eCommerce (eBusiness) in Today’s Society

EBusiness also known as eCommerce is a process of providing a good or service direct to a consumer through the medium of the internet. It makes the business more customer centered and therefore more appealing to the everyday consumer. It eliminates the need for them to take time out of there busy lives. EBusiness is expanding at a phenomenal rate and in current times if you are not incorporating eCommerce as a part of your regular business it most likely going to be left behind with all the other failed businesses of the past.

The revenue streams generated from eCommerce are some of the largest in the world with companies like Amazon on track for a revenue intake of $100 billion in 2015. Establishing an ebusiness is a highly costly investment however, and a huge risk to the entrepreneur. It’s a highly competitive market and unless you have a revolutionary product/idea I advise against it, as it will most likely cost you more than it will make you.

There are 3 main methods of making money online:

  1. Through advertising on your site – for e.g. We offer businesses the opportunity to have their business featured on our website.eBusiness eCommerce Business Feature – Join our exclusive club of featured businesses and have your Business featured in one of our first-rate articles.
  2. Through providing a service – for e.g. We provide a wide range of Marketing services.
  3. Through selling goods – for e.g. Amazon and e-Bay sell goods online and make money through commission on sales.

Amazon’s Growth and How It Happened

Amazon officially opened in July 1995 it started off on such a small scale that is almost impossible to imagine how much it has grown and how large it is today. This month Amazon grossed a profit of 2,249,000 that’s this month alone! That’s a long way from a few people packing and shipping boxes of books from a two-car garage in Bellevue, Washington.

The secret to their success is a great sense of foresight, Amazon CEO’s sought to grow as big as they did and knew they could do it, knowing there was a gap in the market for an online retailer and now they are the largest one in the world.

The trust people now place in ebusiness has lead to a huge boom in sales for Amazon and other companies alike recent security measures have made online transactions safe and people go as far as to allow businesses to save their credit card and shipping information allowing for ease in future transactions.

Another factor which lead to building customer loyalty and trust which helped them grow is their embracement of online reviews, at first people were fearful that bad reviews would lead to a reduction in business. Amazon however maintained customer satisfaction and continued to grow year by year.

Amazons engagement with its consumers by mapping what products they bought, and keeping track of what things they liked, has allowed them to recommend other products they may be interested in and this tool is probably one of the main reasons why Amazon has grown to be so popular. Having read into Amazon it’s no surprise they are set to make revenue of $8B in 2012 from there kindle sales alone.

The Future of eBusiness(eCommerce)

EBusiness has enabled businesses to work more closely and maintain that close relationship with its suppliers, retailers, and consumers by building an online reputation for being reliable. So, what’s the next step? The answer m-business or mobile business the invention in recent times of smart phones has given businesses yet another opportunity to expand and another market to conquer.

This type of ebusiness is already in the process of being developed and some companies have implemented it already. You can take a picture of your old piano, login to your eBay account, upload your picture and put it up for auction all via your new smart phone. The incredible ease of use is what makes it clear that this technology is the way forward, and buying and selling isn’t the only use for it; Internet banking is beginning to move forward as well, with banks like AIB having now set up mobile banking you are now able to check your balance and transfer your money at ease.

I predict that once some of the security issues associated with this type of mobile business (such as your phone getting stolen and criminals accessing your accounts) are sorted out.  I believe all modern businesses will embrace this new technology within the next few years.

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Starting an E-Business

Firstly you’re going to need to be a highly motivated and hard working individual because starting an e-business is not an easy task and you’re going to need to focus all your energy on developing your idea into a profitable business, don’t think of it as a quick money making scheme, think of it as a career.

Decide what kind of e-business you’re going to start; is it going to be selling a good or service? What good or service will you sell? Who will your market be? Will it be a niche or large consumer market?

Who’s your competition? Research all other businesses in your line of work, determine there strengths and weaknesses and learn from them. Determine your unique selling point, what makes the product or service different from other products or services in the industry? What makes your business better than the rest?

Determine how you’re going to design your site, will you design it yourself? What software will you use? Or will you hire someone to design your site for you? Consider the costs of each and determine the best way forward.

What are your start-up costs and the costs for maintaining your business? Make a budget and don’t overestimate yourself. When you’ve established all your costs determine how your going to finance your business. In Ireland there are a number of methods; Government Grants Start-up Business loans, and Investment opportunities to those with innovative idea’s.

Advertise your business, in order for your business to be profitable you need to gather consumers and maintain customer loyalty. Maintain a high standard with your business, deliver on time, provide professional support, and treat customers well.

This article was originally written 20/03/2012.

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