complete list of integrations here.
5. Kit – This tool can help
you with your ecommerce marketing needs. Kit connects you with a virtual
employee who can help you create Facebook and Instagram ads with audience targeting, post store updates to your
Facebook page, send email
marketing campaigns to your customers, and more.
8. Wiser – To compete in your
space on pricing, you can use a pricing intelligence tool like Wiser. With
Wiser, you can monitor competitor pricing, dynamically optimize your own
pricing, and get access to helpful reports and powerful analytics that can help
you scale and grow your ecommerce business.
9. TaxJar – To help alleviate the stress and difficulty of filing sales tax for different states and districts, use TaxJar to automate and file for you. When you set up auto-filing you can connect your store to the places where products are sold and immediately receive returns in the correct format with all applicable sales taxes calculated correctly.
10. QuickBooks – This tool is
a full suite accounting software that can help your business at any stage. By
managing every aspect of business bookkeeping, QuickBooks gives you a full
360-degree view of your business. With multi-user logins and extensive
analytics, you can keep on top of your business growth.
Customer Service / Advocacy / Loyalty Tools
You don’t have a business if you don’t have customers. And a lot of other companies are fighting to make your customers their customers. It’s important that you figure out how to support them, advocate for them, delight them, and build up their loyalty to you.
1. Zendesk
Chat – To
eliminate objections and build trust, use Zendesk Chat (formerly Zopim) to chat with your website visitors in real-time. With Zendesk Chat, you can build
a customized chat badge to install on your site, set up proactive chats that
engage with visitors based on certain triggers, respond to questions left by
interested customers, and also get access to powerful metrics and reports.
2. LeadChat – This is another tool that you can use to engage with future customers in real-time on your website. LeadChat is more focused on converting customers and identifying qualified leads that you can follow up with. With LeadChat, you’re outsourcing chat to a team of conversion experts who have all the answers and know all the common objections people typically have about your products. This is particularly helpful if you don’t have products that are overly technical in nature.
3. AuthentiPix – To drive more product
sales and conversions in your store, use a tool like AuthentiPix (formerly Instagration) to incorporate Instagram into your store.
With AuthentiPix, you can allow your customers to show off your products and do
free advertising for you on Instagram. When it comes to boosting ecommerce sales, social
proof can be incredibly powerful. AuthentiPix is a great way to show
prospective customers how much other people love having and using your
products.
Business / Product Management Tools
4. ShipStation – To streamline,
automate, and scale fulfillment and shipping at your business, you can use a
tool like ShipStation to import, manage,
and ship product orders. ShipStation integrates with a
number of ecommerce shopping carts, platforms, and tools — including Sellbrite. You can see the
complete list of integrations here.
5. Kit – This tool can help
you with your ecommerce marketing needs. Kit connects you with a virtual
employee who can help you create Facebook and Instagram ads with audience targeting, post store updates to your
Facebook page, send email
marketing campaigns to your customers, and more.
8. Wiser – To compete in your
space on pricing, you can use a pricing intelligence tool like Wiser. With
Wiser, you can monitor competitor pricing, dynamically optimize your own
pricing, and get access to helpful reports and powerful analytics that can help
you scale and grow your ecommerce business.
9. TaxJar – To help alleviate the stress and difficulty of filing sales tax for different states and districts, use TaxJar to automate and file for you. When you set up auto-filing you can connect your store to the places where products are sold and immediately receive returns in the correct format with all applicable sales taxes calculated correctly.
10. QuickBooks – This tool is
a full suite accounting software that can help your business at any stage. By
managing every aspect of business bookkeeping, QuickBooks gives you a full
360-degree view of your business. With multi-user logins and extensive
analytics, you can keep on top of your business growth.
Customer Service / Advocacy / Loyalty Tools
You don’t have a business if you don’t have customers. And a lot of other companies are fighting to make your customers their customers. It’s important that you figure out how to support them, advocate for them, delight them, and build up their loyalty to you.
1. Zendesk
Chat – To
eliminate objections and build trust, use Zendesk Chat (formerly Zopim) to chat with your website visitors in real-time. With Zendesk Chat, you can build
a customized chat badge to install on your site, set up proactive chats that
engage with visitors based on certain triggers, respond to questions left by
interested customers, and also get access to powerful metrics and reports.
2. LeadChat – This is another tool that you can use to engage with future customers in real-time on your website. LeadChat is more focused on converting customers and identifying qualified leads that you can follow up with. With LeadChat, you’re outsourcing chat to a team of conversion experts who have all the answers and know all the common objections people typically have about your products. This is particularly helpful if you don’t have products that are overly technical in nature.
