Trade 1 Flashcards
How can companies reach thier customers
- leverage of social media platforms
- maximize search engine optimization,keywords or phrases is typed into the search engine to locate a particular subject inorder for customers to reach a company
- engaging customers with chat,having a chat feature is a great way to answer thier questions right away
- setting up a referral program,it can attract customers and they can also benefit.
How can companies boost thier online visibility,how can they make thier marketplace visible?
- by creating a website that can boost thier visibility
- by using online ads and pay per click campaigns,it will attract customers to thier website
- By getting reviews from customers,it will reassure other people about the company
- by getting active on social medias like facebook,instagram etc
Imagine your ecommerce presence (1)
Mission statement Target audience Strategic analysis Development timeline Preliminary budget
Imagine your e commerce presence (2)
1.Wheres the money? Buisness model Revenue model 2.who and where is the target audience ? Lifestyle,consumption patterns 3.where is the ballpark? Size,growth,structure 4.where is the content coming from? SWOT analyisis Develop an e commerce presence map Develop a timeline 5.how much will it cost Simple website Small website Large site
What is SWOT
Strength,easy navigation
Weakness,no computer background
Opportunitites,being able to address a large market with unmet needs
Threat,advertisers may not want to try a new website
E commerce presence map
- website,tablet
- social media,facbook
- offline media,radio
Building an E commerce site(important challenges)
- developing a clear understanding of buisness objective
2. knowing how to choose the right technology to achieve those objectives
Factors to consider when building an E commerce
- managment
- hardware architecture
- software
- design
- telecommunications
- human resources
The system development life cycle
- system analysis/planning
- system design
- building the system
- testing
- implementation
What is e-commerce and digital business
E commerce is a platorm that allows individuals amd companies to buy and sell products on the internet example is fiverr,upwork,Amazon
Digital buisness is when digital technology is introduced to transform the company and customers experiences
E commerce is narrower than digital buisness
Under e commerce we have 4 perspectives
- communication perspective
- buisness process perspective
- a service perspective
- online perspective
In e commerce we have two types
Buy side e commerce,transaction between the organization and suppliers,its a transation to procure resources that are needed by the organization from the suppliers
Sell side e commerce,transaction between supplier organization and customers,its a transaction that is involved with the selling of products to the organization customer
Under digital buisness we have two
Extranet,when information is restricted to employees inside an organization
Inranet,when information is not restricted,employees are free to use the internet
Difference between e commerce and digital buisness
E commerce deals with how a product is sold and delivered
While digital buisness deals with how you can make customers to buy the product in the first place
Risks and barriers to digital buisness adoption
1.strategic and practical risks
One of the main strategic risk is making the wrong decision about digital buisness investment
If practical risks are ignored it can lead to bad customer experiences which can damage the repuation of the company
Barriers to consumer internet adoption
- no percieved benefit
- lack of trust
- security problems
- lack of skills
- cost
Scope and benefit of social media and social commerce to an organization
- attracts customers
- get customers feedback
- build customers loyalty
- increases revenue of the company
Reasons a buisness may wish to adopt to e commerce
- large customer base
- customers choose e commerce
- online shopping offers more options
- lower labor and tax costs
Difference between buisness to buinsness and buisness to consumer
Buisness to buisness utilize online platforms to sell product and services to other buisness
While buisness to consumer targets personal customers
Impact on the introduction of digial buisness of an organization
- it can change the way a buisness will relate to its customers
- improve customers satisfaction
- increase revenue of the company
- decrease operating costs
