1. Exploitation of New Business
Broadly speaking, electronic commerce emphasizes the generation and exploitation of new .business opportunities and to use popular phrases: “generate business value” or “do more with less”.
2. Enabling the Customers
Electronic Commerce is enabling the customer to have an increasing say in what products are made, how products are made and how services are delivered (movement from a slow order fulfillment process with little understanding of what is taking place inside the firm, to a faster and rt1ore open process with customers having greater control.
3. Improvement of Business Transaction
Electronic Commerce endeavors to improve the execution of business transaction over various networks.
4. Effective Performance
It leads to more effective performance i.e. better quality, greater customer satisfaction and better corporate decision making.
5. Greater Economic Efficiency
We may achieve greater economic efficiency (lower cost) and more rapid exchange (high speed, accelerated, or real-time interaction) with the help of electronic commerce.
6. Execution of Information
It enables the execution of information-laden transactions between two ore more parties using inter connected networks. These networks can be a combination of ‘plain old telephone system’ (POTS), Cable TV, leased lines and wireless. Information based transactions are creating new ways of doing business and even new types of business.
7. Incorporating Transaction
Electronic Commerce also inco11'orates transaction management, which organizes, routes, processes and tracks transactions. It also includes consumers making electronic payments and funds transfers.
8. Increasing of Revenue
Firm use technology to either lower operating costs or increase revenue. Electronic Commerce has the Potential to increase revenue by creating new markets for old products, creating new information-based products, and establishing new service delivery channels to better serve and interact with customers. The transaction management aspect of electronic commerce can also enable firms to reduce operating costs by enabling better coordination in the sales, production and distribution processes and to consolidate operations arid reduce overhead.
9. Reduction of Friction
Electronic Commerce research and its associated implementations is to reduce the “friction” in on line transactions frictions is often described in economics as transaction cost. It can arise from inefficient market structures and inefficient combinations of the technological activities required to make a transaction. Ultimately, the reduction of friction in online commerce will enable smoother transaction between buyers, intermediaries and sellers.
10. Facilitating of Network Form
Electronic Commerce is also impacting business .to business interactions. It facilitates the network form of organization where small flexible firms rely on other partner, companies for component supplies and product distribution to meet changing customer demand more effectively. Hence, an end to end relationship management solution is a desirable goal that is needed to manage the chain of networks linking customers, workers, suppliers, distributors and even competitors. The management of "online transactions" in the supply chain assumes a central roll.
11. Facilitating for Organizational Model
It is facilitating an organizational model that is fundamentally different from the past. It is a control organization to the information based organization. The emerging forms of techno-organizational structure involve changes in managerial responsibilities, communication and information flows and work group structures.
A Fool and His Money
Please take note: This is a topic that is very serious to Hubpages and to myself, the Hub writer. I in no way promote MLM Marketing scams or Pyramid schemes, and want to warn you about the latest trend so you can protect yourself.
The best piece of advice for anyone trying to get rich quick is that you are opening yourself up for a bigger setback financially.
Millions of people throw their money away each year because they only wanted to make some extra money.
Thomas Tusser - not the Bible - said, "A fool and his money are soon parted."
If you are trying to get rich quick, this quote may be talking about you.
The problem with pyramid schemes and Multi-level Marketing (MLM), is that they require you to constantly recruit people to join.
The people that do best at recruiting involve personalities that are magnetic, and are typically outgoing people that are the life of the party. Unfortunately, once they have accomplished their task of recruiting you, they move on to find more people. You are left alone thinking you just made a new friend, but in all reality, you have been coerced into joining a secret club that may or may not sell any real products, and your constant participation is required if you hope to recoup your initial investment into the MLM pyramid scheme.
Buzzwords to Watch For
Since most MLM scams and Pyramid schemes don't ever incorporate the words MLM, pyramid, scam or scheme, you need to be cautious when you have any suspicions of this activity.
One of the most popular schemes taking place involves e-commerce.
You are invited to attend a seminar, maybe in a hotel or conference room somewhere. The speaker does a great job convincing you that there is money to be had. He goes on with his spiel about college just being a waste of time.
He said that a P.h.D. stands for "piled higher and deeper."
Why do you need college when you can make your millions today?
By the end of his presentation, he has you convinced that you need to start your own e-commerce business. The only catch is, you need yourself an e-commerce permit or license. It only costs $100.00. Then you can start referring people to your own website to buy products that they buy anyway from Walmart.com, JCPenny.com, BestBuy.com, or Target.com.
The problem with this logic is that most people do not go online to make everyday purchases. Most people still go to the local stores to buy these products.
Any sales you get from a person buying products through your referral link are not sustainable.
If you fall for the e-commerce scam, you will find this out the hard way. You will be the only person buying products through your own link for a discount, since you get a small percentage back from the purchases as your commission.
The latest trend in the e-commerce pyramid scheme is that someone invites you to call in and attend a conference call. In the call, they will convince you to start your own e-commerce website, and you will be making money hand-over-fist.
