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Section 3:
Launching the Business
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Essentials of Entrepreneurship and Small
Business Management
Ninth Edition
Chapter 10
E-Commerce and the
Entrepreneur
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Learning Objectives (1 of 2)
1. Understand the factors an entrepreneur should consider
before launching into e-commerce.
2. Explain the 11 myths of e-commerce and how to avoid
falling victim to them.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Learning Objectives (2 of 2)
3. Explain the basic strategies entrepreneurs should follow
to achieve success in their e-commerce efforts.
4. Learn the techniques of designing a killer Web site.
5. Explain how companies track the results from their Web
sites.
6. Describe how e-businesses ensure the privacy and
security of the information they collect and store from the
Web.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
The Internet: Changing the Face of Business
(1 of 2)
• Successful companies embrace the Internet as a
mechanism for transforming their companies and for
changing everything about the way they do business.
– Business basics still apply online.
– In the world of e-commerce, company size matters less
than speed and flexibility.
– There are more than 3.7 billion Internet users
worldwide.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
The Internet: Changing the Face of Business
(2 of 2)
• Online sales and Internet activity account for or influence
60% of total retail sales in the United States.
• Research shows:
– 51.5% of the world’s online population has used the
Internet to make a purchase.
– Research suggests that 12.8% of total retail sales will
occur online in 2019.
– Multichannel sales now account for 38% of all retail
purchases.
– More than 51.5% of the world’s online population use
the Internet to make purchases.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
U.S. Online and Web-Influenced Sales
Figure 10.1 U.S. Online and Web-Influenced Sales
Source: Based on Forrester Data: Web-Influenced Retail Sales Forecast, 2016 to 2021 (US), November
4, 2016. Published by © 2017, Forrester Research, Inc.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Multichannel Shopping
Figure 10.2 Multichannel Shopping Methods
Source: Based on UPS Pulse of the Online Shopper, UPS, 2016, p. 8.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Global Retail E-Commerce Sales
Figure 10.3 Global Retail E-Commerce Sales
Source: Based on Worldwide Retail E-Commerce Sales: EMarketer’s Updated Estimates and Forecast
Through 2019, EMarketer, 2015, p. 2.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Factors to Consider Before Launching into
E-Commerce (1 of 3)
• 54% of small business owners in the United States have a
Web site, but 23% are not mobile-commerce friendly.
• Reasons for not having a Web site:
– It is not relevant to their company (32%).
– It is too costly to create and maintain (30%).
– They use social media instead (12%).
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Factors to Consider Before Launching into
E-Commerce (2 of 3)
• How a company exploits the Web’s interconnectivity and
the opportunities it creates to transform relationships with
suppliers, customers, and others is crucial to its success.
• Web success requires a company to develop a plan for
integrating the Web into its overall strategy.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Factors to Consider Before Launching into
E-Commerce (3 of 3)
• Developing deep, lasting relationships with customers
takes on even greater importance.
• Creating a meaningful presence on the Web requires an
ongoing investment of resources – time, money, energy,
and talent.
• Measuring the success of a Web-based sales effort is
essential to remaining relevant to customers whose tastes,
needs, and preferences constantly change.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Factors Essential to E-Commerce Success
• Acquiring customers
• Optimizing conversions
• Maximizing Web site performance
• Ensuring a positive user experience
• Retaining customers
• Using Web analytics as part of a cycle of continuous
improvement
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Eleven Myths of E-Commerce (1 of 12)
1. If I launch a site, customers will flock to it.
2. Online customers are easy to please.
3. Launching an e-commerce site is free – or at least really
inexpensive.
4. Making money on the Web is easy.
5. Privacy is not an important issue.
6. I don’t need a strategy to sell online.
7. The most important part of an e-commerce effort is technology.
8. Customer service is not important.
9. Flashy Web sites are better than simple ones.
10. It’s what’s up front that counts.
11. My business doesn’t need a Web site.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Eleven Myths of E-Commerce (2 of 12)
Myth 1 If I launch a site, customers will flock to it.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Promotion is the Key!
• Include your URL on everything related to your business
• Use social media such as Facebook and YouTube to drive
traffic to your site
• Keys:
– Networking: build relationships with other companies,
customers, trade associations, online directories, and
other Web sites.
– Connecting: use an effective search marketing
strategy.
– Interacting: use social media sites to interact with
existing and potential customers.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Eleven Myths of E-Commerce (3 of 12)
Myth 1 If I launch a site, customers will flock to it.
Myth 2 Online customers are easy to please.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Improve Web Site Conversion Rate (1 of 2)
• Increase the speed at which your Web site downloads.
• Use responsive design in your Web site.
• Use A/B testing to determine which design features
produce higher conversion rates.
• Be accessible to customers.
• Incorporate clear calls to action using large, easy-to-find
buttons.
• Build simple navigation into your site’s design. Use
responsive design in your Web site.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Improve Web Site Conversion Rate (2 of 2)
• Include a search function on your site. Be accessible to
customers.
• Emphasize your site’s security.
• Let customers see – really see – the products you are
selling.
• Include product reviews.
• Capitalize on the opportunity to cross-sell and upsell.
• Design a simple checkout procedure
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Satisfaction is Important
• Experienced online shoppers tend to be unforgiving and
quick click to another site if their shopping experience is
subpar or they cannot find the products and information
they want.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Eleven Myths of E-Commerce (4 of 12)
Myth 1 If I launch a site, customers will flock to it.
Myth 2 Online customers are easy to please.
Myth 3 Launching an E-Commerce Site Is Free – Or at
Least Really Inexpensive
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
It’s Not Cheap!
• A Web designer may be required to make the site look
polished and professional – cost several thousand dollars.
