Lesson #5

44問 • 1年前

問題一覧

What is Internet Marketing? • Internet marketing is the promotion of a company and its products or services through online tools that generate leads, drive traffic, and boost sales. • Also called online marketing or digital marketing, internet marketing relies on digital channels to distribute promotional messages. Internet marketing include emails, search engines, social media posts, and blog articles.

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What is Internet Marketing? • Through internet marketing, businesses can target their audience with pinpoint accuracy and provide useful information that resonates. • Internet marketing involves using the internet to achieve marketing objectives. This may include having a company website, search engine optimization methods, email marketing, social media marketing, online partnerships, or interactive advertising.

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What is E-Marketing? • E-Marketing is generally thought to be equivalent to internet marketing, however it encompasses a broader spectrum of marketing initiatives. • E-Marketing not only utilizes the internet, it also markets via email and wireless media.

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What is E-Marketing? • A more recent development in the e-marketing universe is also the management of sensitive data and information about digital customers, along with electronic customer relationship management systems or E-CRM systems.

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What is E-Commerce? • Commerce is the activity of buying and selling, especially on a large scale. It can be seen as an essential activity of any business in today’s economy. • Electronic Commerce or E-Commerce refers to the buying and selling of goods or services using the internet, and the transfer of money and data to execute these transactions.

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What is E-Commerce? • These business transactions occur either as business-to-business (B2B), business-to- consumer (B2C), consumer-to-consumer or consumer-to-business. • The terms E-Commerce and E-Business are often used interchangeably.

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What is E-Business? • Electronic Business or E-Business is any process that a business organization conducts over a computer-mediated network. • These E-Business processes include Buying and Selling of goods and services, Servicing Customers, Processing Payments, Internal- or Management-focused Business Processes such as Managing Production Control, Online Employee Services, Recruiting and more.

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What is E-Business? • These business transactions occur either as business-to-business (B2B), business-to- consumer (B2C), consumer-to-consumer or consumer-to-business. • The terms E-Commerce and E-Business are often used interchangeably.

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Why is E-Commerce Important? • Electronic Business allows companies to reach more consumers in a much broader economic market. • They sell goods and services to national and international markets using a website.

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Why is E-Commerce Important? • All business activities that can be conducted through internet and sales can be occur 24/7 since company websites do not shut down. • E-Commerce also complements the Brick-and-Mortar stores. • E-Commerce promotes self-service options and fast transactions.

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What Is Needed To Open An E-Commerce Business • Essentials to start an E-Commerce business: • Product or service to sell • Place to sell • Process payments • Marketing strategy

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Types of E-Commerce • _____ businesses allow individuals to sell goods and services to companies. In this model, a site might allow customers to post the work they want to be completed and have businesses bid for the opportunity. Affiliate marketing services would also be considered ____. • Example, Elance (now Upwork) was an early innovator in this model by helping businesses hire freelancers.

C2B – Consumer to Business

Types of E-Commerce • A ____ business is also called an online marketplace. It connects consumers to exchange goods and services and typically make their money by charging transaction or listing fees. • Online businesses like Craigslist and eBay pioneered this model in the early days of the internet. • _____businesses benefit from self-propelled growth by motivated buyers and sellers, but face a key challenge in quality control and technology maintenance.

C2C – Consumer to Consumer

Other E-Commerce Models • The Business-to-Government ____ model services the relationship between a Business to Government Agencies and Government Institutions. • _____ is defined as a sales model when companies sell products, services and information to Governments or Government Agencies.