3. AuthentiPix – To drive more product
sales and conversions in your store, use a tool like AuthentiPix (formerly Instagration) to incorporate Instagram into your store.
With AuthentiPix, you can allow your customers to show off your products and do
free advertising for you on Instagram. When it comes to boosting ecommerce sales, social
proof can be incredibly powerful. AuthentiPix is a great way to show
prospective customers how much other people love having and using your
products.
Customer Service / Advocacy / Loyalty Tools
4. Smile.io – Another great way to
boost customer loyalty and drive more sales is by creating a loyalty program
for existing customers. With a tool like Smile.io (formerly Sweet Tooth), you
can give points or rewards for purchases, social shares, and customer referrals.
The tool currently integrates with Shopify, BigCommerce, Magento, and custom
platforms for enterprise companies.
5. Qualaroo – To improve buying
experiences and learn more about your customers and website visitors, you can
use a tool like Qualaroo to include quick
surveys throughout your ecommerce store. Surveys can ultimately help you
increase conversions, uncover objections, and understand the buyer journey
better.
6. Promoter.io – This is another tool that you can use to survey customers, but this one is focused entirely on gathering feedback using the Net Promoter System. By using the tool to constantly improve your NPS (Net Promoter Score), you can drive more sales, connect with your best brand and product advocates, identify real problems, and outgrow your competitors.
Miscellaneous Tools
Beyond everything else we talked about above, there are other tools that need to be addressed. These are the tools that make things really fun. Tools that help you with personalization, avoiding MAP policies, and custom search are the big guns of scaling and growing your ecommerce business.
1. BloomReach – This tool can help
you personalize and optimize experiences for your website and mobile apps at scale.It builds better search
functionality into your site, and present products to your visitors that are
personalized in real-time based on interests.
2. PriceWaiter – This tool can help you boost conversions and automate sales campaigns and offers. With PriceWaiter, you can offer pricing match capabilities on your product pages that allow visitors to make offers on your products.
3. SearchSpring – This is another
powerful personalization tool that you can use to drive more sales and grow
your ecommerce business. The platform delivers the most relevant products you
offer to visitors who land on your product pages. It utilizes machine learning
and predictive artificial intelligence to understand product data and aggregate
user behavior to surface the most relevant products across the customer
journey.
4. Aimtell – This tool makes it easy to re-engage website visitors with targeted mobile and desktop web push notifications. With this tool, you can send website visitors offers and reminders about your product, even when they don’t have their browser open. Installation is quick and easy and the tool integrates with WordPress and Shopify.
5. Segment – When all of
your internal and external processes are working together, running a successful
business gets easier. Using Segment, you can make sure that your analytics,
email, helpdesk software, and more are all working seamlessly together. This tool
gives you the power to connect different providers together and adjust
integration settings directly while also having an open source API for
developers.
6. Zapier – This platform gives you the option to connect a number of different apps together. Acting as the conduit for different services, you can use Zapier to automate your customer tracking with your payment processor or update a spreadsheet with new purchases. This is a powerful tool that helps you streamline different processes as your business grows.
Lecture No 4:
Marketing
Computer Sciences
Consumer behaviour and psychology
Finance
Economics
MIS - Management Information Systems
Accounting and Auditing
Management
Business Law and Ethics
(i) Computer System:
The presence of the computer system is the first requirement of e-commerce; because the basis of e-commerce is the Internet and the computer is the medium of transaction. The computer can be linked with the Internet, by pressing its keys. The business transaction under e-commerce can be seen on the computer screen.
(ii) Internet Connection:
For conducting e-commerce transactions, Internet connection is essential. We can get this facility of Internet connection, sitting at home, through Private Service Provider companies.
When we open our Internet connection, the service provider tells us to install the Web Browser. It controls the activities of e-commerce. It is the Web Browser which takes us into the world of e-commerce. (Browser means a programme that lets us look at or read documents on the Internet).
(iii) Technically Qualified Workforce:
The business enterprise must have technically qualified people who are capable of working with computer networks and the Internet without difficulty.
The business enterprise must have a full-proof system of receiving payment for the goods sold. The business enterprise must make arrangements with banks, credit card agencies etc. to facilitate receipts and payments electronically.
(v) Well-Designed Website:
To communicate effectively with customers and others, the business enterprise must develop a comprehensive website. The information must be detailed and hyperlinked with suitable supporting pictures etc. (Hyperlink is a place in an electronic document on a computer that is linked to another electronic document).
(vi) Effective Telecommunication System:
For a successful implementation of e-commerce, an effective telecommunication system is necessary. If telephone lines are getting frequently disconnected; e-commerce is not successful.