Ask anyone who has attempted at e-commerce (and obviously dropped out). Doing e-commerce via a referral link is not sustainable for income if you are doing it through a MLM scheme.
Be Cautious, Christians
Be cautious! It is not unheard of for these pyramid and MLM guru's to quote Bible verses and claim to be Christian. Oh, yes. They target Christians to join their group so they can make a buck off of the unsuspecting, all in the name of Jesus.
Where Did My Money Go?
You will find that MLM and Pyramid schemes are very similar.
Both require initial money paid in to get started. If it doesn't require money, then it will at least require your time.
It is often said in the opening MLM presentation, "You get out what you put in."
Translation: "You have to work long hours selling this to your friends and family to make a buck."
I was asked by one guy trying to recruit me, "How many contacts do you have in your phone?"
Answer: 200+
His reply, "Okay, you have 200+ people you can sell to."
Wrong!
I am not going to sell your gospel to my friends and family. Once I have burned all of those bridges with the MLM scams, then I will have put more distance between those relationships.
Here's a better suggestion: Get a real job, and don't try to squeeze money from hard-working people.
MLM reps work hard too, but their money is not sustainable, and it all dries up the moment you decide to stop working for said company.
Once your money goes into the company, it is hard to get it back, so don't put it in, in the first place. Making money quick can make people foolish with their money to the point of neglecting common sense.
Why do you think wealthy investors ask so many questions before buying into a company?
Answer: Because they want a return. That means their money back plus extra.
There is no honest return on MLM scams and pyramid schemes, unless you are the top man on the pyramid. He won't thank you for your money, but he will not hesitate to buy a Bentley with it, and get a mansion in a ritzy neighborhood. That was your money that bought all that.
Can you guess, what is the importance of keywords in optimizing e-commerce website?
Well, it takes more than just a good idea to create a popular website. For success, the websites need a steady influx of traffic, and this can be accomplished with SEO. Search Engine Optimization (SEO) enables the search engines like Google, Yahoo! and Bing to search the website and rank it on the first page.
It has been found that more than 97% of the population chooses their desired website within the first page. The selection ranges from one to three, and this is the reason that these websites receive a maximum number of audience. The innate purpose of SEO is to rank a website among the top results. This is based on common search phrases that are relevant to the site.
Ecommerce websites or electronic commerce is websites in which buying and selling of services and products are operated over the Internet or other networks. Drawing on the technologies of electronic fund transfer, online transactions, electronic data interchange, Internet marketing, inventory management systems, and automated data collection systems, e-commerce websites also encompass email, mobile, and customer support.
The SEO of electronic commerce websites begin with the search for a particular niche. The importance of Keywords lies here. Since the website contains thousands of pages, it is important to target the exact words that would increase the visibility of the site. The enlisted points talk about methods about how to perform research, and how to implement them for better results.
If you have an e-commerce website based on wordpress cms, then you must install wordpress SEO plugins like Yoast SEO, SEO Framework or premium woo commerce SEO plugin from Yoast.
Researching for Keyword
First popularized by the search engines Infoseek and Alta Vista in 1995, keywords became popular to become one of the Meta elements in SEO. In 1997, the providers of search engines realized that information in the Meta-elements was unreliable and drew users towards spam sites. Stopping support for the meta-elements, in July 2002 Alta Vista withdrew its support. In September 2009, Matt Cutts of Google announced that keywords would not be taken into account anymore.
Searching keywords for websites are important. Popular phrases that are similar to the content of the site is best for the long run. They should not have too much of competition, and the entire SEO façade is built on this step. The trick that is involved here is including keywords that the audience would actually think for. The phrase should be unique, and if the e-commerce website sells something related to tires, Search Engine Optimization Specialist can use something like the “Michelin X Coach XZ,” which would probably have lesser competition.
Increased Search= Increased competition
If the keyword for which you are trying to rank has high monthly searches volume then most probably, it will have great keyword difficulty, and so it will be harder to rank. It is the reason that when searching for the relevant niche it is important to use tools that would give the total globalized monthly searches and competition present for the particular topic. Phrases or words that have low competition and higher global monthly searches are perfect for the website. The Google Adwords suggestion Keyword Tool will provide a list of all similar phrases. You can also use other tools like the Alexa Search.
Analytics and Yahoo! Answers would help in identifying the relevant phrases to the e-commerce website. Referring to competitor’s website and considering the requirements of the consumer, the keywords can be finalized.
Importance of Keyword Mapping
Ecommerce websites usually have multiple pages and different content in each of them. This is where Keyword Mapping comes into play. Crucial for on-site SEO, it is important to assign relevant meta words to each page so the website encompasses the phrases that are needed.
When single keyword is focused in the entire website, there’s an increased chance of search engines ranking the word.
Where to use meta words?
After the keywords have been decided, the next step is on-site SEO. With the hundreds of pages in the website, it is important to add the keyword in places wherein the search engines would look for. Mostly they are used in the following pages:
- URL: The ecommerce URL usually do not contain the keywords but contain product ID or numbers. The optimized website would include relevant keyword (related to the page) in the URL.
