New Trends In Ecommerce

Definition

Ecommerce is defined as the trading (buying and selling) of goods and services on the internet. Ecommerce depends on a lot of basic essentials to carry out e-trading. One of them is the EDI or the Electronic Data Interchange which deals with orders, supplies, payments, deliveries etc. Ecommerce relies on Emails, FAX and data mining techniques to gather data of all kind related to the markets, customers etc.

Basic Requirements

Market research and product research go a long way in assisting ecommerce take hold amongst the internet users. The needs for a good ecommerce web store, is connectivity, database capacity, tested ecommerce platform with related applications and extension. Internet security is very much essential.

Internet security like encryption of data and secure server links play a key role in promoting confidence amongst the users who adapt to Ecommerce. Secure Sockets Layer (SSL) has been built into advanced web browsers as the demand for Ecommerce grows. Ecommerce can be B2B, B2C, C2C, and C2B and so on. B2B is between business to business while B2C is the retail store part where the Business and Customer meet. The bulk of the ecommerce activities are seen under B2B category that is Business to Business.

New Trends

Today Ecommerce has evolved as a major challenge to the conventional trading methods with the advent of many new technologies and techniques. Today different ecommerce platforms are available to host the web stores on. Magento, OS Commerce etc are a few of the really popular platforms. Magento ecommerce platform has achieved tremendous popularity on account of its flexibility and feature-rich interface. Different secure payment gateways are available today to securely conclude the financial transactions.

The availability of Secure Socket Layers and dependable encryption methods have made Ecommerce trustworthy and smooth. The processes of ecommerce, like communication, process management, service management and transaction capabilities are today fine tuned with the help of scores applications and extensions.

Successful ecommerce is the holistic integration of effective web design resulting in easy and quick navigation, integrated search engine optimization bringing in new customers, advanced marketing and product display applications, quick order handling functions and of course, last but not the least, shipping and delivering on time.

Today there are scores of tools for ecommerce. This is apart from the availability of various ecommerce platforms and the plethora of extensions. Shopping carts, payment gateways, order managers and such others constitute the key tools for ecommerce.

The ease of use of internet, the easy availability of internet, huge advancement in the technology of the internet and the specific ecommerce platforms and software, have all led to the rapid growth of ecommerce.

With the demand for online transactions growing fast and the synchronized growth of applications for facilitating online transactions, ecommerce is set to reach new dizzying heights of usage and popularity.

Multi Vendor Ecommerce Platforms: Their Why and How

If you think that ecommerce has been primarily responsible for changing the face of retail, then let us tell you that multi vendor platforms have taken ecommerce to the next level. Today, we will explain the details of their fundamentals and discover reasons why ecommerce entrepreneurs are investing in the same. These e-marketplaces are preferred against the normal online stores and there definitely are various reasons for the same.

Multi Vendor Ecommerce Platforms: Exploring their pros

Investing in the services of a Multi Vendor Ecommerce Platform Development Company will only go on to benefit you in more than one ways. We will learn how it does that. Make sure you’re selecting the developer with proven credentials. Here’s more about these models.

Now, to start off with, let us tell you that some of the biggest online stores have invested in the multi vendor systems. Flipkart, Jabong, Snapdeal, Amazon, Alibaba and Etsy have all experimented with this particular model and emerged successfully (need we even say that?).

However, it is not really prudent to try e-marketplace out without really comprehending its fundamentals (i.e. what it exactly is). A multi vendor platform enables every vendor to have a separate shopping area inside the model itself. The one who owns this entire model has to do nothing except processing the order, tracking payment and charging commission to these vendors. The sellers, on the other hand, are responsible for maintaining inventories, product descriptions, logistics and other updates. As a vendor, one does not really have fret hearing all this – simply because the platform owner will give them a system to manage it as per their convenience and comfort.

Now, entrepreneurs are quite noticeably interested in this particular model because of the following benefits offered by the same. As the platform owner can easily shift several responsibilities (like the logistics, inventory management etc as has been mentioned above), it makes the job a whole lot easier for you. Carrying out all these responsibilities all by yourself would actually require the efforts of a large team. So, a multi-vendor platform owner definitely scores over a regular ecommerce store owner as far as this particular aspect is concerned.