• Ensuring the safe transfer of customers’ payment data
requires the purchase or renewal an SSL certificate for
$100 to 1,500 per year.
• Accepting credit and debit card payments or using
payment services such as PayPal, Stripe, and Square
requires an application and monthly fees.
• Additional bandwidth an cost from $50 to $200 or more per
month
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Eleven Myths of E-Commerce (5 of 12)
Myth 1 If I launch a site, customers will flock to it.
Myth 2 Online customers are easy to please.
Myth 3 Launching an E-Commerce Site Is Free – Or at
Least Really Inexpensive
Myth 4 Making money on the Web is easy.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
The Basics Still Apply
• Success online requires a sound business strategy that is
aimed at the appropriate target audience and that is
implemented effectively and efficiently.
• The same elements are required for success offline!
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Eleven Myths of E-Commerce (6 of 12)
Myth 1 If I launch a site, customers will flock to it.
Myth 2 Online customers are easy to please.
Myth 3 Launching an E-Commerce Site Is Free – Or at
Least Really Inexpensive
Myth 4 Making money on the Web is easy.
Myth 5 Privacy is not an important issue.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Privacy Matters!
• Trustee Privacy Index study:
– 92% of U.S. adults worry about privacy online and
avoid doing business with companies they believe do
not protect their privacy online.
– 74% say they have limited their online activity
(including making purchases) within the last year
because of privacy concerns
• 28% of online shoppers have abandoned their shopping
carts because of security concerns.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Eleven Myths of E-Commerce (7 of 12)
Myth 1 If I launch a site, customers will flock to it.
Myth 2 Online customers are easy to please.
Myth 3 Launching an E-Commerce Site Is Free – Or at
Least Really Inexpensive
Myth 4 Making money on the Web is easy.
Myth 5 Privacy is not an important issue.
Myth 6 I don’t need a strategy to sell online.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Strategy is Critical
• An online strategy is critical to success
– Define the target audience
– Understand customers’ needs and wants
– Create a strategy to set your site apart from others
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Eleven Myths of E-Commerce (8 of 12)
Myth 1 If I launch a site, customers will flock to it.
Myth 2 Online customers are easy to please.
Myth 3 Launching an E-Commerce Site Is Free – Or at
Least Really Inexpensive
Myth 4 Making money on the Web is easy.
Myth 5 Privacy is not an important issue.
Myth 6 I don’t need a strategy to sell online.
Myth 7 The most important part of an e-commerce effort is
technology.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Business First, Technology Second
• Understand the underlying business…then use technology
to develop an online business model that provides
customer value in a profitable way.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Eleven Myths of E-Commerce (9 of 12)
Myth 1 If I launch a site, customers will flock to it.
Myth 2 Online customers are easy to please.
Myth 3 Launching an E-Commerce Site Is Free – Or at
Least Really Inexpensive
Myth 4 Making money on the Web is easy.
Myth 5 Privacy is not an important issue.
Myth 6 I don’t need a strategy to sell online.
Myth 7 The most important part of an e-commerce effort is
technology.
Myth 8 Customer service is not important.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Customer Service Counts
• The average conversion rate for e-commerce sites is just
3.16%!
• 68.6% of Web shoppers abandon their shopping carts
without checking out.
– The cart abandonment rate for shoppers using mobile
devices is 97%!
• Customers say that live help is one of the most important
features a Web site can offer.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Reasons for Shopping Cart Abandonment
Figure 10.4 Reasons Customers Abandon Online Shopping
Carts
Source: Based on data from Baymard Institute, 2016.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Customer Experience Maturity Model
Figure 10.5 The Customer Experience Maturity Model
Source: Based on Sitecore, 2015.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Eleven Myths of E-Commerce (10 of 12)
Myth 1 If I launch a site, customers will flock to it.
Myth 2 Online customers are easy to please.
Myth 3 Launching an E-Commerce Site Is Free – Or at
Least Really Inexpensive
Myth 4 Making money on the Web is easy.
Myth 5 Privacy is not an important issue.
Myth 6 I don’t need a strategy to sell online.
Myth 7 The most important part of an e-commerce effort is
technology.
Myth 8 Customer service is not important.
Myth 9 Flashy Web sites are better than simple sites.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
More is Not Always Better
• Simple design, easy navigation, clear calls to action on
every page, and consistent color schemes show that a
company is putting customers first.
• The time to download a Web site is one of the most
important determinants of sales effectiveness.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
How Page Load Speed Affects Sales
Figure 10.6 How Page Load Speed Affects Sales
Source: Based on “Why Faster Web Sites Make More Money,” WebpageFX, July 23, 2014,
www.webpagefx.com/blog/internet/website-page-loadtime-conversions/.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Eleven Myths of E-Commerce (11 of 12)
Myth 1 If I launch a site, customers will flock to it.
Myth 2 Online customers are easy to please.
Myth 3 Launching an E-Commerce Site Is Free – Or at Least
Really Inexpensive
Myth 4 Making money on the Web is easy.
Myth 5 Privacy is not an important issue.
Myth 6 I don’t need a strategy to sell online.
Myth 7 The most important part of an e-commerce effort is
technology.
Myth 8 Customer service is not important.
Myth 9 Flashy Web sites are better than simple sites.
Myth 10 It’s what’s up front that counts.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Emphasize Order: Fulfillment
• Order systems and support are critical.
• Virtual order fulfillment:
– A fulfillment strategy in which a company forwards
customers’ orders to a wholesaler or distributor who
then ships the product to the customer with the online
merchant’s label on it.