- Title Tag: Since each page has a Meta Title, keywords should be included at the beginning of the page.
- Body Content: The body content should be relevant and not be sprawling with keywords. Including a concise content that includes short description about the page is desired.
- H1 and H2 Tags: They are on-page heading of the web pages and they correspond to the CSS or cascading style sheets. The keyword should always be included here.
- Images: Products usually come with an image. The keyword can be included in the text.
Utilizing keyword in off-page optimization
There are two places where keywords are used. One is in “link building” and the other in content marketing.
Link Building: Link building can be defined as the accruing of links to build an online reputation. Keywords are needed to find the relevant sites and to bid for them, which would bring about ranking of the webpage.
Content Marketing: Target Keywords are used in content marketing. Content marketing incorporates the marketing strategies that include the sharing of content in the form of articles, blogs, press releases, social media, videos etc.
Keyword is an integral part of SEO. Depending on the selection of these words, or phrases, the success of SEO will depend.
So you have spent countless hours designing and creating your perfect product. You have even made a few bucks from your e-commerce store. But are your sales not taking off as as you expected?
If this is your situation, then it’s time to consider if you really know your customers. Ask yourself the following questions:
- Do I know what their fears and motivations are?
- Where do they look for information?
- Who they trust for recommendations?
If you can’t answer these questions, then you are not even halfway to targeting your customers. Even the best product or service out there cannot remedy that. But, if you use what we call “market segmentation” (or slicing and dicing that market), you can reach your customers in the most cost-effective way.
Without understanding and targeting a niche market, even the best products can fail—but no need to fret. By using market segmentation, you can reach your most profitable customers more cost-effectively.
What is Segmentation?
In essence, segmentation is the process of dividing a large market into small groups of people who share similar characteristics.
You can imagine the process as filtering the market through a funnel that has a wide opening and narrow end. A large group goes in and only a few come out on the other end. Marketers analyze these few peoples’ shared traits to create a unique strategy to reach and influence them.
How to “Filter” Your Market
You can segment based on customers’:
- Demographics, like age, gender, or parental status;
- Geography, such as neighborhood or country;
- Psychographics such as attitudes and beliefs;
- and behaviors, like shopping habits or product usage patterns.
This post will give you more details on each of the segmentation methods.
At this point you may be asking, “so how do I find all this information and how can they drive sales?” One of the best ways is through personal interviews and analyzing your customers' behaviors.
The Case for Using Behavioral Segmentation
Let’s say you are selling young women’s clothes online. You have specified that your customers are 18~25 year-old females living in a city and are interested in fashion. These are demographic, geographic and psychographic traits, respectively. Yet this information is not enough to help you sell.
Why? Customers’ buying decisions can vary widely. For instance, an 18-year-old college student will shop differently than a 25-year-old who works at a corporate company. You might also want to consider their purchasing power; i.e., a working woman would have more budget for shopping than a dorm-living college student.
This is why behavioral segmentation will be most useful, especially in improving sales.
How to Use Customer Behaviors to Your Advantage
First you need to define what your current business goals are. If you were just starting out, then your goal would be to raise brand awareness and drive customers to your store.
You can start with questions like these:
- What language do your customers speak ? These are your keywords. For example if they are looking for a fitness tracker, what do they type into Google ?.
- When are they most likely to shop? Adjust your marketing budget based on time. For instance, if studies show online shoppers are most active around 8PM, you should probably pump out ads close to that hour.
- Where do they look for information? For example, which blogs do women frequent for outfit inspirations? Your goal is to find where they are and get yourself in front of them.
- Why did they abandon the shopping cart? Using site analytics, maybe you discovered that many customers drop off after seeing shipping costs. Use this information to rethink your operations strategy or improve your website design.
Feel free to design your own questions that align with your business. Here are the main types of behavioral segmentation you can use:
- Customer needs (e.g. are your customers more interested in comfort or functionality?)
- Occasion (e.g. sports drinks for post-workout)
- Usage rate ( e.g. using face wash 2 times a day, everyday)
- Brand loyalty status ( e.g. Apple fans )
- Customer life stage ( e.g. college graduates vs new parents )
- and buyer readiness stage ( e.g. do your customers know your brand? Do they trust you? )
Remember, Actions Speak!
Learning how to segment your customers and understanding them beyond obvious traits can significantly change your sales game. Thanks to robust e-commerce analytics nowadays, you can discover many useful insights.
The good thing about marketing is that it is a trial-and-error process. Don’t be afraid of making mistakes. With every ineffective campaign you can learn something new. Just ask many questions and especially drill down on customer behaviors. Once you implement strategies based on actions, you can see an improvement in your sales.
If you have any questions, please feel free to go over the footloose entrepreneur blog at http://footlooseentrepreneur.com/blog. Would be waiting for your comments!
No comments:
Post a Comment