Are you planning on starting an online business? Have you been striving to understand this field from A to Z before starting it? Do you want to get a little bit more information about E-commerce in a way that is funnier than just giving Data and Tips?
In this article, we would like to discuss E-commerce’s Facts — 6 Things You Didn’t Know Before Starting An E-commerce Business.
E-Commerce, is a form of trade in which businesses and customers buy and sell their products or services via platform on the internet. E-commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management…It is in turn driven by the technological advances of the semiconductor industry, and is the largest sector of the electronics industry.
Starting with primitive electronic data transactions in the 1960s and the first online transaction in 1994 all the way up to the present-day popularity of E-commerce.
Today, questions about E-commerce are usually around which channels are best to execute business online, but one of the most burning questions is the types of E-commerce that is appropriate to their business. Here are 7 common types of E-commerce :
- Retail: The sale of products directly to a consumer without an intermediary.
- Dropshipping: The sale of products that are manufactured and shipped to consumers via a third party.
- Digital products: Downloadable items like templates, courses, e-books, software, or media that must be purchased for use. Whether it’s the purchase of software, tools, cloud-based products or digital assets, these represent a large percentage of e-commerce transactions.
- Wholesale: Products sold in bulk. Wholesale products are usually sold to a retailer, who then sells the products to consumers.
- Services: These are skills like coaching, writing, influencer marketing, etc., that are purchased and paid for online.
- Subscription: A popular direct to consumer model, subscription services are the recurring purchases of products or services on a regular basis.
- Crowdfunding: Crowdfunding allows sellers to raise startup capital in order to bring their product to the market. Once enough consumers have purchased the item, it’s then created and shipped.
Prepare yourself because these E-commerce facts may keep you awake at night.
- I’m a Smartphone Person, we all are.
Mobile development is extremely important. Regarding the competitive price or excellent customer service, 30% online shoppers will abandon the purchase if the shopping experience is not optimized for smartphones.
- Hey, shoppers are not the patient type.
A research from Google has found that 57% of mobile website visitors will leave if a web page takes more than three seconds to load. So if customers have to wait more than three seconds, they are likely to abandon your site.
- I’ll take the more expensive option over the cheaper one with shipping charges.
Reconsider if you are the sellers who do not offer free shipping. Research shows that over 80% online shoppers require free shipping or shipping fee discount for making a decision to purchase. So if you offer them free shipping if they are in buy mode, you have a far better chance of scoring success with it.
- First impression in online shopping is no different than the first impression in love.
First impression in shopping online is no different than the first impression in love, which means they all start with an impression on the outlook. 94% of a user’s first impression is linked to website design, especially website design and navigation. Furthermore, 0.05 seconds is the time it takes for users to form opinions about your website. Designing a template that your brand is able to stand out and remarkable to customers when they browse your website for the first time.
- Social media matters
The role of social media to your business is more than just a face to show how pretty you are. 46% online shoppers count on social media to make the purchase decision.
- Finally, it’s customer who decide the game position
You’ve already got a good product or service, a professional website with excellent design, an extremely convincing social network channel…it’s not enough because 89% of online shoppers have stopped buying from an online store after they have experienced poor customer service. Building a customer service team who clearly understands the customer and is willing to support them with a dedicated attitude.
Entering the E-commerce market, an advanced and professional online marketplace platform is the key for business success, however having one is sometimes not enough. Here are some important points of a good E-commerce platform you may need to know:
- Optimize your site’s loading speed and mobile development to keep visitors: Visitors are likely to abandon your website if they have to wait more than three seconds or if the site is not optimized for mobile so the speed of website and mobile development is very important. As a result, the most important thing is to create a solid technical system that works on both platforms: a PC and a mobile, with an IT team that is available supporting 24/7.
- Professional platform helps convert visitors into customers: Two to six seconds is the total amount of time for a visitor to form an opinion about your website so the appropriate copy writing and attractive design is extremely important and requires you to have a professional UI/UX design team.
- Impress customer by applying newest design trends: 94% of a user’s first impression is linked to website design, especially website design and navigation
- Payment system: One very important feature to consider is a shopping cart’s payment system. Customers should be able to pay using their preferred method of payment as often as feasible to increase sales. What types of payment options it accepts, such as credit cards or digital wallets? How is your and your customers’ information handled, and can the system easily integrate with your bank or merchant account? That’s all the questions you need to solve.
- Security: It’s critical to protect both your data and that of your consumers. Choose a safe shopping cart that complies with the Payment Card Industry Data Security Standard (PCI DSS), has secure socket layer (SSL) protection and has a low fraud score.
Are you inspired to own an e-commerce website but aren’t sure where to begin?? Don’t worry, get in touch with Spirit Labs! Let’s pick and construct a software solution that’s tailored to your specific eCommerce business requirements.