– Aka drop shipping
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Eleven Myths of E-Commerce (12 of 12)
1. If I launch a site, customers will flock to it.
2. Online customers are easy to please.
3. Launching an e-commerce site is free – or at least really
inexpensive.
4. Making money on the Web is easy.
5. Privacy is not an important issue.
6. I don’t need a strategy to sell online.
7. The most important part of an e-commerce effort is technology.
8. Customer service is not important.
9. Flashy Web sites are better than simple ones.
10. It’s what’s up front that counts.
11. My business doesn’t need a Web site.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Use Multichannel Selling
• A multichannel approach to selling is important.
– Meet customers wherever they want to do business
with a personalized shopping experience similar to that
of a brick-and-mortar store experience.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Strategies for E-Success (1 of 4)
• Focus on a market niche.
• Build a community.
• Listen to your customers and act on what you hear.
• Attract visitors by giving away “freebies.”
• Sell the “experience.”
• Make creative use of e-mail, but avoid becoming a
“spammer.”
• Make sure your Web site says “credibility.”
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Building Web Site Credibility (1 of 2)
• Allow visitors to verify easily the accuracy of the
information on your site.
• Show that there are real people behind your site.
• Emphasize the skills, experience, and knowledge of the
people in your company.
• Show that honest, trustworthy people stand behind your
site.
• Make it easy for customers to contact you.
• Make sure your site has a professional look.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Building Web Site Credibility (2 of 2)
• Make sure your site is easy to use – and useful.
• Update your site regularly.
• Prominently display your company’s privacy policy.
• Be vigilant for errors of all types.
• Post the seals of approval your company has won.
• Make sure customers know their online transactions are
secure.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Strategies for E-Success (2 of 4)
• Make the most of the Web’s global reach.
• Go mobile.
– Responsive web sites
– Social-local-mobile (SoLoMo) strategies
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Mobile Commerce Sales
Figure 10.7 Mobile Commerce Sales
Source: Based on data from eMarketer, May 4, 2016.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Strategies for E-Success (3 of 4)
• Make the most of the Web’s global reach.
• Go mobile.
• Promote your Web site online and offline.
• Use social media tools to attract and retain customers.
– Social networking
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Popular Social Media Networks
Figure 10.8 Most Popular Social Media Networks Marketers
Use
Source: Based on data from Ayaz Nanji, “The Most Effective Social Networks for Marketing a Business in
2015,” MarketingProfs, May 26, 2015, www.marketingprofs.com/charts/2015/27718/the-most-effective-
social-networks-for-marketing-a-business-in-2015.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Strategies for E-Success (4 of 4)
• Make the most of the Web’s global reach.
• Go mobile.
• Promote your Web site online and offline.
• Use social media tools to attract and retain customers.
• Develop an effective search engine optimization (SEO)
strategy.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Search Engine Strategies
• Natural (organic) listings
• Search engine optimization (SEO)
• Paid (sponsored) listings
• Product listing ads (PLAs)
• Click fraud
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Google Search Results
Table 10.3 Click-through Rates for E-commerce Sites by
Position in Google Organic Search Engine Results Pages
(SERPS)
SERP Position Average Click-through Rate
1 36.38%
2 10.72%
3 6.90%
4 4.74%
5 3.37%
6–10 1.77%
Source: Alexander Clark, “Search Engine Statistics,” Smart Insights, August 10, 2016,
www.smartinsights.com/search-engine-marketing/search-engine-statistics/.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Designing a Killer Web Site (1 of 8)
• Understand your target customer.
• Give customers what they want.
• Select an intuitive domain name that is consistent with the
image you want to create for your company and register it.
– Short
– Memorable
– Indicative of a company’s business
– Easy to spell
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Designing a Killer Web Site (2 of 8)
• Make your Web site easy to navigate.
– Locating products.
– Getting product information.
• Offer suggestions for related products.
• Add wish list capability.
• Use online videos.
• Create a gift idea center.
• Provide customer ratings and reviews.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Designing a Killer Web Site (3 of 8)
• Establish the appropriate call to action on each page.
• Build loyalty by giving online customers a reason to return
to your Web site.
• Establish hyperlinks with other businesses, preferably
those selling complementary products.
• Include an e-mail option and a telephone number on your
site.
• Give shoppers the ability to track their orders online.
• Offer Web shoppers a special all their own.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Designing a Killer Web Site (4 of 8)
• Use the power of social media.
• Follow a simple design.
– Avoid clutter.
– Use less text on your homepage.
– Avoid huge graphic headers that must download first.
– Include a menu bar at the top of the page.
– Include navigation buttons at the bottom of the page.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Designing a Killer Web Site (5 of 8)
• Minimize the number of clicks to get to pages.
• Incorporate meaningful content that is consistent with your
company’s message.
• Connect the Web site to social media pages so that posts
on social media sites appear on the Web site.
• Include a FAQ section.
• Post prominently privacy and return policies.
• If your site is heavy on content, include a search tool.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Designing a Killer Web Site (6 of 8)
• Avoid fancy type faces and small fonts.
• Be vigilant for errors.
• Avoid small fonts on busy backgrounds.
• Use contrasting colors of texts and graphics.
• Be careful with frames.
• Test the site on different browsers.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Designing a Killer Web Site (7 of 8)
• Use your web site to collect information, but don’t tie up
visitors with a tedious registration process.
– Avoid automated music that plays continuously and
can’t be shut off.
– Make sure the overall look of the page is appealing.
– Remember that simpler is almost always better.
• Create a fast, simple checkout process.
• Provide customers multiple payment options.
• Assure customers that their transactions are secure.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Designing a Killer Web Site (8 of 8)
• Establish reasonable shipping and handling charges and
post them upfront.
• Confirm transactions.
• Keep your site updated.
