E-COMMERCE Module 1

• E-commerce is the buying and selling of goods and services or the transmitting of funds of data, over an electronic network, primarily internet.
• E-commerce is also known as electronic commerce or internet commerce.
• Transaction of money, funds, and data are also considered as E-commerce. Online stores like Amazon, Shopify, Ebay, Olx are examples of E-commerce websites.
• Amazon is the largest e-commerce retailer by online revenue in the world. In what date? May 20, 2019.
• Michael Aldrich (22 August 1941 – 19 May 2014) was an English inventor, innovator and entrepreneur. In 1979 he invented online shopping to enable online transaction processing between consumers and businesses.
• 1970 - Ecommerce meant the facilitation of commercial transactions electronically.
• 1980 - Growth and acceptance of credit cards, Atm, Telephone banking, Airline reservation system.
• 1990 - Internet commercialized and users flocked to participate in the form of dot-com or internet start-ups.
• 2000 - Many European and American business companies offered their services through world wide web.
• 8 big e-commerce challenges for SMBs.

  1. Cybersecurity
  2. Competition
  3. Order fulfillment
  4. Customer experience
  5. Quality website traffic and visitor conversion
  6. Return/refund policy
  7. Finding the right market
  8. Making/increasing sales
• Cybersecurity - Business owners need the proper cybersecurity framework to keep data safe and secure while helping employees at the company feel empowered and safe to implement policies and tech to combat cyberattacks.
• Competition - comes in many forms for small businesses, especially in the e-commerce space. You have to keep up with competitive pricing, products and service.
• Order fulfilment - should be outsourced to a third-party fulfilment company whenever possible for increased efficiency.
• Customer experience - One of the most overlooked areas of the customer experience in moving to ecommerce is pricing and customer segmentation.
• Quality website traffic and visitor conversion - To turn your traffic into converting customers, you must have a website that is modern, clean, user-friendly, trustworthy and virus-free.
• Return/refund policy - Having a good return/refund policy could be the difference between success and failure. That sounds extreme, but it's true.
• Finding the right market - The first step of any business is to find product/market fit, and e-commerce is no different.
• Product-market fit is the degree to which a product satisfies market demand. The easiest way to find that fit quickly is to build a product that solves a problem you have.
• Making/increasing sales - To increase sales, e-commerce SMBs need to have the right product at the right price and ensure they are top of mind when the customer is ready to make a purchase.
• Traditional commerce refers to practice of selling products and services within a single industry and in some cases specific geographical area.
• 3 Examples of Traditional Commerce • Telecommunication • Ads, printed, radio, tv • Payment cash, check
• 3 E-commerce examples

  • Email communication

  • Ads, online, radio, tv

  • Payment direct, fund

  transfer
• 4 Types of Ecommerce

  1. B2C
  2. B2B
  3. C2C
  4. C2B
• Business-to-Consumer - ecommerce encompasses transactions made between a business and a consumer.
• Business-to-consuner - This is one of the most widely used sales models in the ecommerce context. When you buy shoes from an online shoe retailer, it is a business-to-consumer transaction.
• Business-to-business - ecommerce relates to sales made between businesses, such as a manufacturer and a wholesaler or retailer.
• Business-to-business - This type of ecommerce is not consumerfacing and happens only between business entities.
• Consumer-to-Consumer - One of the earliest forms of ecommerce.
• Consumer-to-Business - reverses the traditional ecommerce model (and is what we commonly see in crowdfunding projects).
• Consumer-to-Business - means Individual consumers make their products or services available for business buyers.
• 6 examples of popular online marketplaces? • Amazon.

  • eBay.

  • Alibaba.

  • Walmart.

  • Shopee

  • Lazada
• Personal Selling - involves person-to-person communication with a prospect.
• 5 Characteristics of Professional Selling • Driven to make it a career • Focus on the long term • Desire to improve to become an expert • Strength in all aspects of the Basic Sales Cycle
• 5 Basic Sales Cycle. 1. Needs Analysis

  2. Recommendation

  3. Preparing the Close

  4. Closing

  5. Repeat/Referral Business