(1) Hacking:
Here are seven ways small ecommerce business owners can protect their online stores from hacking, fraud and/or copycats.
. Trademark your company name and logo
“The most important tip for business owners to protect their site and brand is to ensure [their] name is clear for use as a trademark,” says Sonia Lakhany, trademark attorney, Lakhany Law. “Too many entrepreneurs mistakenly think that because a domain name is available or that they were able to form an LLC or corporation with their local Secretary of State that their business name or brand is available as a trademark.”
2. Use a trusted ecommerce platform
(2) Cyber
Squatting:
Cybersquatting is the act of registering, trafficking, or using an Internet domain name in bad faith. Domain squatters generally rely on generating profits from the sale of domains to trademark owners at an inflated price. However, bad faith use or registration can occur from any of the following scenarios.
Registration to sell the domain to the trademark owner or its competitor for
large profit
Engaging in a pattern of registration of domains to prevent a trademark owner's
use of its mark in a corresponding domain name
Registering a domain to purposely disrupt a competitor’s business
Using the domain to create consumer confusion to attract consumers
to the domain
Some people purchase domains with the intent to resell. Such act
is not illegal, unless the intent is to sell to a rightful owner (or a
competitor) for an inordinate price tag or other bad faith activity.
Additionally, the purchase of domains isn’t monitored. Anyone can legally buy
domains just to have for potential future use. However, domain acquisition to
intentionally prevent a trademark owner from obtaining domains with its mark
may be considered squatting and illegal. Likewise, using a domain similar to a
competitor’s mark to direct the competitor’s consumers to your domain is likely
illegal domain use. Basically, cyber squatting is a form of trademark
infringement through domain registration.
(3) Viruses:
- Viruses are normally
external threats and can corrupt the files on the website if they find
their way in the internal network. They can be very dangerous as they
destroy the computer systems completely and can damage the normal working
of the computer. A virus always needs a host as they cannot spread by
themselves.
- Worms are very much
different and are more serious than viruses. It places itself directly
through the internet. It can infect millions of computers in a matter of
just a few hours.
- A
Trojan horse is a programming code which can perform destructive
functions. They normally attack your computer when you download something.
So always check the source of the downloaded file.
(4)Typopiracy:
Typosquatting, also called URL hijacking, a sting
site, or a fake URL, is a form of cybersquatting, and possibly brandjacking which relies on mistakes such
as typos made
by Internet users when inputting a website
address into a web
browser. Should a user accidentally enter an incorrect website address,
they may be led to any URL (including an alternative website owned by
a cybersquatter).[1]
The typosquatter's URL will
usually be one of five kinds, all similar to the victim site
address (e.g. example.com):
A common misspelling, or foreign language spelling, of the intended site:
exemple.com
A misspelling based on typos:
examlpe.com
A differently phrased domain name: examples.com
A different top-level
domain: example.org
An abuse of the Country
Code Top-Level Domain (ccTLD): example.cm by using .cm,
example.co by using .co, or
example.om by using .om. A
person leaving out a letter in .com in
error could arrive at the fake URL's
website.
(5)Impersonation:
In
e-commerce transactions some times hackers may pretend to be consumers
themselves make use of stolen credit card numbers of real customer.
(6)Fraudulent
Trading:
Fraudulent trading is
when a company carries on business operations with the intent of purposefully
deceiving and defrauding its creditors. This is a criminal offence and is
punishable by steep fines/debt liabilities depending on the severity of
the fraud and potentially improvement.
Disputes Regarding E-Commerce Transactions:
1) The customer pays for the merchant but the
business fails to deliver
2) The customer pays full, but receives a
partial order or the wrong merchandise.
3) The customer does not like the product but
the business has to procedure for accepting
returned merchandise.
4) The business delivers but the customer does
not admit that he ever received the
merchandise.
5) The customer receives the product,but it
arrives damaged.The carrier denies responsibility
and the business says
it is carriers responsibility.
·
Finding global solutions
·
Pursuing technological innovation
·
Pursuing multiple types of ADR programs
·
Ensuring fairness and effectiveness
·
Consumer and business education
·
Action against fraudulent or deceptive practices
What How
Government must do to promote E-Commerce:
· Knowledge
building
· Knowledge
deployment
· Subsidy
· Mobilisation
· Innovation
directive
· Standard
setting
1) Public enterprise, e.g. innovation by publicity owned
industries, setting up of new industries, pioneering use of new technologies by
public corporations, participation in private enterprise
2. Scientific and technical, e.g. research laboratories,
support for research associations, learned societies, professional
associations, and research grants.