B2G – Business to Government (B2G)

Advantages of E-Commerce : • Faster Buying Process for Customers • Affordable Advertising and Marketing for Retailer • Flexibility for Customers

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Advantages of E-Commerce : • No Reach Limitations for Retailer • Faster Response to Buyer/Market Demands by Retailer • Several Payment Modes • Retailers can Now Sell their Products Globally • Potential to Increase Revenue and Customer Base or Retailer • Cost Reduction for Retailers / Seller

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Impact of E-Commerce on Retailers : • E-Commerce has a major impact on the Retail Industry in a variety of ways. • Retailers have had to adapt to new technological demands from users to allow them to participate in the E-Commerce world. • It has revolutionized the way companies do business, regardless of size. • The Retail Industry faced a decline in sales as E-Commerce took over. • Online Sales overtook in-store ones for the first time in 2019.

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Impact of E-Commerce on Retailers : • As technology is rapidly evolving, there is greater need to find new ways to connect or engage with customers. • E-Commerce has increasingly become a necessary component of business strategy and a strong catalyst for economic development.

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Impact of E-Commerce on Retailers : • E-Commerce offers buyers and sellers a new method of communication and opportunities to create new marketplace; has created new activities and features. • E-Commerce has made it possible for retailers to gain potential customers, improve communications, track finances, increase research and improve their brand image as well as increase sales in cost effective ways.

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Impact of E-Commerce on Retailers : • Brick-and-Mortar retail stores have taken a step back and have become a secondary option to for customers. Customers now prefer the convenience of shopping online. • The average size of Brick-and-Mortar retail stores has decreased. Certain types of Retail Stores were disproportionately hit by E-Commerce competition.

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Impact of E-Commerce on Retailers : • Reduction in manpower needs in some areas whilst increasing the need for manpower in other areas. • Retailers who choose to remain stagnant will stand to lose out to the innovation and creativity of other sellers who go online.

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Impact of E-Commerce on Retailers • Increased pressure on Retail Stores / Sellers as a result of an increase in the number of customers. • Retail Stores / Sellers will need to put in place a good distribution network and logistics to handle delivery of products directly to customers.

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Challenges In E-Commerce : • ________ helps business’s build smarter governance programs. It spurs the investments in time and budget required to map out the entire data environment and start improving it. • A solution for E-Commerce should not be a separate part of the business

Data capitalization

Challenges In E-Commerce • Retail businesses should start by making the E-Commerce function an integral part of the business rather than a separate segment of a brand solution. • They should find smart ways to capture and measure data related to in-store shopping and customer loyalty. This will help the business with better Data Visualization, targeting customers better, making a cross-digital impact, and improving monetization methods in local stores.

Data Capitalization

Challenges In E-Commerce • ________ and what is intended as providing a “Good Customer Experience” is a key factor. However, excessive personalization can irk customers. Example: Targeted Online Ads. • In this respect, retailers may miss out instead on developing one-to-one relationship with the customer.

Personalization Approach

Challenges In E-Commerce • 84% of customers prefer to being treated like a person and not just a number as an integral part of winning their business. • Businesses must focus on strengthening their tools and capabilities for a better reach and visibility amongst consumers.

Customer expectations

Challenges In E-Commerce • Customer data should be use more strategically to better understand individual customer behavior and curate personalization. • Integration of the latest technologies and algorithms, cross application data sharing can enhance customer journey.

Personalization Approach

Challenges In E-Commerce • Retailers all over the world are continuously trying to build their reputation and a sharp brand image with the promise of a great experience. • However, with the likes of Amazon taking the online buying process up several notches, such as with “anticipatory” shipping methods, it can be very difficult to meet customer expectations.

Customers’ Expectations

Challenges In E-Commerce • 86% of buyers are more likely to pay extra money for a better experience. To meet the customer expectation of good user experience, brands should start analyzing their E- Commerce trends and focus on using it to produce personalized customer experiences. • Customers must feel acknowledged and valued right from the moment they start using the E-Commerce service. Send them notification alerts or product updates for the same.

Customer's expectation

Challenges In E-Commerce • Consistency is the most critical element while building a successful omnichannel strategy. • Customers use multiple platforms to search for items before deciding, therefore seamless encounters through every product or service is important.