• Test your site often.
• Rely on analytics to improve your site.
• Consider hiring a professional to design your site.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Tracking Web Results
• Web analytics:
– Tools that measure a Web site’s ability to attract
customers, generate sales, and keep customers
coming back.
• Only about 25% of small businesses use Web analytics
strategically to refashion their Web sites.
– Commerce metrics
– Visitor segmentation measurements
– Content reports
– Process measurements
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Measuring Online Performance (1 of 3)
• Cost per Acquisition (CPA):
– The amount it costs to generate a purchase (or a
customer registration).
• Bounce Rate:
– The percentage of visitors to a site who view a single
page and leave without viewing other pages.
• Retention Rate:
– Measures the percentage of customers a company
retains over a period of time.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Measuring Online Performance (2 of 3)
• Lift Rate:
– The percentage change in a company’s retention rate
from one time period to the next.
• Conversion (browse-to-buy) ratio:
– The proportion of visitors to a site who actually make a
purchase.
• Cart Abandonment Rate (CTR):
– The percentage of shoppers who place at least one
item in a shopping cart but never complete the
transaction.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Measuring Online Performance (3 of 3)
• Customer Lifetime Value:
– The total sales that a customer accounts for throughout
his or her entire relationship with a business.
• Latency:
– The time between customers’ purchases.
• Search engine ranking:
– Shows where a company’s Web site ranks in search
engines’ results pages.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Ensuring Web Privacy
• Take an inventory of the customer data collected.
• Develop a company policy for the information you collect.
– Privacy policy
• Post your company’s privacy policy prominently on your
Web site and follow it.
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Ensuring Web Security
• Virus detection software
• Intrusion detection software
• Firewall
• Secure Sockets Layer (SSL) Technology
• Charge backs
Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved.
Copyright

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Chapter ppt_10.pptx

  • 1. Section 3: Launching the Business Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved
  • 2. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Essentials of Entrepreneurship and Small Business Management Ninth Edition Chapter 10 E-Commerce and the Entrepreneur
  • 3. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Learning Objectives (1 of 2) 1. Understand the factors an entrepreneur should consider before launching into e-commerce. 2. Explain the 11 myths of e-commerce and how to avoid falling victim to them.
  • 4. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Learning Objectives (2 of 2) 3. Explain the basic strategies entrepreneurs should follow to achieve success in their e-commerce efforts. 4. Learn the techniques of designing a killer Web site. 5. Explain how companies track the results from their Web sites. 6. Describe how e-businesses ensure the privacy and security of the information they collect and store from the Web.
  • 5. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. The Internet: Changing the Face of Business (1 of 2) • Successful companies embrace the Internet as a mechanism for transforming their companies and for changing everything about the way they do business. – Business basics still apply online. – In the world of e-commerce, company size matters less than speed and flexibility. – There are more than 3.7 billion Internet users worldwide.
  • 6. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. The Internet: Changing the Face of Business (2 of 2) • Online sales and Internet activity account for or influence 60% of total retail sales in the United States. • Research shows: – 51.5% of the world’s online population has used the Internet to make a purchase. – Research suggests that 12.8% of total retail sales will occur online in 2019. – Multichannel sales now account for 38% of all retail purchases. – More than 51.5% of the world’s online population use the Internet to make purchases.
  • 7. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. U.S. Online and Web-Influenced Sales Figure 10.1 U.S. Online and Web-Influenced Sales Source: Based on Forrester Data: Web-Influenced Retail Sales Forecast, 2016 to 2021 (US), November 4, 2016. Published by © 2017, Forrester Research, Inc.
  • 8. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Multichannel Shopping Figure 10.2 Multichannel Shopping Methods Source: Based on UPS Pulse of the Online Shopper, UPS, 2016, p. 8.
  • 9. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Global Retail E-Commerce Sales Figure 10.3 Global Retail E-Commerce Sales Source: Based on Worldwide Retail E-Commerce Sales: EMarketer’s Updated Estimates and Forecast Through 2019, EMarketer, 2015, p. 2.
  • 10. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Factors to Consider Before Launching into E-Commerce (1 of 3) • 54% of small business owners in the United States have a Web site, but 23% are not mobile-commerce friendly. • Reasons for not having a Web site: – It is not relevant to their company (32%). – It is too costly to create and maintain (30%). – They use social media instead (12%).
  • 11. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Factors to Consider Before Launching into E-Commerce (2 of 3) • How a company exploits the Web’s interconnectivity and the opportunities it creates to transform relationships with suppliers, customers, and others is crucial to its success. • Web success requires a company to develop a plan for integrating the Web into its overall strategy.
  • 12. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Factors to Consider Before Launching into E-Commerce (3 of 3) • Developing deep, lasting relationships with customers takes on even greater importance. • Creating a meaningful presence on the Web requires an ongoing investment of resources – time, money, energy, and talent. • Measuring the success of a Web-based sales effort is essential to remaining relevant to customers whose tastes, needs, and preferences constantly change.
  • 13. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Factors Essential to E-Commerce Success • Acquiring customers • Optimizing conversions • Maximizing Web site performance • Ensuring a positive user experience • Retaining customers • Using Web analytics as part of a cycle of continuous improvement
  • 14. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Eleven Myths of E-Commerce (1 of 12) 1. If I launch a site, customers will flock to it. 2. Online customers are easy to please. 3. Launching an e-commerce site is free – or at least really inexpensive. 4. Making money on the Web is easy. 5. Privacy is not an important issue. 6. I don’t need a strategy to sell online. 7. The most important part of an e-commerce effort is technology. 8. Customer service is not important. 9. Flashy Web sites are better than simple ones. 10. It’s what’s up front that counts. 11. My business doesn’t need a Web site.