3.Education, e.g. general education, universities, technical
education, apprenticeship schemes, continuing and further education,
retraining.
4.Information, e.g. information networks and centres,
libraries, advisory and consultancy services, databases, liaison services.
5. Financial, e.g. grants, loans, subsidies, financial
sharing arrangements, provision of equipment, buildings or services, loan
guarantees, export credits, etc.
6. Taxation, e.g. company, personal, indirect and payroll
taxation, tax allowances.
7. Legal and regulatory, e.g. patents, environmental and
health regulations, inspectorates, monopoly regulations.
8. Political, e.g. planning regional policies, honours or
awards for innovation, encouragement of mergers or joint consortia, public
consultation.
9.Procurement, e.g. central or local government purchases
and contracts, public corporations, R&D contracts, prototype purchases.
10. Public services, e.g. purchases, maintenance,
supervision and innovation in health service, public building, construction,
transport and telecommunications.
11.Commercial, e.g. trade agreements, tariffs, currency regulations.
12. Overseas agent, e.g. deference sales organizations.
Swot Analysis of E-Commerce
Strengths:
1)Global Market
2) Time Saving
3)No Time Constraints
4)Price/Product Comparison
5)Cost Effective
6)Flexible target market segmentation
7)Fast Exchange of Information
8)Faster Buying Procedure
Wealnesses:
1)Security
2) Fake Websites
3)Fraud
4)Fewer discounts and bargaining
5)Long delivery timings
6)Impossibility of Physical examinations
7)Limitation of Products
8)Lack of personal service
9)Limited exposure
10)Limited advertising
11)Customer satisfaction
Threats:
1)Competitors
2)Charges in environment,law and regulations
3)Innovation
4)Privacy Concern
5)No direct Interaction
6)Fraud
Future of Growth of E-Commerce
1 – Global eCommerce retail sales to hit $4.9 trillion by 2021 New studies projected that the worldwide retail eCommerce sales will reach a new high by 2021. Ecommerce businesses should anticipate a 265% growth rate, from $1.3 trillion in 2014 to $4.9 trillion in 2021. This shows a future of steady upward trend with no signs of decline.
2 – Omnichannel shopping will become more prevalent As the lines blur between the physical and digital environment, multiple channels will become more prevalent in customers’ path to purchase. This is evidenced by 73% of customers using multiple channels during their shopping journey.
3 – Social shopping is on the rise More and more people are doing their shopping on social media platforms. With the improvement of social media’s selling capabilities, social media platforms are more than just advertising channels. People can now conveniently and quickly purchase products on their chosen social media platform.
4 – The center of eCommerce is shifting from the western hemisphere Once a giant, the United States’ share of the total global eCommerce retail market is projected to decrease by as much as 16.9% in 2020. One of the main drivers of the decrease is due to the rise of globalization and the improvement of technology and infrastructure from the non-western regions.
5 – Domestic shoppers go cross-border shopping Interestingly, shoppers are increasingly looking for products online outside their home country. In fact, 57% of online shoppers reported having made an online purchase from an overseas retailer in the last six months.
6 – B2B eCommerce is a bigger giant B2B (business-to-business) eCommerce is the online selling and marketing of products from one business to another. And when compared to the B2C (business-to-consumer) eCommerce industry, B2B eCommerce is projected to be two times higher than B2C by 2020.
7 – Ecommerce personalization will be a standard Ecommerce personalization has become a huge trend among businesses over the past couple of years but in 2020 and the succeeding years to come, it won’t just be a mere trend. As customers expectation of personalization increases, personalization will become an eCommerce standard. In fact, 33% of customers have ended their relationship to a business with insufficient or no personalization in place.
8 – Mobile shopping revolution Mobile is continuously shaping the landscape of customer engagement. For the past couple of years, the mobile market has already matured and will already be reaching 70% of eCommerce traffic by the end of 2018.
9 – Voice commerce is on the horizon A very recent trend to the eCommerce world is the rise of voice technology. The introduction of voice devices, like Amazon Echo and Google Home, has already led to new ways on how people interact with brands through voice-activated online browsing.
10 – New payment options will emerge Payment options are one of the essential drivers why customers will push a transaction. Without the available payment channel of their choice, they won’t purchase from your online store. This is why to stay competitive, take notice of new payment forms which your potential buyers demand.
The Future is Clear Ecommerce is an ever-expanding world. With intensifying purchasing power of global consumers, the proliferation of social media users, and the continuously progressing infrastructure and technology, the future of eCommerce in 2020 and beyond is still more vibrant as ever. Arm yourself with our 10 international growth trends to help you get ready with the changes of the coming years and elevate your eCommerce business in 2020 into a new height.
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