E-commerce and online transactions account for billions of dollars in sales activity. While e-commerce is a good opportunity for your business to expand online, it could be overwhelming if your business is not prepared for online growth. Initiating your online store is like opening a second location, so you will need to hire new employees and a new technology team to help manage the new location. Additionally, your online store will require top-notch security measures, privacy resolutions, and excellent customer support. You will need to define and understand your new online customer group which will be very different from those ordering by phone or shopping in-store. If your customers are within an older demographic group, you could find yourself having to create and market your new business service to a new user group from scratch considering disruptive technology is often influenced and adopted by younger demographics.
The benefits of e-commerce are based on the efficiency of the automated system. Benefits include a decrease in overall production and transaction costs if implemented properly which can help resolve business concerns regarding the budget. Ample stock inventories, proper notifications, timely delivery dates, and excellent customer support is key to achieving e-commerce success.
A drawback of e-commerce versus brick-and-mortar businesses is that with e-commerce sites it is difficult to generate a sale through user interaction with the business. To partially resolve this issue, you can implement a chat system and monitor the effects of your e-commerce strategies by using activity and traffic tools that monitor users visiting the website.
Dr. Elijah Clark (May 24, 2023). E-Commerce [Web log post]. Retrieved from https://elijahclark.com/e-commerce/