Being consistent

Challenges In E-Commerce • By analyzing and understanding customer interactions across all touchpoints and using it to build consistent and seamless customer experience is one major challenge. • Brands can go about optimizing their online platforms to deliver complete consistency between search options, various shopping pages and shipping details. It will help them make the shopping experience seamless for shoppers. • Other aspects that should be worked on are product quality, fulfilment and distribution.

Being consistent

Challenges In E-Commerce • The internet offers everyone an equal platform and hence an equal opportunity. • This makes the environment extremely competitive, with possibly hundreds of other businesses offering similar / same products or services and to the same target audience, including niche brands.

Competition

Challenges In E-Commerce • The challenge can be mitigated through thorough research and competitive analysis including: • Categorizing the competitors • Frequently observing and assessing the 4Ps to learn from the strengths as well as weaknesses of the competition • Understanding the eCommerce landscape. Example: Social Media, Blogs and Websites.

Competition

Challenges In E-Commerce • Threats from hackers and fraudsters such as attacking a host server to steal confidential data, infecting with virus, breach of credit card and debit card details, phishing – can affect consumer trust. • Users are increasingly concerned about E-Commerce websites’ ability to effectively shield their personal identity as well as the security of transaction details

Data security

Challenges In E-Commerce • The priority is for every business operating in the digital space to retain the reputation of the brand and attract frequent customers. • Steps to safeguard customer data, business can to HTTPS protocols, using credible third- party processing systems, firewall software, plugin shelters SQL injections, etc.

Data security

Challenges In E-Commerce • Technological partnerships are becoming increasingly popular in the E-Commerce domain. • When businesses join hands with a company to bring their idea to life, there is a lot at stake.

Technology Partnerships

Challenges In E-Commerce • The product can turn out to be a success not by focusing merely on the technology or processes, but also giving precedence to trust, transparency, and communication between the partners. • There are obvious risks – businesses gravitate towards choosing a partner based on cost without setting the right expectations or understanding their work scope.

Technology Partnerships

Challenges In E-Commerce • These gaps lead to a disastrous collaboration and eventually an unacceptable result. • With access to an enormous pool of talent and technology, outsourcing can prove to be extremely beneficial if done right. • Find the right outsourcing partner through platforms that offer detailed client reviews of software development companies across the globe.

Technology Partnerships

Challenges In E-Commerce Even some of the big players in the E-Commerce world struggle to retain their customers. • Reasons for Customer-Centricity challenges include: • Evolving expectation of the consumer • Presence of several similar options • Failure of businesses to provide a pleasant shopping experience • Offers and discounts on other platforms

Customer Centricity And Retention

Challenges In E-Commerce • Customer loyalty is indeed a determining factor in a business’ success, and a minor incident can entirely ruin the brand reputation. • Building a steady and rewarding relationship with customers needs time and employing every channel of communication to materialize it.

Customer Centricity And Retention

Challenges In E-Commerce • Businesses need to engage customers in different ways, beyond the transactional correspondence, to make them feel valued. • It is important to remember that loyalty stems from an emotional bonding, and businesses need to align their marketing effort towards building it.

Customer Centricity And Retention

Challenges In E-Commerce • Drawing relevant leads remains a huge challenge for E-Commerce businesses even if good traffic may be achieved through promotions and other marketing efforts. • In the US, a report pointed out that only 2.57 percent of E-Commerce website visits have been converted in purchases

Relevant Leads

Challenges In E-Commerce • In the US, a report pointed out that only 2.57 percent of E-Commerce website visits have been converted in purchases. • In other words, only if the right audience is accessing the website, the efforts invested in qualifying the visitor into a user is futile

Relevant Leads

Challenges In E-Commerce : • A strong Search Engine Optimization (SEO) strategy can help pages rank and reach the potential customers who are actively searching for specific products. • Example: Pay-Per-Click Advertisements on Google Ads; Personalized Emails.

Relevant Leads

Lesson #2

Jay Jayel · 30問 · 1年前

Lesson #2