  • 15. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Eleven Myths of E-Commerce (2 of 12) Myth 1 If I launch a site, customers will flock to it.
  • 16. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Promotion is the Key! • Include your URL on everything related to your business • Use social media such as Facebook and YouTube to drive traffic to your site • Keys: – Networking: build relationships with other companies, customers, trade associations, online directories, and other Web sites. – Connecting: use an effective search marketing strategy. – Interacting: use social media sites to interact with existing and potential customers.
  • 17. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Eleven Myths of E-Commerce (3 of 12) Myth 1 If I launch a site, customers will flock to it. Myth 2 Online customers are easy to please.
  • 18. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Improve Web Site Conversion Rate (1 of 2) • Increase the speed at which your Web site downloads. • Use responsive design in your Web site. • Use A/B testing to determine which design features produce higher conversion rates. • Be accessible to customers. • Incorporate clear calls to action using large, easy-to-find buttons. • Build simple navigation into your site’s design. Use responsive design in your Web site.
  • 19. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Improve Web Site Conversion Rate (2 of 2) • Include a search function on your site. Be accessible to customers. • Emphasize your site’s security. • Let customers see – really see – the products you are selling. • Include product reviews. • Capitalize on the opportunity to cross-sell and upsell. • Design a simple checkout procedure
  • 20. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Satisfaction is Important • Experienced online shoppers tend to be unforgiving and quick click to another site if their shopping experience is subpar or they cannot find the products and information they want.
  • 21. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Eleven Myths of E-Commerce (4 of 12) Myth 1 If I launch a site, customers will flock to it. Myth 2 Online customers are easy to please. Myth 3 Launching an E-Commerce Site Is Free – Or at Least Really Inexpensive
  • 22. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. It’s Not Cheap! • A Web designer may be required to make the site look polished and professional – cost several thousand dollars. • Ensuring the safe transfer of customers’ payment data requires the purchase or renewal an SSL certificate for $100 to 1,500 per year. • Accepting credit and debit card payments or using payment services such as PayPal, Stripe, and Square requires an application and monthly fees. • Additional bandwidth an cost from $50 to $200 or more per month
  • 23. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Eleven Myths of E-Commerce (5 of 12) Myth 1 If I launch a site, customers will flock to it. Myth 2 Online customers are easy to please. Myth 3 Launching an E-Commerce Site Is Free – Or at Least Really Inexpensive Myth 4 Making money on the Web is easy.
  • 24. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. The Basics Still Apply • Success online requires a sound business strategy that is aimed at the appropriate target audience and that is implemented effectively and efficiently. • The same elements are required for success offline!
  • 25. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Eleven Myths of E-Commerce (6 of 12) Myth 1 If I launch a site, customers will flock to it. Myth 2 Online customers are easy to please. Myth 3 Launching an E-Commerce Site Is Free – Or at Least Really Inexpensive Myth 4 Making money on the Web is easy. Myth 5 Privacy is not an important issue.
  • 26. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Privacy Matters! • Trustee Privacy Index study: – 92% of U.S. adults worry about privacy online and avoid doing business with companies they believe do not protect their privacy online. – 74% say they have limited their online activity (including making purchases) within the last year because of privacy concerns • 28% of online shoppers have abandoned their shopping carts because of security concerns.
  • 27. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Eleven Myths of E-Commerce (7 of 12) Myth 1 If I launch a site, customers will flock to it. Myth 2 Online customers are easy to please. Myth 3 Launching an E-Commerce Site Is Free – Or at Least Really Inexpensive Myth 4 Making money on the Web is easy. Myth 5 Privacy is not an important issue. Myth 6 I don’t need a strategy to sell online.
  • 28. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Strategy is Critical • An online strategy is critical to success – Define the target audience – Understand customers’ needs and wants – Create a strategy to set your site apart from others
  • 29. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Eleven Myths of E-Commerce (8 of 12) Myth 1 If I launch a site, customers will flock to it. Myth 2 Online customers are easy to please. Myth 3 Launching an E-Commerce Site Is Free – Or at Least Really Inexpensive Myth 4 Making money on the Web is easy. Myth 5 Privacy is not an important issue. Myth 6 I don’t need a strategy to sell online. Myth 7 The most important part of an e-commerce effort is technology.
  • 30. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Business First, Technology Second • Understand the underlying business…then use technology to develop an online business model that provides customer value in a profitable way.
  • 31. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Eleven Myths of E-Commerce (9 of 12) Myth 1 If I launch a site, customers will flock to it. Myth 2 Online customers are easy to please. Myth 3 Launching an E-Commerce Site Is Free – Or at Least Really Inexpensive Myth 4 Making money on the Web is easy. Myth 5 Privacy is not an important issue. Myth 6 I don’t need a strategy to sell online. Myth 7 The most important part of an e-commerce effort is technology. Myth 8 Customer service is not important.
  • 32. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Customer Service Counts • The average conversion rate for e-commerce sites is just 3.16%! • 68.6% of Web shoppers abandon their shopping carts without checking out. – The cart abandonment rate for shoppers using mobile devices is 97%! • Customers say that live help is one of the most important features a Web site can offer.
  • 33. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Reasons for Shopping Cart Abandonment Figure 10.4 Reasons Customers Abandon Online Shopping Carts Source: Based on data from Baymard Institute, 2016.
  • 34. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Customer Experience Maturity Model Figure 10.5 The Customer Experience Maturity Model Source: Based on Sitecore, 2015.