The liberty to delegate work and take advantage of reduced costs

Since you are not required to hire a large team to get the aforementioned jobs done, you can expect your expenses to be under control as well. In fact, ecommerce startups are known to have suffered the most owing to their human resources and warehousing related costs.

Offering different platforms to multiple famous vendors would only ensure huge sales and traffic. It just goes on to make your job easier. When you’re going all out with your promotions – telling your prospects that you’re selling products from well established brands like Nike, Nestle, Vero Moda or for that matter any other reputable name, would only mean that you can attract more people than what would have been the case if you had set up a regular online store.

9 Effective Tips to Make Your eCommerce Business Successful

Tip #1 – Never Rush. Putting up your own online business nowadays has never been this easy. All you need is the right product and a computer with an Internet connection. Making a website only requires you to sit in front of your computer and watch online video tutorials on how to make one all day. Once your website is up, voila! You have an eCommerce website.

As easy as it may seem, most budding online entrepreneur make the mistake of rushing the launch of their website. The common misconception is once you have a website that’s up and running, you’ll be able to have a successful business. They couldn’t be more wrong.

Keep in mind that a website doesn’t generate site visits by themselves. There has never been a case where a new store was put up in the corner and people started flocking to it; unless of course if you’re an established brand, which you are not. If you rush the launch of your eCommerce website too early without doing the necessary leg work, it would definitely fail.

Don’t Rush. Before launching an eCommerce website, or any website for that matter, make sure that you’ve taken Search Engine Optimization into consideration. In addition to SEO, creating anticipation for your website is of utmost importance as well. You must let people know what the nature of your business is; what you’re all about. You can do this through either paid advertising or through social media.

Tip #2 – Always connect with your customers. It has been a well-established fact that giving your customers the ability to smell, touch, see and feel the products firsthand before making a buying decision greatly increases sales. While there’s no possible way to do this in eCommerce since everything is done online, you can basically compensate for this shortcoming in other areas of the business. A good example would be to give your customers money-back guarantees, great pricing schemes, free shipping and other benefits.

Tip #3 – Always do a test run. This is always mandatory. Nothing is more frustrating than investing on an online eCommerce system only to find out during launch that it’s not working. As a business owner, you should always think like your customer and sort out what works and what doesn’t.

Tip #4 – Be social. This is very closely related to connecting with your customers. Keep in mind that customers want to deal with real live human beings instead of robotic machines. If they see that a company takes care of their customers and interacts with them, they’ll be more than happy to be patrons of your business.

In today’s digital age, social media is the best tool to reach your customers. For some, social media is the heart that beats life into their business. Without them, the business would surely die. Social media gives an obstructed view into the hearts and minds of your customers. Therefore, it would be extremely beneficial if a business owner such as you gets involved in this process.

Tip #5 – Mobile Accessibility. Most people are connected to the Internet via mobile devices. Gone are the days when people would just sit all day in front of their computers at home just to be online. If your business has no mobile accessibility, you’d be losing a large percentage of your business to other companies who can reach people through mobile devices.

Tip #6 – Optimize your website for Search Engines. Majority of the world’s online activity comes from search queries done from a search engine. Not a single website on the Internet nowadays are found without the help of a search engine. Therefore, optimizing your website so that it’ll always be included in the top 10 search result of every user is good for exposure. What good is a business if people can’t find you, right?

Tip #7 – Collect customer data. A customer’s data is very important if you plan to do targeted marketing to increase your business. A customer’s data contains pertinent information that will assist you in targeting the right customer type to sell a particular product to. Without customer data, you won’t be able to know how or who to address a specific product launch in the future.

Tip #8 – Keep your site secure. Not having security is the fastest way to destroy an eCommerce business. Remember, that in an eCommerce website, one of the most sensitive things that you handle everyday is a customer’s financial information (e.g. credit card information, bank accounts, etc.) Without proper security, it’ll be open season for the hackers who’ll use those information for their own gains. Not only that, without security, you’ll lose customer trust.

Tip #9 – Expand and grow. Today’s market is extremely competitive. If you don’t innovate and come up with new products or service to sell, you’ll be left eating the dust of your competitors. Always make sure that you grow and expand your business.

So there you have it. These 9 Tips to Make Your eCommerce Business Successful will definitely get you on the right track in building your business.