Internet and Businesses in the Global Economy
Electronic commerce has expanded the market globally (business have an access to consumers far from their physical premises); it has also impacted on sales and marketing as well as on the consumer shopping. The internet has revolutionalized the traditional physical company meetings. Nowadays with cloud computing it is possible to hold meetings with business partners or employees in the five continents at the comfort of your office. This is finance and time saving undertaking as there are no need for expensive airfare and accommodation in five-star hotels. In the near future all companies will be expected to open online sites to handle business transactions lest they are forced to close down as only a few customers will be willing to make visits to physical premises. Through the internet, companies have managed to considerably lower the cost of doing business, enhance customer services, gain access of new markets, generate additional revenue and redefine their business relationships.
Sales and marketing has undergone a complete transformation under the internet economy. The previous aggressive sales and marketing has been replaced by a soft approach where the customer is engaged politely and later left to decide whether to buy or not. The internet economy is demanding greater transparency as the consumer is highly informed and has several alternatives if he feels there is some sort of dishonesty. Moreover, the traditional sales and marketing involved sales representatives doing all the talking as the consumer listened (one-way communication). The advent of internet has made it a two-way communication; consumers have a right to comment on the products on offer. if a company’s online sales and marketing tactics are poor, consumers will just slam it and move on to the next appealing site. Therefore, online sales and marketing demands higher level of innovation and creativity.
Growth of Internet Economy
internet economy was first carried out in 1985 with the birth of the first online business but less than 30 years later there are over 80 million such businesses and new ones are being launched everyday. The internet economy has become so powerful that in 2010, transactions worth $1.5 trillion dollars were carried out in the internet. The bulk of these transactions were carried out between businesses with business to consumer transactions accounting for less than 15 percent. As more people embrace online shopping, the share of internet economy in the global economy will certainly grow to even significant percentage. The new economy has completely altered the way businesses run. Issues like distribution costs, communication, market segmentation and pricing has gone a notch higher.
Current Issues about Internet
However, there are issues of privacy, reliability and security of some sites. Hackers and fraudsters as well as money launders have been using the internet to swindle customers millions of dollars and clean their dirty money
The Most Newest and Effective Ways to Increase the Bottom Line in the E-commerce Website Marketing
The first details on the organization of the scheme, and this is the biggest pitfall which most of the marketer experiences while focusing on the list of the visitor, their consideration and their impression. The SEO and the Google have introduced important in protocol in the level of technology to improve on the rate of click in the listing. The schema.org was introduce in the mid 2011 and it assisted and increase and the chances of searching a product in the web.
Another important way to search for the goods is through the Google Authorship as it enhances the blog post appearance while searching for certain results. Around 57 percent of the visitor in the site uses the mobile devices to log on the e-commerce website. The issue on the mobile and their responsive design is a hot topic but with a good reason.
The last issue is on the content of marketing whereby majority of the business are not in a position to leverage between their blog. This relate to the way the business are providing value to their customer, audience and the potential customers. Institution should aim at increasing the social media and the organic ranking of the product; this will assist in the improvement of the quality and not the quantity.
The Best Way to Select the Product to sell in the E-commerce Store
In case of being overstock, the eBay, Rakuten, Wal-Mart or the Amazon the odds are categorized to be low. This is to ensure that the business is in the capacity to effectively stock and sell as it ship almost the whole consumer product which are well known to the man. This is due to the fact that most of the e-commerce stores are not well equipped to handle the traffic on the number f the product being held. The major challenge is the difficulties of determining what to sell and who to provide the best offer. Beside that the other issue is the determination of the transactional cost and the shipping cost as they exist in the startup of e-commerce stores.
The Most Popular Product in the E-Commerce Site
The starting point here should be in regard to the pick of the product that you have a passion for, while selling the product that is in the same market or the product line. One should ensure that the mark-up is very high and product are discounted at the retail price, and marking the margin of your business against the other e-commerce site holding the same category of product.
Through the study on the Amazon and other blog it’s quite evident that there are a huge volume of data and knowledge that is published referring to the product commonly sold through the e-commerce and the site that sells the product.
Most of the products in the site are the music equipment, computers, and stereos which are categorized to be the electronic products. They are popular sold in the internet and the most brand sold are like; Dell, Rakuten, Wal-Mart, and Guitar center. These products are common in a way that they are huge, and hold a vast storage capacity.
How E-Commerce has Increased the Marketing Online
This is due to the fact that internet has become one of the booming industry. The advancement in the level of technology has enhanced more and more people to have the access in the internet. People are learning gradually on how to utilize the internet on their daily basis requirement. This has made the e-commerce to move to the front line of targeting the million and the group of people who are looking for certain product and services online.
The e-commerce therefore means trading and marketing of the good and services through the internet. Through this most of the company has been in the capacity to market their product and hence increasing on their tangible sale that promote their profit margin. Company should encouraging customer to buy online through the ecommerce website and set strategy to maintain their customer there.
How E-commerce have Helped in Earning More Sale to the Company
The e-commerce commencement have introduced an up heal on the method of marketing, selling and buying of product. Inconsideration of sites such as the Amazon and the eBay firm have been in the position to sell more and hence increasing their sales revenue in the long run.
The benefits of the e-commerce website to the firms are as follows:
There will be an increased exposure of the product in the disclosed site as many of the customers will keep on regular visit on the site to view the product. These enhance attachment between the people who are in the position to assess the internet searching and looking for similar product.
One of the critical facts in nowadays life is the time. Customer may not have time to visit a firm store every time, buy if the store is place online one can regularly visit. By provision of the product images and the description, a customer may find it more convenience to shop or buy the product as the transaction have saved on his time.
The benefit is that the e-commerce is cost effective as it is easier to make demonstration and providing information about a product online. Through the use of the web as a way of advertising it is much cheaper in comparison to the media such as the radio and TVs.