  • 35. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Eleven Myths of E-Commerce (10 of 12) Myth 1 If I launch a site, customers will flock to it. Myth 2 Online customers are easy to please. Myth 3 Launching an E-Commerce Site Is Free – Or at Least Really Inexpensive Myth 4 Making money on the Web is easy. Myth 5 Privacy is not an important issue. Myth 6 I don’t need a strategy to sell online. Myth 7 The most important part of an e-commerce effort is technology. Myth 8 Customer service is not important. Myth 9 Flashy Web sites are better than simple sites.
  • 36. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. More is Not Always Better • Simple design, easy navigation, clear calls to action on every page, and consistent color schemes show that a company is putting customers first. • The time to download a Web site is one of the most important determinants of sales effectiveness.
  • 37. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. How Page Load Speed Affects Sales Figure 10.6 How Page Load Speed Affects Sales Source: Based on “Why Faster Web Sites Make More Money,” WebpageFX, July 23, 2014, www.webpagefx.com/blog/internet/website-page-loadtime-conversions/.
  • 38. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Eleven Myths of E-Commerce (11 of 12) Myth 1 If I launch a site, customers will flock to it. Myth 2 Online customers are easy to please. Myth 3 Launching an E-Commerce Site Is Free – Or at Least Really Inexpensive Myth 4 Making money on the Web is easy. Myth 5 Privacy is not an important issue. Myth 6 I don’t need a strategy to sell online. Myth 7 The most important part of an e-commerce effort is technology. Myth 8 Customer service is not important. Myth 9 Flashy Web sites are better than simple sites. Myth 10 It’s what’s up front that counts.
  • 39. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Emphasize Order: Fulfillment • Order systems and support are critical. • Virtual order fulfillment: – A fulfillment strategy in which a company forwards customers’ orders to a wholesaler or distributor who then ships the product to the customer with the online merchant’s label on it. – Aka drop shipping
  • 40. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Eleven Myths of E-Commerce (12 of 12) 1. If I launch a site, customers will flock to it. 2. Online customers are easy to please. 3. Launching an e-commerce site is free – or at least really inexpensive. 4. Making money on the Web is easy. 5. Privacy is not an important issue. 6. I don’t need a strategy to sell online. 7. The most important part of an e-commerce effort is technology. 8. Customer service is not important. 9. Flashy Web sites are better than simple ones. 10. It’s what’s up front that counts. 11. My business doesn’t need a Web site.
  • 41. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Use Multichannel Selling • A multichannel approach to selling is important. – Meet customers wherever they want to do business with a personalized shopping experience similar to that of a brick-and-mortar store experience.
  • 42. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Strategies for E-Success (1 of 4) • Focus on a market niche. • Build a community. • Listen to your customers and act on what you hear. • Attract visitors by giving away “freebies.” • Sell the “experience.” • Make creative use of e-mail, but avoid becoming a “spammer.” • Make sure your Web site says “credibility.”
  • 43. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Building Web Site Credibility (1 of 2) • Allow visitors to verify easily the accuracy of the information on your site. • Show that there are real people behind your site. • Emphasize the skills, experience, and knowledge of the people in your company. • Show that honest, trustworthy people stand behind your site. • Make it easy for customers to contact you. • Make sure your site has a professional look.
  • 44. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Building Web Site Credibility (2 of 2) • Make sure your site is easy to use – and useful. • Update your site regularly. • Prominently display your company’s privacy policy. • Be vigilant for errors of all types. • Post the seals of approval your company has won. • Make sure customers know their online transactions are secure.
  • 45. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Strategies for E-Success (2 of 4) • Make the most of the Web’s global reach. • Go mobile. – Responsive web sites – Social-local-mobile (SoLoMo) strategies
  • 46. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Mobile Commerce Sales Figure 10.7 Mobile Commerce Sales Source: Based on data from eMarketer, May 4, 2016.
  • 47. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Strategies for E-Success (3 of 4) • Make the most of the Web’s global reach. • Go mobile. • Promote your Web site online and offline. • Use social media tools to attract and retain customers. – Social networking
  • 48. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Popular Social Media Networks Figure 10.8 Most Popular Social Media Networks Marketers Use Source: Based on data from Ayaz Nanji, “The Most Effective Social Networks for Marketing a Business in 2015,” MarketingProfs, May 26, 2015, www.marketingprofs.com/charts/2015/27718/the-most-effective- social-networks-for-marketing-a-business-in-2015.
  • 49. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Strategies for E-Success (4 of 4) • Make the most of the Web’s global reach. • Go mobile. • Promote your Web site online and offline. • Use social media tools to attract and retain customers. • Develop an effective search engine optimization (SEO) strategy.
  • 50. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Search Engine Strategies • Natural (organic) listings • Search engine optimization (SEO) • Paid (sponsored) listings • Product listing ads (PLAs) • Click fraud
  • 51. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Google Search Results Table 10.3 Click-through Rates for E-commerce Sites by Position in Google Organic Search Engine Results Pages (SERPS) SERP Position Average Click-through Rate 1 36.38% 2 10.72% 3 6.90% 4 4.74% 5 3.37% 6–10 1.77% Source: Alexander Clark, “Search Engine Statistics,” Smart Insights, August 10, 2016, www.smartinsights.com/search-engine-marketing/search-engine-statistics/.
  • 52. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Designing a Killer Web Site (1 of 8) • Understand your target customer. • Give customers what they want. • Select an intuitive domain name that is consistent with the image you want to create for your company and register it. – Short – Memorable – Indicative of a company’s business – Easy to spell
  • 53. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Designing a Killer Web Site (2 of 8) • Make your Web site easy to navigate. – Locating products. – Getting product information. • Offer suggestions for related products. • Add wish list capability. • Use online videos. • Create a gift idea center. • Provide customer ratings and reviews.
