Added 2 years ago By Jenine Jay Bufi
Electronic commerce, or commonly known as e-commerce, is a business area that is gaining popularity around the world. According to Investopedia, it is a business model or part of a larger business model that allows “a firm or individual to conduct business over an electronic network, typically the internet”. It can also be defined as an online transaction involving the transferring of funds or data, or the buying and selling of goods.
E-commerce is a $220 billion market in the United States. Other areas, such as Western Europe, are also progressing towards this industry. And with people checking their phones 85 times a day and spending five hours surfing the net, the industry is likely to rise even further as it capitalizes on online consumer behavior.
Without a doubt, now is a good time to join the e-commerce bandwagon. In fact, e-commerce companies are already developing their marketing strategies to capture a wider audience. Success in this industry, however, entails careful planning and a solid commitment from business owners to respond accordingly to consumer needs.
So if you’re ready to enter the world of e-commerce, here are a few points to jumpstart your journey:
Specify your target market
If you would like to sell your products online, you have to particularly indicate if you’re in the Business to Business (B2B), Business to Consumer (B2C), Consumer to Business (C2B) or Consumer to Consumer (C2C) category. Understanding your target market can help you tailor your business process to meet specific objectives.
Be prepared before going online
Selling items online can be complicated, but if you’re able to choose the right payment platform and shipping partner then you will be on the right track.
Create a strategy
As your business gains popularity, a strategy is required to expand your sales. You can set new goals and increase prices while improving your products and services.
There’s more to learn about getting it right in the e-commerce industry as you further delve into the specifics of this enterprise. It certainly is vital to have a strategic and long-term sales and marketing plan to gain more customers, keep customer loyalty and make the overall landscape of your business better than ever.
Planning aside, one thing’s for sure: e-commerce is growing and by the end of 2018, it is expected to hit the $2.5 trillion mark.
What are you waiting for?
TEXCENT INTEGRATED GROUP (T.I.G) is an established leader in payment platform solutions. We are dedicated to delivering fully integrated prepaid mobile applications and providing an unparalleled online experience to Asia and the world.
The mobile payments market continues its growth this 2017. Some experts share that this…
Crowdfunding is a word that has become increasingly prevalent in online financial discussions. Along…
Ever heard of the term Financial Technology? Well, you’re hearing it now. Financial Technology,…
Financial Technology and its related software require a far bigger commitment to cybersecurity than…
Digital payments in all parts of the world have been surging in the past…