As per BI Intelligence forecasts, US consumers’ online spending will reach $632 billion in the year 2020. With a plethora of products and information available to consumers online, we can acknowledge the increasing significance and potential of a well-developed E-commerce website for online shopping. After all, an online shop is not just about a landing page but a good website plus a good mobile version that is fast and reliable. In addition to online reviews, consumers can access product and company information that they can read and analyse before buying.
By offering both niche and commodity products, they are able to better serve their customers by making their online store a convenient choice for consumers looking for a single store to buy both types of products. Instead, offer commoditized and niche products to your customers while delivering an on-brand experience to set up your online shop for success. Before you begin to brainstorm the design and experience of an online store, or even your company’s name, you’ll need to decide what products to sell. This decision is a strategy within itself, as what you sell will impact every other business decision you make. Social media, for instance, should be a no-brainer when it comes to marketing your brand.
Online marketplaces are typically used by people who are just beginning to sell online. An e-commerce platform is suited for businesses that want to get online quickly. Web stores are best for established merchants that already have websites. If you’re operating your own website and want to process payments, you can work with one of the best payment processors to add a shopping cart, a payment page or a payment form.
How Has the Internet Changed Shopping Behaviors?
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Easy Ways to Reduce Shopping Cart Abandonment
No wonder, nearly 51 percent of Americans are of the view (NRF’s survey) that online shopping is, undoubtedly, the best means to shop (while around 49 percent prefer to shop in-store). Americans spend roughly 36 percent of their total shopping budget online. Nearly 52 percent of mobile owners use e-banking/online banking, an indication of a yet another trend favoring mobile shopping. Generally, female consumers treat shopping as a pleasurable ritual that often comes with rewards. They are also more fond of discounts offered for buying products online. While this is an ideal situation, mobile is a weak spot for many companies. E-commerce professionals must try improving the mobile experience for a fully integrated online customer experience, only then will the customer journey be complete for online shoppers.
How do you start selling online?
But that began to change in 2001, when the Berkeley economist Hal Varian—highly regarded for the 1999 book Information Rules—ran into Eric Schmidt. Varian knew him but, he says, was unaware that Schmidt had become the CEO of a little company called Google. Varian agreed to spend a sabbatical year at Google, figuring he’d write a book about the start-up experience. The era of internet retailing had arrived, and with it, the resumption of hostilities.