  • 54. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Designing a Killer Web Site (3 of 8) • Establish the appropriate call to action on each page. • Build loyalty by giving online customers a reason to return to your Web site. • Establish hyperlinks with other businesses, preferably those selling complementary products. • Include an e-mail option and a telephone number on your site. • Give shoppers the ability to track their orders online. • Offer Web shoppers a special all their own.
  • 55. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Designing a Killer Web Site (4 of 8) • Use the power of social media. • Follow a simple design. – Avoid clutter. – Use less text on your homepage. – Avoid huge graphic headers that must download first. – Include a menu bar at the top of the page. – Include navigation buttons at the bottom of the page.
  • 56. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Designing a Killer Web Site (5 of 8) • Minimize the number of clicks to get to pages. • Incorporate meaningful content that is consistent with your company’s message. • Connect the Web site to social media pages so that posts on social media sites appear on the Web site. • Include a FAQ section. • Post prominently privacy and return policies. • If your site is heavy on content, include a search tool.
  • 57. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Designing a Killer Web Site (6 of 8) • Avoid fancy type faces and small fonts. • Be vigilant for errors. • Avoid small fonts on busy backgrounds. • Use contrasting colors of texts and graphics. • Be careful with frames. • Test the site on different browsers.
  • 58. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Designing a Killer Web Site (7 of 8) • Use your web site to collect information, but don’t tie up visitors with a tedious registration process. – Avoid automated music that plays continuously and can’t be shut off. – Make sure the overall look of the page is appealing. – Remember that simpler is almost always better. • Create a fast, simple checkout process. • Provide customers multiple payment options. • Assure customers that their transactions are secure.
  • 59. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Designing a Killer Web Site (8 of 8) • Establish reasonable shipping and handling charges and post them upfront. • Confirm transactions. • Keep your site updated. • Test your site often. • Rely on analytics to improve your site. • Consider hiring a professional to design your site.
  • 60. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Tracking Web Results • Web analytics: – Tools that measure a Web site’s ability to attract customers, generate sales, and keep customers coming back. • Only about 25% of small businesses use Web analytics strategically to refashion their Web sites. – Commerce metrics – Visitor segmentation measurements – Content reports – Process measurements
  • 61. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Measuring Online Performance (1 of 3) • Cost per Acquisition (CPA): – The amount it costs to generate a purchase (or a customer registration). • Bounce Rate: – The percentage of visitors to a site who view a single page and leave without viewing other pages. • Retention Rate: – Measures the percentage of customers a company retains over a period of time.
  • 62. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Measuring Online Performance (2 of 3) • Lift Rate: – The percentage change in a company’s retention rate from one time period to the next. • Conversion (browse-to-buy) ratio: – The proportion of visitors to a site who actually make a purchase. • Cart Abandonment Rate (CTR): – The percentage of shoppers who place at least one item in a shopping cart but never complete the transaction.
  • 63. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Measuring Online Performance (3 of 3) • Customer Lifetime Value: – The total sales that a customer accounts for throughout his or her entire relationship with a business. • Latency: – The time between customers’ purchases. • Search engine ranking: – Shows where a company’s Web site ranks in search engines’ results pages.
  • 64. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Ensuring Web Privacy • Take an inventory of the customer data collected. • Develop a company policy for the information you collect. – Privacy policy • Post your company’s privacy policy prominently on your Web site and follow it.
  • 65. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Ensuring Web Security • Virus detection software • Intrusion detection software • Firewall • Secure Sockets Layer (SSL) Technology • Charge backs
  • 66. Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Copyright

Notas del editor

  1. If this PowerPoint presentation contains mathematical equations, you may need to check that your computer has the following installed: 1) MathType Plugin 2) Math Player (free versions available) 3) NVDA Reader (free versions available)
  2. In this chapter, you will 1. Understand the factors an entrepreneur should consider before launching into e-commerce. 2. Explain the 11 myths of e-commerce and how to avoid falling victim to them.
  3. In addition, you will 3. Explain the basic strategies entrepreneurs should follow to achieve success in their e-commerce efforts. 4. Learn the techniques of designing a killer Web site. 5. Explain how companies track the results from their Web sites. 6. Describe how e-businesses ensure the privacy and security of the information they collect and store from the Web.
  4. The Internet has transformed the way that companies of all sizes do business. Yet one lesson that entrepreneurs engaged in e-commerce have learned is that business basics still apply; companies engaged in e-commerce still have to take care of their customers and earn a profit to stay in business.
  5. Companies of all sizes are busy establishing their presence on the Internet because that’s where their customers are.
  6. Online and Internet-influenced sales account for 60% of total retail sales, or more than $2.16 trillion, in the United States.
  7. Modern shoppers expect to be able to purchase the products and services they want across multiple channels, including the Internet, mobile devices, social media, television shopping channels, catalogs, and brick-and-mortar stores. The multichannel approach that today’s shoppers utilize blurs the boundaries between physical stores and the Internet.
  8. eMarketer estimates that 12.8% of total global retail sales will occur online in 2019, totaling nearly $3.6 trillion.
  9. Despite the many benefits the Internet offers, not every small business owner is ready to embrace e-commerce.
  10. Before launching an e-commerce effort, entrepreneurs should consider these important strategic issues.
  11. Doing business on the Internet takes more time and energy than many entrepreneurs expect. These six factors are essential to achieving e-commerce success.
  12. Scores of entrepreneurs have plunged unprepared into the world of e-commerce only to discover that there is more to it than merely setting up a Web site and waiting for orders to start pouring in. Make sure you do not fall victim to one of these e-commerce myths.
