e-Commerce refers to all online transactions. Not only does this include buying and selling products or services, but also servicing customers and collaborating with business partners. e-Commerce can be initiated in a business-to-business or business-to-consumer perspective.
Today, companies and institutions have established a far wider range of strategic e-Commerce objectives which help lay out the return on investment into a sometimes costly online presence. Some of these objectives may include:
- Reduction of costs;
- Increase income;
- Compete more effectively;
- Protection from the encroachment of online competitors;
- Optimisation of procurement;
- Product development;
- Increasing customer services; and
- Establishing and retaining customer relationships.
If you are looking to implement an e-Commerce solution for your business, you may wish to consider an exercise to understand how your services and products figure in the global online marketplace and the best method for selling them in the online space. This includes understanding how to reach online prospects, appeal to their needs and help them overcome their purchasing dissonance. A strong online commerce solution, partnered with successful management, strategy and position, can help any business grow in the fast growing online world.