E-Commerce and the Entrepreneur Chapter 9

Ten Myths of E-Commerce (1 of 3) If I launch a site, customers will flock to it. Online customers are easy to please. Making money on the web is easy. Privacy is not an important issue on the web.

Ten Myths of E-Commerce (2 of 3) “Strategy? I don’t need a strategy to see on the web! Just give me a web site, and the rest will take care of itself” The most important part of any e-commerce effort is technology

Ten Myths of E-Commerce (3 of 3) Customer service is not as important online as it is in a traditional retail store. Flashy web sites are better than simple ones. It’s what’s up front that counts. It’s too late to get into e-commerce.

Strategies for E-Success (1 of 2) Focus on a niche in the market. Develop a community. Attract visitors by giving away “freebies”. Make creative use of e-mail but avoid becoming a “spammer”.

Strategies for E-Success (2 of 2) Make sure your web site says “credibility”. Make the most of the web’s global reach. Promote your web site online and offline. Use the tools of Enterprise 2.0 to attract and retain customers.

Terms to Know (1 of 2) Mashup: a Web site or an application that combines content from multiple sources. Really Simple Syndication (RSS): an application that allows subscribers to aggregate content from their favorite Web sites into a single feed that is delivered automatically whenever the content is updated. Social Networking: Many small businesses drive traffic to their Web site from their Facebook pages, Twitter posts, and LinkedIn accounts. They use their Web sites as a “hub” supported by the “spokes” of social media.

Terms to Know (2 of 2) Wiki: a dynamic collection of Web pages that allows users to add or edit their content. Widget: a low-cost application that appears like a small television screen on a Web site, a blog, or a computer desktop and performs a specific function.

search engine optimization strategy Natural (Organic) Listings: search engine listings that are the result of “spiders”, power programs that crawl around the Web and analyze sites for key words, links, and other data. Search Engine Optimization (SEO): the process of managing the content, key words, titles, tags, features, and design of a Web site so that it spears at or near the top of Internet search results.

search engine optimization strategy Paid (sponsored) Listings: short advertisements with links to the sponsoring company’s Web site that appear on the results page of a search engine when the user types in a key word or phrase. Click Fraud: a situation that occurs when a company pays for clicks that are generated by someone with no interest in or intent to purchase its products or services.

Tracking Web Results Web Analytics: tools that measure a Web site’s ability to attract customers, generate sales, and keep customers coming back. Cost per Acquisition: measures the cost that company incurs to generate each purchase (or customer registration). Bounce Rate: measures the percentage of visitors to company’s Web site who view a single page and leave without viewing other pages.

Tracking Web Results Cart Abandonment Rate: measures the percentage of shoppers who place at least one item in a shopping cart but never complete the transaction. Conversion (browse-to-buy) Rate: measures the proportion of visitors to a site who actually make a purchase.

Privacy Policy a statement explaining the nature of the information a company collects online, what it does with that information, and the recourse that customers have if they believe the company is misusing the information.

Designing a Killer Web Site (1 of 5) Start with your target customers. Give customers what they want. Select an intuitive domain name. Make your site easy to navigate. Offer suggestions for related products.

Designing a Killer Web Site (2 of 5) Add wish list capability. Create a gift idea center. Provide customer ratings and reviews. Use online videos. Establish the appropriate call to action on each page.

Designing a Killer Web Site (3 of 5) Build loyalty by giving online customers a reason to return to your Web site. Establish hyperlinks with other businesses, preferably those selling products or services that complement yours. Include an e-mail option and a telephone number in your site.

Designing a Killer Web Site (4 of 5) Give shoppers the ability to track their orders online. Offer Web shoppers a special all their own. Follow a simple design. Create a fast, simple checkout process. Provide customers multiple payment options.

Designing a Killer Web Site (5 of 5) Assure customers that their online transactions are secure. 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.