  13. Some entrepreneurs think that once they set up their Web sites, their expenses end there. Not true! Without promotional support, no Web site will draw enough traffic to support a business.
  14. Just like traditional retail stores seeking to attract customers, virtual companies have discovered that drawing sufficient traffic to a Web site requires constant promotion – and lots of it! Setting up a Web site and then failing to drive customers to it with adequate promotional support is like setting up a physical store in a back alley; you may be in business, but nobody knows you’re there!
  15. Customers who shop online today are experienced Internet users whose expectations of their online shopping experiences are high and continue to rise.
  16. Try these useful tips to increase Web site conversion rates.
  17. Because Web shoppers are increasingly more discriminating, companies are finding that they must improve their Web sites constantly to attract and keep their customers.
  18. Modern e-commerce entrepreneurs can build a basic Web site for next to nothing, outsource the tasks of storing and shipping products, lease space on a server, and rent cloud-computing software to operate their online businesses – all of which lower the cost and complexity of starting an online company. Although e-commerce platform providers advertise low monthly fees (often as low as $30 per month) for a basic Web site, entrepreneurs often must hire Web designers to make their sites look polished and professional, which can cost several thousand dollars.
  19. The costs involved with launching an E-Commerce site can add up quickly.
  20. Promoters who hawk “get-rich-quick” schemes on the Internet lure many entrepreneurs with the promise that making money online is easy. It isn’t.
  21. Selling products and services online can be very profitable, but making money online requires an up-front investment of time, money, and energy.
  22. The Internet allows companies to gain access to almost unbelievable amounts of information about their customers’ online behavior.
  23. Concern over privacy and the proper use of this information has become a topic of debate by many interested parties, including government agencies, consumer watchdog groups, and customers.
  24. Building a successful e-business is not different from building a successful brick-and-mortar business; both require well-thought-out strategies.
  25. Recall from Chapter 5 that one goal of developing a strategy is to set a business apart from its competition. The same is true for creating a strategy for conducting business online. It is just as important, if not more so, for an online business to differentiate itself from the competition if it is to be successful.
  26. As important as it is to have the right technology to support an e-commerce business, this is not the most crucial ingredient in the recipe for success. What matters most is understanding the underlying business and developing a workable business model that offers customers something of value at a reasonable price and produces a profit for the company.
  27. The entrepreneurs who are proving to be most successful in e-commerce are those who know how their industries work inside and out and then build an e-business around that knowledge.
  28. As convenient as online shopping is, customers still expect high levels of service.
  29. Customer service is just as important (if not more so) online as it is in traditional brick-and-mortar stores.
  30. This figure shows the leading causes for shopping cart abandonment.
  31. Figure 10.5 shows the Customer Experience Maturity Model, which provides a roadmap for online companies to improve the level of customer service they provide their online customers.
  32. On the Internet, “more” does not necessarily equate to “better.”
  33. A good rule of thumb is to include no more than three major pieces of information on each page. Providing clear links to pages that contain more information allows customers who want more information to find it easily.
  34. Studies show that sites that load slowly have higher bounce rates and lower conversion rates because customers abandon them for faster-loading sites.
  35. Designing an attractive, efficient Web site and driving traffic to it are important in building a successful e-business. However, designing the back office, the systems that take over once customers place their orders on a Web site, is just as important as designing the site itself.
  36. The potentially large number of orders that a Web site can generate can overwhelm a small company that has failed to establish the infrastructure needed to support the site. Although e-commerce can lower many costs of doing business, it still requires a basic infrastructure in the channel of distribution to process orders, maintain inventory, fill orders, and handle customer service.
  37. Nearly half of all small businesses do not have Web sites, and many of those that do have sites lack the capability to handle sales online. To online shoppers, especially, these businesses might as well be invisible because doing business online and offline are inextricably connected.
  38. Experienced online shoppers, particularly Millennials and those in Generation Z, expect to do business across multiple channels. Therefore, a multichannel presence is essential for small businesses, even for those that consider themselves completely “local.”
  39. Try these guidelines for building a successful e-commerce strategy.
  40. Try these guidelines to build the credibility of your Web site.
  41. Companies that fail to develop Web sites that are mobile friendly suffer from lower search engine result rankings and miss out on potential sales because they appear farther down in search engine result pages.
  42. Two-thirds of the world’s online users are active on social media. As a result, social media tools such as Facebook, Twitter, LinkedIn, Instagram, Snapchat, and YouTube have become key components of companies’ e-commerce efforts.
  43. Search engine optimization strategies have become an essential part of online companies’ marketing strategies.
  44. This table shows Click-through Rates for E-commerce Sites by Position in Google Organic Search Engine Results Pages (SERPS).
  45. Setting up a shop online has never been easier, but creating a Web site that drives sales requires time and commitment. To be successful, entrepreneurs must pay careful attention to the look, feel, efficiency, and navigability of their Web sites and the impression their sites create with shoppers. A site’s look and design determines a visitor’s first impression of the company.
  46. How can entrepreneurs design Web sites that capture and hold potential customers’ attention long enough to make a sale? What can they do to keep customers coming back on a regular basis? There is no surefire formula for providing a best-in-class online shopping experience, but try these suggestions.
  47. Web sites offer entrepreneurs a treasure trove of valuable information about how well their sites are performing – if they take the time to analyze it.
  48. Here are some common measures of Web site performance.
  49. The Web’s ability to track customers’ every move naturally raises concerns about the privacy of the information companies collect. Concerns about privacy and security are two of the greatest obstacles to the growth of e-commerce.
  50. The costs associated with a security breach include not only the actual cost of the lost data and the lawsuits that inevitably result but also the long-term impact of the lost trust that customers have for a business whose security has been breached.