File Name: e commerce terminologies and fundamentals .zip
Many times, having a conversation with an eCommerce professional leaves you scrambling for a dictionary!
Online shopping is mainstream. Trust in online shopping is not an issue anymore. The issue is getting your visitors to shop on your website over a competitor's. In order to capture your audience and make the sales, your e-commerce website needs to be current and implement several very important elements.
In the age of technology, business models and sales tactics are ever-changing. The internet is no exception to this! Selling trends that emerge today might be best practice tomorrow. If you are looking to break into the digital realm of eCommerce , these are a few terms to get accustomed with to give you a solid starting point. The process of buying and selling online or electronically.
For beginners, competing in the ecommerce space seems like a fairly simple concept. Create or find a product that customers value, provide this product using an ecommerce platform, and finally sit back and watch the money pile up. Seems pretty straightforward, right? Many retailers are deterred from moving to the online marketplace because of the seemingly complex terminology and language used. Many of the terms take on different meanings than their original intention, which can cause a great deal of confusion. For example:.
Broadly defined, electronic commerce encompasses all kinds of commercial transactions that are concluded over an electronic medium, mostly the Internet. E-commerce covers both business-to-consumer and business-to-business transactions, and is not limited to the purchase of a product. It includes all information or services that a company may offer to its customers over the Net, from pre-purchase information to after-sale service and support. E-commerce can have a very profound impact on corporate strategy because it changes the way a company interacts with its customers, but also its suppliers, partners, employees or investors. E-commerce actors, competition, rules and market-space, as well as evolution speed, are different from the traditional company operating environments.
Savvy entrepreneurs diving into the ecommerce world have a lot to learn about this industry. Ecommerce, or electronic commerce, refers to transactions conducted via the internet. The term ecommerce also encompasses other activities including online auctions, internet banking, payment gateways, and online ticketing. The first ecommerce transaction was made in Because it was the first time that encryption technology was used to enable an internet purchase.
Every business and industry has its language. Ecommerce and digital retail are no different. But in the world of startups or small business, you might be wearing many hats: owner, IT chief, and marketer, to name just one possible combination. Plus, these terms are critical in understanding how the business is thriving and where you might need to do more or less to woo, convert, and keep customers. More than likely, you will rarely use these terms in outward communications or direct marketing efforts, but they are essential for you to help plan, activate, and succeed with your marketing campaigns and ongoing customer engagement tactics.
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